PETALING JAYA: Metaverse and virtual spaces development company Virtualtech Frontier Sdn Bhd (VTF) targets RM16 million revenue this year and 10,000 subscriptions on its metaverse platform, driven by high demand for engaging solutions from corporations in the Asian region.
This was revealed to SunBiz by Co-founder/CEO Jason Low as well as chief financial and operating officer Kendrick Tan during the recent global launch of its metaverse platform, Mitoworld.
Last year, the company tripled its growth rate to RM3.6 million compared with RM1.1 million registered in the year prior.
“This year, we are trying to (quadruple the growth) with the platform. We are trying to target RM16 million for the whole company,” Low said.
In terms of revenue contribution, the company expects about 40% to come from the platform, while 60% to be from customised projects.
The company, which started in January 2021 during the pandemic, was initially involved in interactive virtual solutions for its corporate clients.
Low cited Facebook CEO Mark Zuckerberg for bringing the metaverse into the limelight during the same year and for accelerating global demand as well as interest among its corporate clients.
“We see a lot of potential in the technology as well. We are all about experiences and solutions. This is eventually going to be a big industry, we see many different players around the world providing different type of solutions,” said Tan.
Low said the features built in Mitoworld, are more enterprise driven and enterprise focused, which would allow companies to gain better engagement with their customers.
“The need for companies to always find new and engaging solutions that could target a wide range of audiences without the boundaries of borders have continuously been the goal of companies with marketing divisions,” he added.
He said that most companies have adopted digitalisation in the form of a corporate website or a social media account. However, he observed that engagements on the platforms have been declining over the years, hence companies need to continuously think of different content angles for engagement.
Low opined that if a user is able to spend up to four minutes on a website, most would consider it “good” in terms of user engagement. However, based on some of its projects, the company found that by enabling a metaverse platform, users spent up to 20-30 minutes exploring their client’s metaverse space.
“These kind of metrics that results in higher brand engagement and brand affinity are what brands are looking into getting out of the metaverse for this current moment,” he shared.
Tan said the predominant challenge it faces as a Malaysian startup, is the conservative risk appetite of some local investors towards new technology compared with global investors. Adding to that, the country is missing out on a lot of opportunities for innovation.
Despite that, the government has been assisting local startups through promotion, which he believes will only grow with time and make it “a lot easier for us to build for Malaysia”.
Mitoworld is based on a cloud subscription model and has 540 subscribers on the platform. Based on its data, around 20-30% comprise businesses and enterprises that have a corporate account. Currently, it offers a free as well as a paid subscription service.
Meanwhile, the company aims for 10,000 metaverses to be created through the platform by year-end. Out of the amount, it hopes to attract 1,000 paid subscriptions. Paid subscribers are able to build an unlimited amount of metaverses, while free subscribers are able to create up to three metaverses per account.
To date, the company has worked with 250 brands. Since its inception, VTF has served players from varying industries, including social networking sites, retail as well as F&B, and has virtualised hundreds of corporate companies in the region.
Envisioned to be the next unicorn from Malaysia, the company is part of 100Soonicorns, a programme by Malaysian Digital Economy Corporation and Penjana Kapital to help groom the next business unicorns of the country.
Source: The Sun Daily
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