The largest telephone company from South Korea, KT Corporation, has built its second virtual reality amusement park, VRight, in partnership with GS Retail Company, the company which has been leading Korea’s distribution industry by building an innovative information and logistics system.
Why should you go visit VRight?
- First of all, the park is itself an innovation. In order to create it, KT Corp. combined fifth-generation networks, virtual reality, augumented reality with GS Retail’s expertise in operating offline retail spaces. This shows that the project is taking advantage of the the most current and high-level IT developments.
- Also, Koh Yoon-Jeon, chief of KT’s future business development unit said ”KT is leading innovations in VR and AR technologies to develop and introduce next-generation services for its immersive media business. We will strengthen partnerships with content creators, simulator manufacturers and other small and medium-sized enterprises at home and abroad. ”.
- Moreover, the visitors will be able to choose out of over 30 games that will immerse them in new and amazing experiences. Smilegate and Appnori are the video game developers from Korea that will provide the games for VRight.
Where and when will VRight open its doors? How much will it cost?
The park is located near the main gate of Konkuk University in eastern Seoul and it will open at noon on the 6th of July this year.
It is said that the prices of each activity or room will fluctuate from 5,000 won (~$4.50) to 49,000 won (~$44.000) per use or hour.
What about the annual revenue?
By 2020, KT Corporation hopes to achieve annual revenue of more than 100bn won (~$89m) by the year 2020.
All in all, the park is likely to attract many visitors and tourists from all over the world. KT Corp. also announced that more VRight parks will open this year and it even developed a business model to sell its VR content and platforms to operators in both South Korea and overseas which means that it plans to franchise its VR entertainment business next year.