Martial Arts - Megabox Seeks Startups for Collaboration Utilizing Theater Platform

by Woo Sooyoun

Published 14 Mar.2021 11:00(KST)

[Asia Economy Reporter Suyeon Woo] The Korea International Trade Association announced on the 14th that it is seeking innovative startups to jointly envision the future of the multiplex industry in the post-COVID-19 era.

In this open innovation project conducted together with Megabox, a leading domestic multiplex cinema chain, the association is looking for Korean startups to collaborate in areas such as discovering new businesses and content utilizing screening rooms, lobbies, and concession stands, as well as innovating shopping and e-commerce business models using customer databases (DB).

Startups wishing to participate in the project can apply through the open innovation platform 'InnoBranch' by April 2. Startups that pass document screening and the first and second meetups will be finally selected and given opportunities such as proof of concept (PoC) using Megabox infrastructure, joint business planning, and investment after further discussions.

Additionally, according to the tripartite business agreement signed on the 11th between the Trade Association, the Korea Creative Content Agency, and Megabox, the three startups finally selected as part of the Content Infinity Challenge ('Confinity Challenge') by the Creative Content Agency will receive up to 50 million KRW in commercialization support funds, as well as mentoring and nurturing support from professional accelerators.

Park Seon-kyung, head of the Innovation Ecosystem Office at the Trade Association, expressed, "A leading player in the domestic multiplex industry and support organizations have joined hands to find a breakthrough for the theater industry, which has been stagnant due to COVID-19, and to provide startups with opportunities to collaborate with large corporations." She added, "Through collaboration with innovative startups, we expect to experiment with various unprecedented businesses."