China’s metaverse industry has received another boost following a national plan released on 8 September which has ambitions to develop the country’s own metaverse by 2025 alongside incubating up to 5 industrial clusters with “global influence”. A range of “practical public needs” including socialising and entertainment are hinted to be at the centre of the futuristic iteration.
Whilst its construction has yet to take shape, the social needs in the digital space have been gathering steam, in particular, amongst China’s digitally savvy Gen Z and younger.
The growing traction is reflected in the rise of Soul App, a Tencent-backed social networking app. Touted to be a “Social Metaverse for the Young”, the pioneer is gearing up for a public listing in Hong Kong after pulling off approximate 219 million USD (1.6 billion RMB) in revenue in 2022, up from approximate 165 million USD (1.2 billion RMB) the year before and about three times of that recorded approximate 68.30 million USD (498 million RMB) in 2020. In this vein, Dao Insights was joined by two insiders at Soul to uncover the unique charm of the social metaverse.
Source: Dao Insights