[Click eStock] "Giant Step, Real-Time Content Success Is Key"

Korea Investment & Securities Report

On the 26th, Korea Investment & Securities analyzed that Giantstep is expected to start monetizing real-time content from the second half of the year, and steep revenue growth is anticipated next year.

Giantstep is a VFX (visual special effects) studio established in 2008. Its main business sectors are advertising VFX, film and drama VFX, and real-time content. The company has strengths in AI-based real-time content production. Doyoung Ahn, a researcher at Korea Investment & Securities, stated, “Using real-time engines, they implement 3D images more efficiently than VFX companies that perform offline rendering,” and added, “They have references such as virtual humans Lee Sol, aespa Naevis, and the Dipesta XR concert.”

From the second half of the year, Giantstep’s real-time content division is expected to begin full-scale monetization, with a turnaround anticipated next year. Until now, advertising VFX and film and drama VFX, which are order-based, have accounted for most of the revenue, while the real-time content division has been mainly focused on research and development, resulting in relatively small revenue. In the second half of this year and next year, various real-time content projects will be unveiled and monetized, moving away from a simple order-based revenue model. The personnel and facility investments made last year are not expected to continue this year, so cost increases will be limited.

The key factor is the success of these projects. Researcher Ahn said, “Since the existing VFX business is order-based, it was difficult to expect leverage effects, but the real-time content business is a B2C model, so if successful, steep revenue growth is expected,” and added, “Early next year, multiple sites will host media art exhibitions generating ticket sales.” If an exhibition IP is developed and receives a good response, it is expected to expand exhibitions not only domestically but also overseas.

The virtual open-world service is scheduled to launch in May next year. Revenue models such as item sales, season pass sales, and advertising fees are planned. Additionally, virtual clothing trading production tools and trading platforms, as well as virtual humans, are continuously being developed. Researcher Doyoung Ahn analyzed, “This year saw the debut of virtual idols like PlayB and Maeve, and collaborations in the entertainment sector following aespa Naevis are anticipated.”

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