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.