ONE OF THE MOST HATED EXECS IN GAMING IS HEADING TO THE METAVERSE
Bloomberg Businessweek US|November 14, 2022
John Riccitiello generated billions of dollars for Unity Software by turning mobile games into an advertising wasteland. Now one of the industry’s most controversial figures has plans to bring that same sensibility to the virtual world
Austin Carr, Jason Schreier and Priya Anand
ONE OF THE MOST HATED EXECS IN GAMING IS HEADING TO THE METAVERSE

John Riccitiello was on top of the metaverse. Last November the chief executive officer of Unity Software Inc. spilled the news to his staff during a Zoom town hall: The company was about to buy the technology division of WetaFX, the visual effects shop behind the Lord of the Rings and Game of Thrones movie and TV franchises. The $1.6 billion deal, Riccitiello believed, would give Unity the 3D development tools they needed to conquer all types of augmented and virtual realities, things like immersive digital worlds and hyper-realistic avatars. “We go from being a player in this space,” he told employees, “potentially to being the leading artist platform for literally everything.”

Developers love Unity for the easy-to-build-on game engine it licenses to third parties such as Niantic Inc., which used it to create the wildly popular app Pokémon Go, and smaller studios that have built hits from Cities: Skylines to Cuphead. But it makes much of its money the way many internet companies do these days: through targeted advertising. If you’ve ever found yourself watching a 10-second commercial on a free iPhone casino or brain-teaser app, it’s likely Unity served it. By acquiring the hottest visual effects tools, the company could branch deeper into the metaverse, the catchall term for the 3D environments that sci-fi nerds and Silicon Valley potentates won’t stop talking about.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM BLOOMBERG BUSINESSWEEK USView all
Instagram's Founders Say It's Time for a New Social App
Bloomberg Businessweek US

Instagram's Founders Say It's Time for a New Social App

The rise of AI and the fall of Twitter could create opportunities for upstarts

time-read
4 mins  |
March 13, 2023
Running in Circles
Bloomberg Businessweek US

Running in Circles

A subscription running shoe program aims to fight footwear waste

time-read
3 mins  |
March 20 - 27, 2023
What I Learned Working at a Hawaiien Mega-Resort
Bloomberg Businessweek US

What I Learned Working at a Hawaiien Mega-Resort

Nine wild secrets from the staff at Turtle Bay, who have to manage everyone from haughty honeymooners to go-go-dancing golfers.

time-read
10 mins  |
March 20 - 27, 2023
How Noma Will Blossom In Kyoto
Bloomberg Businessweek US

How Noma Will Blossom In Kyoto

The best restaurant in the world just began its second pop-up in Japan. Here's what's cooking

time-read
3 mins  |
March 20 - 27, 2023
The Last-Mover Problem
Bloomberg Businessweek US

The Last-Mover Problem

A startup called Sennder is trying to bring an extremely tech-resistant industry into the age of apps

time-read
10+ mins  |
March 20 - 27, 2023
Tick Tock, TikTok
Bloomberg Businessweek US

Tick Tock, TikTok

The US thinks the Chinese-owned social media app is a major national security risk. TikTok is running out of ways to avoid a ban

time-read
10+ mins  |
March 20 - 27, 2023
Cleaner Clothing Dye, Made From Bacteria
Bloomberg Businessweek US

Cleaner Clothing Dye, Made From Bacteria

A UK company produces colors with less water than conventional methods and no toxic chemicals

time-read
3 mins  |
March 20 - 27, 2023
Pumping Heat in Hamburg
Bloomberg Businessweek US

Pumping Heat in Hamburg

The German port city plans to store hot water underground and bring it up to heat homes in the winter

time-read
3 mins  |
March 20 - 27, 2023
Sustainability: Calamari's Climate Edge
Bloomberg Businessweek US

Sustainability: Calamari's Climate Edge

Squid's ability to flourish in warmer waters makes it fitting for a diet for the changing environment

time-read
4 mins  |
March 20 - 27, 2023
New Money, New Problems
Bloomberg Businessweek US

New Money, New Problems

In Naples, an influx of wealthy is displacing out-of-towners lower-income workers

time-read
4 mins  |
March 20 - 27, 2023