Cheil Worldwide Invests in Metaverse Specialist EVR Studio

Yoo Jung-geun, President of Cheil Worldwide (second from the left), and the executives of EVR Studio are taking a commemorative photo.

[Asia Economy Reporter Lim Chun-han] Cheil Worldwide announced on the 11th that it has signed an investment and business cooperation agreement worth 17 billion KRW with EVR Studio, a specialized company in the metaverse field, to strengthen its metaverse digital capabilities.

Founded in 2016, EVR Studio has focused on researching and developing metaverse technologies and possesses outstanding expertise in core technologies such as digital humans and digital virtual space creation. Approximately 80% of its total workforce consists of technical personnel, including experts who have worked on visual effects (VFX) for world-renowned game content and Hollywood films. Based on these capabilities, the company is pursuing various businesses such as digital humans, metaverse space construction, and immersive content.

In the digital human sector, EVR Studio is conducting various digital human production projects, including digital idols and virtual influencers. Regarding immersive content, last July, it showcased virtual reality (VR) content of the movie Parasite at an exhibition held at the UNESCO headquarters in Paris, France. It also produced Bohwagak VR, based on the Kansong Art Museum, and the world's first 4DX VR film Meet the Memory. Additionally, it is developing a game based on the intellectual property (IP) of the webtoon Mudang.

Through this investment, Cheil Worldwide plans to conduct preliminary research such as technology and information exchange with EVR Studio to materialize business models based on metaverse content. In the future, it intends to offer new services to advertisers, including AI-based branded humans, interactive content, and virtual studios.

A Cheil Worldwide official stated, "With the global advertising market rapidly growing centered on metaverse content, we expect Cheil Worldwide's metaverse content production capabilities to be strengthened through this investment." He added, "We plan to continue domestic and international investments to enhance digital new business capabilities such as the metaverse."

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