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SK Telecom all set for China's online gaming scene

Posted: 20 May 2008 ?? ?Print Version ?Bookmark and Share

Keywords:SK Telecom? Magicgrids Networks? gaming? China?

SK Telecom is stepping up its efforts in advancing into China's online gaming market as the company participates in the management of Magicgrids Networks.

SK Telecom has signed an agreement with Magic Tech Network, a Hong Kong-based company of Magicgrids Networks in Shanghai, China. According to the agreement, SK Telecom will invest $7.8 million in Magic Tech Network to acquire 30 percent of its shares, while actively participating in the development and publishing of online games and taking part in key decision making through board of director meetings.

Established in 2006, Magicgrids Networks has been developing and publishing advanced online games. Recently, the company has built a distribution and marketing network for nationwide publishing service in China.

SK Telecom believes that online gaming is crucial in the new convergence industry along with music, citing that the revenue growth of China's online gaming market has reached 82 percent and that total market volume has reached $1.17 billion as of 2007.

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