[Asia Economy Reporter Hyunseok Yoo] Comprehensive content media company Chorokbaem Media announced on the 1st that it has signed a business cooperation agreement (MOU) with global interactive streaming company ArenaCast to strengthen business collaboration.
Through this agreement, they plan to implement a marketplace that integrates a service platform where users can enjoy various digital content interactively in a metaverse environment while creating new user-generated content (UCC), combined with blockchain technology using non-fungible tokens (NFTs) for distribution.
Chorokbaem Media will provide existing hit content and newly released content intellectual property (IP). ArenaCast will develop and operate an interactive streaming platform where users can enjoy Chorokbaem Media’s diverse digital content IP. Additionally, ArenaCast will be responsible for developing NFT technology linked with blockchain and integrating a marketplace for distribution.
Based on this business partnership, both companies plan to focus on discovering new business opportunities. Due to the expanding streaming market, global OTT users demand various genres of content including dramas, movies, animations, sitcoms, and entertainment shows. This trend, combined with the explosive growth of the NFT and metaverse industries, is expected to rapidly expand the utilization of original content IP.
Kim Young-hoon, CEO of ArenaCast, stated, “By leveraging Chorokbaem Media’s content IP, which combines both popularity and artistic value, we will launch a metaverse service platform that users can enjoy in diverse and entertaining ways, significantly contributing to the globalization of OTT and industry development. We also plan to focus on strategic investments to strengthen business cooperation and discover new business opportunities.”
He added, “Currently, we provide ‘Pick&Go,’ an interactive streaming service utilizing global game and eSports content IP such as Riot Games’ ‘League of Legends’ and PUBG’s ‘Battlegrounds.’ Through this partnership with Chorokbaem Media, we plan to expand into the OTT sector and continuously grow our global metaverse business.”
Meanwhile, Chorokbaem Media has consistently produced hit works that combine both commercial success and artistic quality, such as ‘My Mister’ and ‘Memories of the Alhambra.’ They continue their unbeaten streak with this year’s top hit ‘Penthouse’ and the drama ‘Youth,’ which visualizes the BTS universe and is scheduled to air on Netflix.
They are also achieving results in rights distribution targeting the global OTT market by selling exclusive licenses in Japan for ‘One Day,’ starring Kim Soo-hyun and Cha Seung-won, which will be released on Coupang Play this November. These popular contents will become new digital assets in the form of NFTs and will be provided to global users through ArenaCast’s metaverse service platform starting in the second half of this year.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
