WYSIWYG Studio, Growing Expectations for Metaverse Ecosystem Expansion Up

[Asia Economy Reporter Jang Hyowon] Wizwick Studio's proprietary visual effects (VFX) technology is expected to have expansion potential in the recently trending 'Metaverse' domain.

On the 7th, KB Securities researcher Lee Su-kyung stated in a report, "Wizwick Studio's strength lies in its pre-visualization (previs) production system using game engines," adding, "Expansion is expected in areas beyond movies and dramas, such as the metaverse ecosystem."

Wizwick Studio is a media content production company possessing CG/VFX (Visual Effects) technology and was listed in December 2018 through a technology special case. By acquiring stakes in companies like RaemongRaein and Imagenine Coms, it is advancing into a comprehensive media content producer covering everything from intellectual property (IP) to production.

WYSIWYG Studio's VFX technology demonstration.

The Metaverse is a compound word of Meta (transcendence) and Universe (space/experience world). It refers to a three-dimensional virtual world concept, including avatars representing oneself. Recently, with the spread of untact (contactless) culture, the metaverse industry is rapidly growing.

Wizwick Studio has secured stakes in partner companies such as RaemongRaein and Imagenine Coms, enabling participation in the entire value chain from IP planning and development to production. Imagenine Coms acquired the content production company 'Merry Christmas' in December last year, and Merry Christmas recently released the tentpole film "Space Sweepers" through Netflix. This year, about 30 pieces of content including dramas, movies, entertainment shows, and exhibition advertisements are planned.

Researcher Lee said, "We have secured numerous original IPs through major partners such as GozzNok ENT and YLAB, in which we hold shares, which is positive for business expansion," and predicted, "Revenue diversification through OSMU (One Source Multi Use) content could drive future performance."

He also explained that the existing core business sector, CG/VFX, continues to grow. In 2018, Wizwick Studio was registered as an official partner of Disney, and the qualitative expansion of its global portfolio including 'Primal,' 'Mulan,' and 'Spiritwalker' continues.

However, he noted, "The spread of COVID-19 delayed movie releases, impacting performance, and if vaccine distribution is delayed or social distancing levels increase, performance could worsen," adding, "With Netflix's recent large-scale investment decision in the Korean market and the booming content market, competition among domestic small and medium-sized production companies is intensifying."