The E&M Accelerates 'Cheongna Video and Culture Complex Project' with Global Special Effects Company XM2

(From the left) Shin Hwan-ryul, CEO of The E&M, Stephen Oh of XM2. / Photo by The E&M

THE E&M announced on the 28th that it has signed a memorandum of understanding (MOU) with XM2, a global special effects filming company, regarding the entrusted operation of a studio. This is part of the successful promotion of the ‘Cheongna Video and Culture Complex Project.’

The signing ceremony held at THE E&M headquarters was attended by THE E&M CEO Shin Hwan-ryul, XM2 CEO Steven Oh, Samjong KPMG Executive Director Seo Gwang-duk, and Director Jo Do-hee.

XM2 is a special effects and aerial filming company equipped with the world’s best special filming equipment design capabilities and production technology. It has bases in major cities worldwide, including Los Angeles, Atlanta, London, Seoul, Melbourne, and Gold Coast.

Based on over 20 years of experience and know-how in filming and production activities in Hollywood, XM2 has partnered with film production companies, broadcasters, and corporations worldwide, participating in the production of numerous blockbuster films such as Pirates of the Caribbean, Mission: Impossible, and the 007 series, and is recognized as a company that has advanced the film industry.

A company representative explained, “The scene in the recently released Mission: Impossible ? Dead Reckoning Part 1 where Tom Cruise jumps on a motorcycle in a Norwegian valley was made possible thanks to XM2’s special filming equipment such as drones and helicopters, as well as flight data analysis programs.”

Recently, XM2 has been expanding its solid presence by forming strategic cooperative partnerships with global streaming OTT (online video service) companies for filming technology development and participating in the production of original series for OTT companies.

XM2 stated, “While K-content is receiving numerous awards at international ceremonies and attracting love calls from overseas production companies and investors, we are concerned about Korea’s production environment, which lacks medium to large specialized studios dedicated to filming. Through this collaboration, if we proceed with building a global studio within the Cheongna Video and Culture Complex, establishing a special filming academy, nurturing professional personnel, and conducting research on filming technology development together with overseas experts, a ‘Korean version of Universal Studios’ will surely be born.”

Jo Do-hee, Director of the Real Estate Advisory Division at Samjong KPMG, who led the signing of this agreement, said, “To attract large domestic and international projects, we will pursue partnerships with global OTTs, world-renowned filming studios, major production companies, and famous directors. Through this project, we will fully leverage our global network and consulting capabilities to make Korea the fourth major film and media studio hub following the United States, the United Kingdom, and Australia.”

A representative from THE E&M said, “Although the project period was delayed due to suspicions related to the preferred negotiator, since this is a project that has attracted great interest overseas as well, we will cooperate with the Incheon Free Economic Zone Authority (IFEZ, hereinafter ‘Incheon Economic Agency’) to make every effort to quickly get back on track. We will contribute not only to the revitalization of the Cheongna regional economy but also to the development of the domestic media video industry.”

Meanwhile, THE E&M was selected as the preferred negotiator for the ‘Cheongna Video and Culture Complex Project’ hosted by the Incheon Economic Agency in March and is currently conducting business negotiations. In addition, in May, it signed an MOU with Hyundai Engineering & Construction and Kumho Construction and received a letter of intent for investment from Hyundai Engineering & Construction.

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