Cheil Worldwide Signs Investment Agreement with 'HybeLab'... "Strengthening Digital Competitiveness"

Yoo Jung-geun, President of Cheil Worldwide (left), and Seo Jong-hyuk, CEO of HYBE Lab, are posing for a commemorative photo at the investment and business cooperation agreement ceremony.

[Asia Economy Reporter Lim Chun-han] Cheil Worldwide announced on the 1st that it has signed an investment agreement with the digital convergence company ‘HiveLab’ to strengthen digital competitiveness.

HiveLab, founded in 2012 by CEO Seo Jong-hyuk, a former NHN engineer, possesses diverse digital marketing capabilities including digital platform development, digital content production, and brand marketing. The company employs about 250 staff members at its headquarters in Korea and its subsidiary in Vietnam, with 86% of them being technical personnel. Currently, HiveLab serves over 260 domestic and international clients such as NHN, Netmarble, and Kakao Games, and continues to acquire new clients based on its excellent reputation in the industry, showing high growth every year. Last year, its revenue was approximately 18 billion KRW, with an average annual revenue growth rate of 24% from 2017 to 2020.

Through this investment, Cheil Worldwide plans to enhance the quality of services for existing advertisers by leveraging HiveLab’s digital convergence capabilities and actively promote digital transformation in exhibition, event, and retail marketing. Additionally, by combining HiveLab’s expertise in digital platform development and digital content production with Cheil Worldwide’s domestic and international networks, the two companies will actively collaborate on developing new businesses such as advancing e-commerce marketing for various companies both in Korea and overseas. Furthermore, through technology and information exchange and project collaboration between the two companies, Cheil Worldwide’s digital technology capabilities are expected to be further strengthened.

A Cheil Worldwide official stated, “With this investment, we plan to strengthen collaboration with HiveLab to provide differentiated digital marketing services, and we will continue to strategically consider investments to expand our digital business in the future.”

This content was produced with the assistance of AI translation services.