KT Corp, the largest telecommunications company in South Korea, is going to launch its second virtual reality amusement park, VRight, soon. The park will be set up in a joint partnership with GS Retail, a major convenience store operator in the country.
By combining fifth-generation networks, VR and augmented reality with GS Retail’s expertise in operating offline retail spaces, the amusement park has become a massive investment for the two companies.
KT Corp is hoping that VRight hits KRW100bn (USD89m) revenue by 2020, at which point the country’s immersive media market is projected to be worth KRW1trn.
“KT is leading innovations in VR and AR technologies to develop and introduce next-generation services for its immersive media business,” said Koh Yoon-Jeon, chief of KT’s future business development unit. “We will strengthen partnerships with content creators, simulator manufacturers and other small and medium-sized enterprises at home and abroad.”
VRight has already launched with a soft opening in the form of a week-long preview available to select university students and members of the Korea Tourist Guide Association. The new VR park will be open to the general public on July 6 and is said to feature over 30 new games, rides and immersive experiences in partnership with leading Korean video game developers including Smilegate and Appnori.
KT Corp and GS Retail opened their first joint venture in March in Sinchon, near Yonsei University in western Seoul. The venue is a two-floor amusement park that has attracted more than 18,000 visitors since it opened.
Source: interGameOnline
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