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Cheil Worldwide Makes Strategic Investment in EVR Studio

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New strategic investment and business cooperation in metaverse company strengthens Cheil’s overall digital capabilities and service offerings

Cheil Worldwide Makes Strategic Investment in EVR Studio

(from left to right) Honggu Jung, Cheil Worldwide CFO, Jeongkeun Yoo, Cheil Worldwide President and CEO, Jaehwan Kim Co-CEO and Yongki Yoon Co-CEO, EVR Studio

Cheil Worldwide announced that it had signed a strategic investment and business cooperation agreement with EVR Studio, a metaverse company, to strengthen its digital capabilities.

Founded in 2016, EVR Studio (EVR) has focused on the research and development of metaverse technology and has made its mark in the industry with its ground breaking digital human and virtual space engineering technologies. Its employees are 80% technical professionals who have experience working for major game development companies as well as renowned visual effect studios in Hollywood. 

With its unique and outstanding digital capabilities, EVR pursues various projects related to producing digital humans, metaverse spaces, and other lifelike contents.  

Most notably, the company has developed digital versions of top Korean celebrities such as Kim Soo-Hyun, and has also developed digital idols and virtual influencers that have appeared in various ads, games and films.

In July 2021, EVR showcased VR contents that it had created based on the movie Parasite at an exhibition held at the UNESCO headquarters in Paris. The company also produced VR contents based on the Bohwagak collection at the Kansong Art Museum. It also created the world’s first 4DX VR film, Stay with Me, which was screened in 4DX theatres in South Korea.  Additionally, the studio is currently leveraging its powerful digital convergence capabilities to develop a game based on the webtoon, Mudang.  

Under the agreement, Cheil Worldwide plans to exchange information and technology with EVR, with the goal of constructing a metaverse-based content business model that includes a range of value-added services for its clients, such as AI-powered branded humans, interactive contents, and virtual studios. 

“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 a Cheil Worldwide representative.

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Cheil Worldwide, Thu, 19 May 2022 11:02:21 GMT