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After Investing 64 Billion Won in the Metaverse, Lotte Innovate Moves to Scale Back the Business and Put Physical AI and Image: ๋‰ด์Šค1
๐Ÿ‡ฐ๐Ÿ‡ท South Korea /Technology

After Investing 64 Billion Won in the Metaverse, Lotte Innovate Moves to Scale Back the Business and Put Physical AI and Data Centers First

From Chosun Ilbo · () Korean

Translated from Korean and summarized by DistantNews. Read the original for the full story.

At a glance

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  • Lotte Innovate is restructuring its business priorities around artificial intelligence and data centers to improve profitability.
  • Caliverse, acquired in 2021 for 64 billion won to enter the metaverse business, has effectively been excluded from the companyโ€™s key future businesses as the metaverse boom faded and the unit remained loss-making.

Lotte Innovate is moving to scale back its metaverse business after investing 64 billion won, putting physical AI and data centers at the front of its strategy instead.

The Lotte Group IT services affiliate is resetting its business priorities around artificial intelligence and data centers as it seeks to restore profitability. Caliverse, which Lotte Innovate acquired in 2021 to enter the metaverse market, has effectively been excluded from its key future businesses.

The shift follows the cooling of the metaverse boom, while Caliverse has continued to post losses.

About this summary

Originally published by Chosun Ilbo in Korean. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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