[Asia Economy Reporter Minwoo Lee] Genie Music's stock price is on the rise. As the metaverse (3D virtual world) sector emerges as a new investment destination, the company's track record of exporting virtual reality (VR) and augmented reality (AR) content to China’s top telecom operator China Mobile has come into the spotlight.
As of 10 a.m. on the 4th, Genie Music's stock price recorded 5,550 KRW, up 8.40% from the previous day. With the growing attention on the 'metaverse,' the company’s engagement in VR and AR content business appears to have acted as a positive factor. The term metaverse combines "Meta," meaning transcending or abstract, and "Universe," referring to the real world.
Previously, Genie Music introduced the world's first virtual immersive music experience called 'Virtual Play,' which mixes VR and AR technologies. Last year, its parent company KT signed a 5G content sales contract with Migu, a subsidiary of China Mobile, the largest telecom operator in China, exporting 5G-based K-pop live streaming services to China and Hong Kong. This opened a pathway for Genie Music’s VR, AR, and other metaverse content to enter the Chinese market.
In May of last year, Genie Music also signed a K-pop music supply contract with China’s Tencent Music Entertainment Group. Through the global company FUGA, it has agreed to provide music to over 50 overseas platforms including Amazon Music (USA), Anghami (Middle East), Yandex Music (Russia), Tidal (USA), JioSaavn (India), and Qobuz (France).
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