`This is the inaugural year of SK Telecom's joining the Chinese convergence market, and we are now expanding our business to games from telematics, music and entertainment,'' Lee Seok-hwan, president of SK Telecom China Holding, said in a statement. `By operating Magicgrids, we will raise our core competence in the Chinese online game market as well as positioning ourselves as a pan-Asia game hub.''
Magicgrids is an online game developing and publishing company and its main development is Patricts that was released last year. SK Telecom announced it will buy 30% stock of the Chinese firm Magicgrid, and signed a contract with Hong Kong branch Magic Tech Networks to invest 7.8 million US dollar, acquiring 30% of the stock simultaneously.
SK Telecom said that they bought out the large amount of stock because of the firm’s scale in the Chinese game market. The fact that online games, as well as music, is the sole provider in China, the sales growth development has reached 82% and the Chinese online game market worth 1.2 trillion won in 2007 has drawn the attention.
Online game industry is a higher value-added business. Also, many companies have depended on developers and engineers, so although many made good games, they lacked money-generating knowledge resulting in bankruptcy. If they don’t constantly seek changes, they would fall behind their competitors. I think that SK Telecom would provide a definite way to use the mobile infrastructure so that it would place itself in a higher position than that of competitors by mobilizing the online and mobile.
Magicgrids is an online game developing and publishing company and its main development is Patricts that was released last year. SK Telecom announced it will buy 30% stock of the Chinese firm Magicgrid, and signed a contract with Hong Kong branch Magic Tech Networks to invest 7.8 million US dollar, acquiring 30% of the stock simultaneously.
SK Telecom said that they bought out the large amount of stock because of the firm’s scale in the Chinese game market. The fact that online games, as well as music, is the sole provider in China, the sales growth development has reached 82% and the Chinese online game market worth 1.2 trillion won in 2007 has drawn the attention.
Online game industry is a higher value-added business. Also, many companies have depended on developers and engineers, so although many made good games, they lacked money-generating knowledge resulting in bankruptcy. If they don’t constantly seek changes, they would fall behind their competitors. I think that SK Telecom would provide a definite way to use the mobile infrastructure so that it would place itself in a higher position than that of competitors by mobilizing the online and mobile.
Source : Cho Jin-seo Staff Reporter, SKT Buys Stake in Chinese Game Firm, Korean Times, May 16 2008.
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