Korea loves games, except virtual worlds
WorldsInMotion.biz has covered a report from the Korea Times stating that the virtual world business over there is beginning to falter.
While we're embracing technology like Facebook and MySpace, bringing these social networking sites into our mainstream culture, Korea is experiencing a slump in their business. Cyworld, the leading social network in Korea, has reported 6% loss in their service revenue. To cope, Cyworld is going to be upgrading to a fully functional virtual space, instead of the current "room system" that it has now, in an attempt to attract more users.
In comparison, MySpace Korea's launch was almost disastrous, their opening week garnering 1/20th of what Cyworld gets a week in traffic. It's quite easy to say, perhaps the virtual bubble has burst?
