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Sandbox Network, the South Korea-based digital entertainment company that provides multi-channel network services for digital content, announced its corporate restructuring plans for the company to survive.
Sandbox Network revealed on Sunday, Nov. 27, that it will undergo the process of reorganizing a company's management, finances, and operations to improve the efficiency and effectiveness of the company. This was announced after disclosing that its operating loss ballooned from $7.2 million in 2020 to $12.1 million in 2021.
With the imminent restructuring process, The Korea Economic Daily reported that many of the company’s workers would be hit as layoffs are inevitable in the process. To make the situation lighter, the company has already advised its employees to resign voluntarily. The management has no other way of lifting the company due to the continuous operating losses besides the corporate reorganization.
Moreover, in accordance with the decision, Sandbox Network has no choice but to get rid of some of its new businesses, which will affect its Sandbox Gaming e-sports unit. It will also be forced to sell its commerce division.
Once these are done, the firm will start focusing on content creation while employing metaverse gaming, intellectual property, and cryptocurrency line of business. In any case, Sandbox Network is not the only major firm in South Korea that is downsizing its business in this time of economic crisis. A number of start-ups and future unicorns with values of more than KRW1 trillion have also jumped into merger and acquisition (M&A) deals with maintaining their companies.
“In the meantime, Sandbox Network has been making bold investments and developing new businesses to pioneer a new path with the support of the capital market,” the Korea Post quoted the company as saying in a statement. “However, the current market situation has changed, and as a preemptive measure, from the growth-oriented strategy of the company, we have implemented a profit-oriented strategy and improved constitution.”
Sandbox’s chief executive officer, Lee Pil Sung, added, “According to the profitability-oriented strategy, the content global distribution, domestic media sales business, and publishing business will be developed through external partnerships or partnerships, and we plan to sell it.”
