Chorokbaem Media Signs MOU with Web Novel Platform Company 'Metacraft'

[Asia Economy Reporter Jang Hyowon] Chorokbaem Media announced on the 29th that it has signed a Memorandum of Understanding (MOU) for a strategic partnership with MetaCraft, which operates the premium web novel platform ‘Novelpia.’ Chorokbaem Media plans to strengthen its content competitiveness by securing various IPs starting from this agreement. The comprehensive content strategy, which maintains a horizontal and vertical expansion approach centered on IP, is expected to be further reinforced.

MetaCraft is a web novel serialization site launched in January last year by TopCo, the operator of the global webtoon platform ‘TopToon.’ It has about 900,000 members domestically and internationally, with 25,000 web novel IPs and approximately 15,000 authors.

Through this MOU, Chorokbaem Media will have the rights to produce secondary media content such as dramas and movies based on the web novel IPs owned by MetaCraft. This will not only expand the IP domain and enhance profitability but also create synergies in a wide range of fields such as the metaverse and NFTs (Non-Fungible Tokens) through business linkage activated by OSMU (One Source Multi Use).

Chorokbaem Media plans to secure web novel-based IPs through close collaboration with MetaCraft and utilize them for drama production. It will also develop and invest in the rights for web novels based on drama originals. Synergies with new media businesses such as the metaverse and NFTs are also anticipated, along with global market expansion.

A Chorokbaem Media official said, “MetaCraft, with which we have signed this partnership, is developing various businesses such as webtoons, web dramas, audiobooks, and emoticons based on web novel IPs, so additional synergy creation is expected in the future.” He added, “MetaCraft is already working on webtoon and web drama adaptations based on more than 30 web novel IPs and is focusing on diversifying IP genres by expanding collaboration with its affiliate TopToon.”

In February, Chorokbaem Media jointly made a strategic investment in a 4.5 billion KRW Series A round led by Must Ventures, which is being conducted by MetaCraft, thereby establishing a strategic partnership. MetaCraft plans to announce new games based on promising IPs and aims to implement a metaverse worldview where many users can enjoy MetaCraft’s IPs, while actively pursuing the NFT business as well.

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