Cheil Worldwide invests in Metaverse startup EVR Studio to strengthen digital capabilities

Korean startup EVR Studio, a company specializing in the metaverse, signed an investment agreement with Cheil Worldwide to strengthen digital capabilities for the metaverse. This investment is worth 17 billion won ($10 million). Through this investment, Cheil Worldwide plans to materialize a content-based business model for the metaverse by conducting prior research on technology and information exchange with EVR.

Cheil-EVR Studio to produce metaverse content

EVR Studio has been researching and developing metaverse technology since its establishment in 2016 and possesses technology related to digital human and digital virtual space production. Its first virtual adventure game series, Project M digital AI characters that engage players in a series of story-driven game episodes, has an overwhelming fan following. EVR is promoting various businesses such as digital human, metaverse space construction, and realistic content based on the core metaverse technology and the competence of experts.

The VR startup has also delved into the digital humanities field, featuring Hallyu star Kim Soo-hyun, Korean actor Lee Hong-nae and various other digital human production projects such as digital idols and virtual influencers used in movies, advertisements, and games. In the case of immersive content, EVR Studio presented VR contents of the film ‘Parasite’ at an exhibition held at UNESCO Headquarters in Paris, France, in July last year. In addition, a game based on the IP (intellectual property rights) of the webtoon ‘Shaman’ is in progress.

Cheil Worldwide CEO Yoo Jeong-geun (second from left) with EVR Studio management at the signing ceremony for investment and business cooperation. — Cheil Worldwide CEO Yoo Jeong-geun (second from left) with EVR Studio management at the signing ceremony.

Cheil Worldwide Inc. is a marketing company under the Samsung Group that offers advertising, public relations, shopper marketing, sports marketing, digital marketing, etc. A Cheil Worldwide official said, “With this investment, we expect that Cheil Worldwide’s ability to produce content for the metaverse will be strengthened in a situation where the global advertising market is rapidly growing centered on the metaverse content market. We plan to continue making domestic and foreign investments to strengthen our new business capabilities,” he said.

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