Ascendio Strengthens Real Estate and Content Businesses... "Growth Expected"

[Asia Economy Reporter Hyunseok Yoo] Ascendio announced on the 11th that it plans to further expand its ongoing real estate development projects, including the 'Content Studio' and 'Knowledge Industry Center.'

Recently, Ascendio successfully secured 30.7 billion KRW in funding through a paid-in capital increase. The secured funds will be used to strengthen the content business and diversify its operations.

Ascendio signed a business agreement with Dong-Ah Institute of Media and Arts (DIMA) to develop the 'Content Studio.' The Content Studio will house various production studios as well as ancillary facilities such as lodging, experience zones, and exhibition spaces. A virtual studio for immersive content production based on LED walls, including AR, VR, XR, and metaverse technologies, will also be established. It is expected that the company's ongoing metaverse business will gain momentum. Additionally, the company plans to lease the Content Studio to other production companies.

Furthermore, Ascendio recently purchased a 3,719㎡ site in Namyangju, Gyeonggi Province, for 17 billion KRW to develop the Knowledge Industry Center. The company expects that the development of the Knowledge Industry Center, a real estate project that can maximize synergy with the content production business, will generate approximately 70 billion KRW in sales.

An Ascendio representative stated, "We aim to expand real estate development projects that can maximize synergy effects with existing businesses, creating a virtuous cycle by producing more differentiated content based on stable liquidity."

Meanwhile, ‘Gangneung,’ produced by Ascendio, ranked first in advance ticket sales upon its release on the 10th. The company is also smoothly progressing with production and investment in upcoming films such as ‘Yucheitalja,’ ‘The Killer,’ ‘Neukdaesanyang,’ and ‘Hive.’