Cheil to direct digital business to Metaverse offerings

Cheil Worldwide has indicated plans to significantly increase metaverse-related offerings in its digital business. During a presentation to stock analysts in Seoul on Thursday, Cheil shared the results of his digital transformation and announced his new business direction for the metaverse.

The South Korea-based global agency said the digital marketing business accounts for 50% of its annual revenue generated by performance marketing. Schell told analysts that it will continue to accelerate its digital transformation services by building data and technology capabilities while remaining focused on performance-based marketing activities that increase sales and business efficiencies for customers.

Chairman and CEO Jeongkeun Yoo told financial analysts that his digital transformation offerings will be accelerated and directed toward “meta-training” to help brands take advantage of Web3 opportunities. While Cheil created a dedicated Metaverse company last year, Yoo said the company will increase its capabilities to produce metaverse-oriented content through new partnerships and investments in Metaverse-related companies.

“The change in the advertising industry with the emergence of new technologies, including the metaverse and NFT, is an opportunity for Cheil Worldwide to expand our business,” Yu told analysts. “We are looking forward to revolutionizing the industry to a whole new level. Through epidemiological training that goes beyond globalization and digitization.

Then Sangwu Hong, Cheil’s Vice President of Digital, identified four main areas of its metaverse business: virtual production, digital human services, metaverse virtual platforms, and NFT marketing. Hong said Cheil is actively looking to invest in digital content companies and metaverses in those areas.

The briefing was also attended by Taehye Kim, Cheil’s Digital X Business President and Chief Financial Officer Honggu Jung, with the goal of better communicating with the financial community and enhancing the value of his organization.

Cheil Worldwide, operating under the Samsung Group, is a separate publicly traded company since 1988, listed on the KOSPI Index in South Korea. Like shares of major rival holding companies, Cheil stock has spent the past two years recovering from initial losses linked to the pandemic in 2020.

Source: Google Finance

This story first appeared in the Asia Pacific Campaign.

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