[Asia Economy Reporter Hyunseok Yoo] Genie Music is showing strong performance. As the metaverse market is expected to grow rapidly, its related business activities seem to be influencing its stock price.
As of 9:57 AM on the 11th, Genie Music's stock was trading at 6,250 KRW, up 9.46% (540 KRW) compared to the previous trading day.
Genie Music will begin pre-orders ahead of the release of the K-pop idol group SF9's immersive music content, the ‘SF9 VP Album,’ scheduled for the 18th.
The ultra-high-definition virtual reality (VR) ‘SF9 VP Album,’ created in collaboration between the 9-member boy group SF9 and Genie Music, includes five songs such as SF9’s hits ‘Good Guy’ and ‘Jilleosseo’ reinterpreted as a metaverse concert.
Genie Music created a ‘metaverse concert of SF9 just for me’ by featuring the SF9 VP Album tracks in five virtual metaverse spaces with first-person perspective direction. The performance live-action filming was conducted using 360-degree omnidirectional chroma key techniques, and computer graphics and 3D visual effects (VFX) technologies were employed.
The album applies AlphaCircle’s ultra-high-definition 3D-8K VR video technology to enable seamless playback of large VR video files on mobile devices. Using video segmentation synchronization technology, users can enjoy clear ultra-high-definition video without interruption even when moving their gaze while watching VR.
The SF9 VP Album can be accessed via streaming, download, or playback depending on the user’s network environment. The album includes an SF9-dedicated HMD that can hold a smartphone, a booklet containing photo cards and a user manual, and an authentication code for SF9 VR content. Users can install the Virtual Play app, the dedicated player for the VP Album, and authenticate the album code to download the content. Among pre-order customers, a lottery event will be held to invite winners to a video call with SF9.
The SF9 VP Album was produced with support from the Ministry of Science and ICT’s ‘5G Immersive Content and Overseas Joint Production Service’ project and the Broadcasting and Communications Development Fund. Genie Music plans to utilize the Virtual Play app as a platform for ultra-high-definition VR content as it expands its VP business.
Lee Hae-il, Head of Contents Division 1 at Genie Music, said, “Interest in the VP Album, which allows fans worldwide to experience K-pop artists most vividly in a non-face-to-face environment, has grown significantly,” adding, “We will continue to upgrade virtual music content implementation technology to provide fans with the joy of communicating with artists through all five senses in the metaverse.”
Meanwhile, the U.S. online gaming company Roblox surged more than 54% above its reference price on its direct listing debut on the New York Stock Exchange, becoming a company valued at $45.2 billion (approximately 51.32 trillion KRW).
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