Chorokbaem Media Raises 75 Billion KRW... "Full-Scale Launch of New Businesses in NFT, Metaverse, and E-Commerce"

[Asia Economy Reporter Yoo Hyun-seok] Chorokbaem Media is expected to accelerate its new businesses, including NFT (Non-Fungible Token), metaverse, e-commerce, and content IP acquisition, as 75 billion KRW out of a total large-scale investment of 110 billion KRW has been paid in advance.

Chorokbaem Media announced on the 18th through a public disclosure that the paid-in capital increase of 75 billion KRW has been completed. Through this payment, Chorokbaem Company, the holding company of the Chorokbaem Group, maintained its position as the largest shareholder, while Lotte Homeshopping (corporate name Woori Homeshopping) became the second largest shareholder. In addition to Lotte Homeshopping, companies such as Bithumb Korea, Bucket Studio, YG Plus, and Vidente also participated in this paid-in capital increase.

This capital increase payment is expected to accelerate the new NFT and metaverse businesses. Chorokbaem Media’s content NFT business will be carried out mainly with Bithumb, Bucket Studio, Vidente, and Wemade. Bithumb is promoting content NFT projects and distribution businesses based on various contents of Chorokbaem Media, and Wemade plans to NFTize various content items using Chorokbaem Media’s IP and attract users to its platform.

Bucket Studio and Vidente will promote a live commerce business that combines NFT and commerce. According to the company, when new content from Chorokbaem Media is broadcast, live commerce will be simultaneously aired to successfully promote and sell products. Through ‘Bithumb Live,’ an NFT-based metaverse and virtual asset payment-related service scheduled to open this month, they plan to build a future-oriented platform in the mid to long term.

In addition, Chorokbaem Media and Lotte Homeshopping plan to actively promote a content-linked media commerce business starting with this investment. Lotte Homeshopping will co-invest in and support the production of dramas promoted by Chorokbaem Media, while also actively engaging in content IP development and investment such as webtoons and web novels.

Chorokbaem Media plans to provide various video content and infrastructure capabilities to ‘LPlay,’ Lotte Homeshopping’s upcoming mobile application for its own drama and entertainment content, and the ‘Celeb Community’ platform to be launched next year using celebrities. The two companies intend to develop various media commerce businesses, including linked product planning using content and content production utilizing artists affiliated with Chorokbaem Media’s subsidiaries.

A representative of Chorokbaem Media said, “This payment is significant as the first step toward concretizing various new businesses centered on Chorokbaem Media, not just simple plans,” and added, “We are currently focusing primarily on securing content IP, which is the foundation of all businesses.”

He continued, “To this end, we have recently been meeting and negotiating with various domestic content producers,” and added, “We will disclose the results to the public when the specific outlines become clear.”

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