OGPlanet raises $1.5M to license virtual world games from Korean developers

A team of gaming and media executives in Los Angeles have invested $1.5 million into a new company called OGPlanet that license popular Korean games and bring them to the U.S.

The targeted multiplayer, PC games are those built on a “Second Life-like” model that let anyone play for free, but offer players the opportunity to purchase game pieces, clothing and accessories, the company said.

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These “virtual economy” games have already attracted tens of millions of players in Asia and are beginning to build a large U.S. audience. One example is Albatross18, which is OGPlanet’s first announced game.

The company says that existing virtual economy games in Asia show “an average of $10-$20 per player each month.” In the U.S., Albatross18 is already generating higher revenues of more than $25 per month per player, the company said.

The company’s chief executive is Sanchal Pak, who spent many years in Korea funding these companies for LG Ventures, so it is relying on his network for much of its strategy.

The company told VentureBeat last week that key investors include the following: Richard Wolpert, former President of Disney Online and a strategic advisor to RealNetworks and Accel Partners,; Mark Surfas, formerly founder and CEO of GameSpy; Peter Levin, CEO of BellRock Media; and Andrew Wright, former Vice President of RealArcade and currently CEO of SmileBox. Seattle-based RealNetworks is also an investor.