KT Corp, South Korea’s largest telecommunication company has announced that opening of its second virtual reality (VR) theme park, VRIGHT, in a joint partnership with GS Retail Co, a major convenience store chain operator in Asia’s fourth-largest economy.
By taking advantage of the latest in cutting-edge and innovative technologies, KT Corp are pioneering new opportunities for the next generation of VR. By taking all the latest information and communication technologies (ICT), including fifth-generation (5G) networks, VR and augmented reality (AR), with GS Retail’s expertise in operating off-line retail spaces and its distribution business, VRIGHT is leveraging a lot of technology to become a massive investment for the two companies. KT Corp is hoping that VRIGHT will hit a target of an annual revenue of 100 billion won (KRW) by 2020, by when the country’s immersive media market is expect to hit on trillion won in value.
“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 (KOTGA). The new VR park will open to the general public at noon, local time, on July 6th and is said to feature over 30 new gaming experiences, rides and immersive experiences in partnership with leading Korean videogame developers including Smilegate and Appnori. Each activity at VRIGHT will be priced from 5,000 won to 49,000 won per use or hour.
KT Corp and GS Retail opened their first join venture VRIGHT in March in Sinchon, near Yonsei University in western Seoul. The venue is a two-floor theme park which has attracted more than 18,000 visitors since it opened and is now said to be an entertainment hotspot for young people. KT Corp is said to open more VRIGHT parks this year under its direct management. The company is planning to franchise its VR entertainment business next year after developing a business model to sell its VR content and platforms to individual operators in both South Korea and overseas at appropriate prices.
Until then and for all the latest on VRIGHT in the future, keep reading VRFocus.