[Asia Economy Reporter Park Hyungsoo] Pan Entertainment is showing strong performance. It is interpreted that the news of partnering with Naver Z’s ZEPETO to realize a ‘metaverse drama’ has influenced the stock price. With expectations for metaverse growth, the corporate values of visual effects (VFX) companies such as Wizwick Studio and Dexter have increased this year, spreading anticipation for metaverse content companies.
As of 11:24 a.m. on the 2nd, Pan Entertainment is trading at 5,710 KRW, up 21.75% from the previous day.
Pan Entertainment announced that it has signed a business agreement with Naver Z and Kidari Studio regarding the adaptation of the webtoon 'Jjeolhaejuseyo' intellectual property (IP) into video content.
'Jjeolhaejuseyo' tells the story of a woman who is unemployed in reality but a master in the game, and a man who is a max-level team leader at work but a beginner in the game, as they meet and navigate between reality and the metaverse, leveling up in their respective lives.
Pan Entertainment pursued a mutual cooperation agreement with Naver ZEPETO for the implementation of the metaverse platform featured in the drama 'Jjeolhaejuseyo,' which is co-produced with Kidari Studio, during the planning and development stage.
Based on the 'Jjeolhaejuseyo' IP, Pan Entertainment plans to produce customized new media that goes beyond traditional content forms of just ‘viewing’ to allowing users to directly ‘experience’ and enjoy it in diverse ways within the metaverse.
ZEPETO is Asia’s largest metaverse platform operated by Naver Z. It has a cumulative global user base of 250 million. It is a representative metaverse platform receiving enthusiastic attention from Generation Z. Recently, the production of original dramas incorporating ZEPETO technology has been activated. ZEPETO drama YouTube videos have surpassed 50 million cumulative views, establishing it as a genre. The metaverse is a compound word of ‘Meta,’ meaning virtual or transcendent, and ‘Universe,’ meaning the real world. It refers to a three-dimensional virtual world. Through avatars, social, economic, and cultural activities are possible, characterized by more detailed interactive communication.
Through the business agreement, Pan Entertainment plans to create an innovative revenue model that combines the content market with the metaverse platform, which has recently gained popularity among the MZ generation, to generate new added value. They aim to develop ‘meta-content’ tailored to the tastes of the future-leading consumer base and establish trendy and sustainable competitiveness in the metacommerce sector.
The partnership between Pan Entertainment, which has focused on distributing ‘K-content’ on major OTT services and maximizing IP added value through channel diversification, and Naver ZEPETO is expected to empower new types of content distribution and business expansion.
A Pan Entertainment official said, "In an environment where the metaverse market is growing and the value of content is improving, we look forward to the cooperation of the two companies, each representing their respective fields with solid infrastructure and differentiated technology."
He added, "Based on our abundant IP, we will strive to produce influential content through creative planning and development collaboration and generate synergy effects that lead market trends."
Since 2002, Pan Entertainment has produced about 60 dramas, establishing a stable position as a ‘drama powerhouse’ comprehensive media content company. It has produced various popular contents including the pioneering Korean Wave drama 'Winter Sonata,' as well as 'The Moon Embracing the Sun,' 'Kill Me, Heal Me,' 'Doctors,' 'Fight for My Way,' 'Temperature of Love,' and 'When the Camellia Blooms.' It has a team of over 20 famous ‘top (TOP) writers’ such as Jin Su-wan, Lim Sang-chun, Park Kyung-soo, Jo Sung-hee, Kwon Eum-mi, Oh Ji-young, and Jung Bo-hoon. It is also establishing its position as a production company with a professional system spanning OST production, actor management, and film adaptations of webtoons and novels.
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