New York - Investors pumped more than $594 million into virtual worlds and related companies in 2008, down from over $1.4 billion in 2007, according to a report from market research firm Virtual Worlds Management.

Two signs of the changing face of media and entertainment struck me last week. First I attended the Virtual Worlds Expo at the LA Convention Center and then I happened to drop by a new store on Sunset Boulevard called "Live! On Sunset" in the building that used to house the Tower Records store.

Austin, Texas - There are now more than 100 virtual worlds operating or that are in development which target the 18-and-under youth market, according to a report from virtual worlds trade media company Virtual Worlds Management.

San Jose, Calif. - Venture capital, technology and media firms have invested more than $1 billion in 35 virtual worlds companies over the past 12 months, according to a report from Virtual Worlds Management, a producer of trade events and media for the industry.