NetEase, a Chinese video gaming company, said on a Q3 earnings call the company “will be one of the fastest runners in the metaverse space.”

Fast facts

  • Margaret Shi, investor relations director at NetEase, said the company has been “technologically ready” for the metaverse and knows how to accumulate metaverse-related technology.
  • With gaming making up more than 70 percent of the company’s earnings, NetEase’s net revenue in the third quarter reached RMB22.2 billion (US$3.4 billion) and saw a year-on-year increase of 18.9%; online games accounted for 71.62% revenue, reaching 15.9 billion yuan (US$2.48 billion). The games Identity V and Onmyouji are NetEase’s representative works.
  • Chinese internet tech giants are stepping into the metaverse, particularly with games and social media. Last week, Tencent also said  it has “a lot of tech and capability” to approach the metaverse, and has reportedly built a new studio for developing metaverse-related business. In addition, the entertainment giant ByteDance, which owns TikTok, has acquired VR glasses manufacturer Pico as a part of its metaverse strategies.