Virtual Greats Enters $1.5 Billion Virtual Goods Market

Mon Jun 9, 2008 6:00am EDT
 
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Company Launches First Venture in partnership with Justin
Timberlake, Elvis Presley Enterprises, Inc. and Gaia Online
SAN FRANCISCO--(Business Wire)--
Millions of Us LLC, an agency specializing in virtual worlds and
large online communities, today announced that it is launching a new
company, Virtual Greats, to take advantage of the rapidly growing
market for virtual goods. In connection with today's launch
announcement, Millions of Us also announced that Virtual Greats will
have distribution rights for virtual goods associated with Justin
Timberlake, Elvis Presley, Tila Tequila, Snoop Dogg, Paris Hilton,
Raven Symone and -- coming to theaters June 13th -- Marvel's The
Incredible Hulk, across multiple media platforms.

   "The inspiration for Virtual Greats came when I realized that this
was a $1.5 billion market without any high-value copyrighted
material," said Reuben Steiger, CEO, Millions of Us. "Defining the
market and acquiring these rights and distribution has been enormously
rewarding."

   Susan Wu, an analyst at Charles River Ventures, estimated in
mid-2007 that the virtual goods market was worth approximately $1.5
billion and growing rapidly. The number of consumers coming in contact
with the goods traded through Virtual Greats is expected to rise
rapidly, particularly in light of research firm Gartner Inc.'s
prediction that 80 percent of active internet users will be members of
at least one virtual world by 2012.

   Discussions are also taking place with numerous other celebrities
and rights-holders. Virtual Greats will sell likenesses, catchphrases,
animations, clothing lines and other merchandise associated with
aspirational characters and entertainment franchises. The new company
will be headquartered in Los Angeles and led by Dan Jansen, former
head of the Boston Consulting Group's Media & Entertainment practice
and an active investor and entrepreneur in the new media space.

   Virtual Greats will be offering its wares across multiple virtual
world and social media platforms. The company is entering its first
major venture with the massively popular virtual world Gaia Online.
Virtual Greats will connect Gaia's more than 5 million dedicated users
with the virtual goods of stars such as Justin Timberlake.

   "This fast-growing, specialized and largely untapped market
presents significant new business and creative opportunities for both
talent and their distribution partners," said Dan Jansen, founding
CEO, Virtual Greats.

   "We're very excited about our partnership with Virtual Greats,"
said Craig Sherman, CEO of Gaia Online. "We're always looking for ways
to create a deeper, more relevant engagement for our very active
community. Partnering with Virtual Greats enables us to bring our
users' favorite real-life celebrities in world for a unique virtual
experience."

   Virtual Greats, supported by Millions of Us' partner Omnicom
(NYSE: OMC), is developing a centralized digital sales and
distribution system for virtual worlds and related online communities.
These goods will eventually be available for distribution across more
than 60 different online platforms, ensuring aesthetic and functional
consistency for IP owners, along with rigorous piracy protection. The
firm will act as both a financial and technical clearinghouse for
trade in virtual goods.

   About Virtual Greats LLC

   Virtual Greats is the world's leading virtual goods sales and
distribution system, connecting celebrities, artists and content
creators with a new generation of fans through the online trade of
likenesses, fashion, catchphrases, and other virtual representations
of real-world talent. Based in Los Angeles, Virtual Greats is
affiliated with Millions of Us LLC, an agency specializing in virtual
worlds and large online communities.

   About Gaia Online

   Founded in 2003, Gaia Online is the leading teen hangout on the
web. More than five million visitors come to Gaia every month to make
friends, play games, watch movies in Gaia Cinemas, Gaia's virtual
theaters, and participate in the world's most active online community.
Gaia provides a fun, social environment that inspires individuality
and creativity. With everything from art contests to discussion forums
on poetry, politics, celebrities and more, to fully customizable
profiles, digital characters and cars, Gaia is a place where teens can
create their own space and express their individual style. For more
information, visit www.gaiaonline.com.

Millions of Us LLC
Mat Small, 510-684-3552
mat@millionsofus.com
http://www.millionsofus.com

Copyright Business Wire 2008

 

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