Robert Sawatzky
May 19, 2022

Cheil invests in Korean metaverse company EVR Studio

Cheil's largest investment in Korea, EVR develops metaverse content with proprietary tech, including virtual spaces and digital versions of humans, including top Korean celebrity Kim Soo-Hyun.

Cheil invests in Korean metaverse company EVR Studio

Cheil has followed through on its recent strategic pivot towards a metaverse-based business model with a KRW 17 billion (US $13.35 million) investment in EVR Studio, a leading Korean-based virtual content production company.

The deal, representing Cheil's largest investment in Korea for an undisclosed stake in EVR, includes a business cooperation agreement that gives Cheil and its clients access to EVR's proprietary technologies for creating virtual spaces and digital humans. 

EVR Studio was founded in Seoul in 2016 and has grown its business in visual effects with gaming and enterntainment companies to focus on the research and development of metaverse technology. The company says it has about 70 employees, 80% of whom are technical professionals with experience working for Hollywood effects studios or major game-developers. 

Among its recent content projects, EVR has created a VR film and exhibition based on the Academy Award-winning movie Parasite, the world’s first multi-sensory immersive cinematic 4DX VR film, Stay with Me, and is developing a new game based on the webtoon Mudang.

More notabliy, EVR has garnered headlines for developing digital versions of top Korean celebrities like Kim Soo-Hyun alongside other virtual influencers who appear in ads, games and films. 

“This strategic investment and close collaboration will strengthen Cheil Worldwide’s metaverse content production capabilities amid the rapid shift towards metaverse-oriented contents in the global advertisement market,” said Cheil Worldwide president and CEO, Jeongkeun Yoo.

Cheil says its business and technology cooperation with EVR aims to include a range of value-added services for clients, such as AI-powered branded humans, virtual studios and interactive content. 

L-R: Honggu Jung, Cheil Worldwide CFO, Jeongkeun Yoo, Cheil Worldwide President and CEO, Jaehwan Kim Co-CEO and Yongki Yoon Co-CEO, EVR Studio


Campaign Asia

Related Articles

Just Published

1 hour ago

Campaign Global Agency of the Year Awards 2023: ...

New Zealand's Special repeats as Creative Agency of the Year while The Weber Shandwick Collective was named Asia Pacific Network of the Year.

2 hours ago

Agency Report Cards 2023: We grade 31 APAC networks

Campaign Asia-Pacific presents its 21st annual evaluation of APAC agency networks based on their 2023 business performance, innovation, creative output, awards, action on DEI and sustainability, and leadership.

2 hours ago

Agency Report Card 2023: Publicis Media

Starcom shone brightly for Publicis Media agency in 2023, and the Groupe decision to award staff bonuses was well received.

6 hours ago

Newsflash: Journalism matters to young audiences

Research from Newsworks shows that, contrary to some expectations, news content readership is rising, particularly for people in their late teens and twenties. And that was before Rishi Sunak called a snap election.