Asia Express - Consumer Electronics
China and South Korea Separately Announce Their Investment Plans for the Metaverse
July 19, 2022
The Shanghai government recently announced that it would build a metaverse cluster for US$52 billion by 2025 while fostering 10 related startups in the area, the reported on July 7. According to the metaverse development plan, China will establish a series of funds to support metaverse-related projects concerning virtual reality, display and processor technologies, 5G, and AI (Artificial Intelligence) technologies. 
Meanwhile, South Korea also unveiled its plan to pour US$177 million into metaverse-related projects included in the "Digital New Deal," which is a national plan to promote the country toward digitalization. In addition, South Korean telecom operator SK Telecom also announced its plan to collaborate with telecom operators in North America, Europe, and other regions to launch its metaverse platform, called ifland, in late 2022, the Yonhap News reported on July 13. 
Zoomers, also known as Generation z that were born between 1997 to 2012, will be the largest customer/user base of meterverse, according to MIC (Market Intelligence & Consulting Institute). The influence of Zoomers on both the creator economy and metaverse will be more significant as they have greater digital competence compared to other generations.
Established in 1987, MIC is a division of III (Institute for Information Industry), a major government think tank, and one of the leading IT research institutes in Taiwan.