Dexter Studios is joining forces with Kantana, a media giant in Thailand, to make a real push into the Southeast Asian nation’s virtual production market worth roughly KRW 9 trillion. The strategy is for the two companies to work closely together to develop global content production technology and target a wide range of markets.
Visual effects (VFX) and content company Dexter Studios announced on March 27 that it signed a Memorandum of Understanding (MOU) to build a virtual production (VP) studio for the Kantana Group. As per the agreement, Dexter Studios will also help develop a hardware system and offer technical support in building the VP studio to the Kantana Group. Going forward, the two partners plan to discuss exchanges to promote their VFX businesses in the long term as well.
Dexter Studios opened its own VP studio D1 in 2021 with a large LED wall in collaboration with Lux Machina, a global VP solution specialist, for the first time in Korea. Since then, with a four-party MOU signed with Epic Games, Vive Studios, and Xon Studios in July, the Korean VFX company is taking strategic steps to strengthen its competitiveness and capacity in virtual production technology. Moreover, Dexter Studios is laying the groundwork for the VP industry by signing agreements with Emtek Inc., a Korean company specializing in PC hardware systems, and Impactrum, a company specializing in LED screens. Currently, Dexter Studios, led by its VP Headquarters, aims to advance the pre-vis system for cinematic projects such as commercial films and OTT content, create virtual backgrounds using Unreal Engine, and develop technologies in the field of ICVFX filming with virtual studios. To do so, the company has dedicated teams working for its VP business, and is producing a new movie, “The Moon,” as well as a variety of other content for advertisements.
Lee Dong-joon, head of Dexter Studio’s VP Headquarters, said, “Last month, a delegation from the Kantana Group, including Chairman Somsook Kaljaruek, key executives, and employees, visited our company’s D1 studio and sat for a demonstration showing how we use sources to produce content using our VP solutions.” Lee added, “The two companies have begun a successful partnership based on the trust we’ve established based on our respective corporate values and also thanks to the pioneering content production technology at Dexter Studios.” He explained, “A number of expert market research agencies say that the demand for video content production using VP technology is expected to increase going forward. We want to focus on quality as our top priority so that our technology can become known as the best in the world.”
Dexter Studios plans to work closely with Kantana to accelerate its entry into the global market. Kim Hye-jin, Director of the Strategic Planning Office, said, “The Kantana Group has plenty of know-how in planning and producing content as well as developing production-related technology. Kantana is also an influential company that provides technology such as VFX, DI (Digital Intermediate), sound, subtitles, and dubbing to clients from around the world, including Singapore, India, China, Pakistan, Vietnam, the Philippines, Malaysia, and Indonesia.” Kim explained, “Since we can generate synergies in both VP and video content production technologies, our new agreement will add momentum to our expansion into the global market.”
Founded in 1951, Thailand’s media group Kantana has established itself as a powerhouse in entertainment, producing films, TV series, entertainment shows, animated programs, advertisements, and radio programs. Highly trusted by the public, Kantana is a leading Thai company that has continued to grow over the past 72 years across a variety of fields, including content production, services, education, and event management. In particular, the Kantana Animation Studio, an affiliate, won the Best Visual Effects Award at the 30th Thai Film Association Awards held last year for the film “The Medium.”
Meanwhile, global market research firm Grand View Research forecasts that the VP market will grow at an average annual rate of 17.8% from USD 1.6 billion in 2022 (approximately KRW 2.7984 trillion) to USD 6.79 billion in 2030 (approximately KRW 8.8263 trillion). Deloitte Consulting Korea also published “2023 Technology, Media, and Telecommunications Predictions Analyzed by Experts from Deloitte,” saying, “When VP systems become mainstream, media production costs are expected to go down and we’ll get to see a new metaverse filled with more immersive content.” Epic Games business development manager Miles Perkins said, “The number of virtual studios worldwide has increased from three in 2019 to over 300 in 2022.” In fact, global content producers such as Disney, Paramount, and Warner Bros. are rushing to build their own virtual studios, which is why the industry is looking forward to more positive developments.
