Cyworld teams up with Hancom to offer metaverse service

The once-popular social networking service Cyworld has strategically partnered with office suite software developer Hancom to offer metaverse-powered service Cyworld Z.

Hancom, who acquired an undisclosed stake in the social networking company, will provide technical support for web editing, cloud, payment, and meeting services.

Cyworld had been bought out by a consortium of five firms that included Sky E&M, IntroMedic, and Cylabs.

Cyworld had 32 million users but it began losing ground in the last decade because of its slow response to mobile services.

In 2017, Cyworld secured 5 billion won from Samsung Venture Investment but failed to revive its social networking service.

It shut down its social media service in 2020 but held on to the data from its 32 million users.

It gave its existing users access to a preview of Cyworld Z on Aug. 2. But the company has not set an official launch date.