Lockwood Publishing

Lockwood Publishing is the UK-based developer behind the social metaverse platform, Avakin Life. It initially focused on creating realistic games with 3D avatars for PlayStation Home, the virtual world created for Sony’s PlayStation 3. However, when PlayStation Home shut down in 2015, the company downsized (60 employees to ~12) and started focusing on mobile games, including Avakin Life, which was its fourth mobile game title. 

The platform, available on mobile and PC, enables users to socialize, create customizable avatars, digital homes, and virtual spaces, and participate in various virtual events and activities, including concerts, parties, and fashion shows. In November 2023, the company added identity verification techniques for users to access adult-themed experiences on its platform. As of January 2024, the company was in the process of launching a new Global Creator Program, which provides perks for chosen content creators.

The company carried out a wave of layoffs in September 2022, in light of the Russia-Ukraine tensions, among other factors. Lockwood Publishing was previously accused of breaching employment law by the Independent Workers' Union of Great Britain (IWGB) in December 2021.

Avakin Life generates revenue through 1) monthly subscriptions, where users receive exclusive items and other in-game perks as benefits from their subscription and 2) sales of in-game currency priced at USD 1–99.

Key customers and partnerships

As of January 2024 the company had over 200 million registered users, with over seven million monthly users. 

Partnerships include Walmart to introduce its fashion brand, Scoop, into Avakin Life, allowing players to purchase virtual versions of its apparel or receive the virtual item for free with the purchase of its physical counterpart (January 2024).

Other partnerships included brands such as Nike, Timberland, MODCLOTH, Bloomingdale’s, OAKLEY, and Superdry so users can customize avatars each week using new virtual cosmetic items, such as makeup, accessories, clothes, and shoes. 

Funding and financials

In its last funding round (November 2020), Lockwood Publishing raised USD 25 million in Series A funding led by Tencent, with participation from existing investors Novator Partners, David Helgason, and Hilmar Pétursson. Further, the company expressed interest in introducing user-generated content to its platform.