The Advertising Industry Also Joins the 'Metaverse'... Everyone Is Expanding Digital Businesses

[Asia Economy Reporter Jeon Jin-young] As companies dive into new digital businesses such as the metaverse and non-fungible tokens (NFTs), the advertising industry is also keeping pace. They are hiring new personnel and signing business agreements with relevant companies.

Cheil Worldwide Headquarters

According to the industry on the 2nd, Cheil Worldwide plans to expand the proportion of its digital business this year as well. As of last year, the digital-related portion of its overall business already exceeded 50%. The business direction for this year is set on performance based on domestic and international data tech. They are actively securing digital specialists. Last year, they recruited Executive Director Hong Sang-woo as digital CTO and established a dedicated tech organization. They are currently recruiting personnel in digital fields such as data, platform, and software through ongoing open recruitment. Earlier this year, they built an in-house metaverse-related organization. A Cheil Worldwide official said, "In response to the diversification of marketing channels such as the metaverse and live commerce due to COVID-19, we are reviewing various future businesses."

Innocean acquired management rights of the visual effects (VFX) video production company ‘Studio Lennon’ on the 22nd. Studio Lennon produces digital content including special effects for major domestic and international game companies as clients. Innocean is known to have made this acquisition decision focusing on Studio Lennon’s expansion through future metaverse business growth. An Innocean official said, "Besides Studio Lennon, the possibility of additional acquisitions of metaverse-related companies is always open."

HS Ad has also actively entered the digital business since last year. They signed a business agreement with WYSIWYG Studios to hold exhibition events in a 3D virtual world last year and are preparing to showcase results within this year. The CX division, responsible for digital marketing, expanded and relocated at the end of December last year. An HS Ad official stated, "The CX division places great emphasis on developing tools that can implement metaverse and online experiences. This expansion and relocation demonstrate the company’s commitment."

Daehong Communications made a strategic investment in Awesomepia, a metaverse platform specialist company. Awesomepia is preparing to launch the virtual tourism metaverse platform ‘Meta Live’ in June. It plans to offer services that allow real-time experiences of travel destinations such as Jeju Island in virtual spaces. Daehong Communications also signed a business agreement with the global metaverse game company Hae-gin in November last year.