Dexter Studios wins contract for virtual production consulting business… Massive win in terms of “exporting” content production technology to overseas companies
The first-ever film in Korea featuring a virtual production technology called ICVFX earned rave reviews from industry stakeholders. Naturally, Dexter Studios, which worked on adding the ICVFX to the film, also earned praise for its technology and competitiveness in the virtual production business. Leveraging the diverse know-how it accrued as a video technology production company, Dexter Studios is ready to help the content business of Thai media companies grow and also establish a wider net of global partnerships.
Dexter Studios (206560), a company that specializes in VFX and content production, announced on September 4 that it signed a virtual production (VP) consulting business contract with Kantana Media Group in Thailand. Under the contract, Dexter Studios plans to help Kantana establish a virtual studio in Bangkok, Thailand, build various VP systems, and teach locals how to operate them.
Founded in 1951, Kantana has established itself as a comprehensive entertainment company, producing movies, TV series, entertainment shows, animated series, advertisements, and radio programs. More recently, the Group has made its way into other sectors, including content production, service, education, and event management, and has grown into a highly trusted corporation in Thailand with a 72-year history.
Dexter Studios and Kantana have been in contact since early this year and have formed a friendly relationship, enough to serve as the foundation of a broader virtual production business. Last March, Kantana Group’s Chairman Somsook Kaljaruek and key executives from its subsidiaries signed an MOU to build a new virtual studio. Kantana examined Dexter Studios’ systems extensively, including an on-site visit to Dexter Studios’ headquarters and Paju D1 Studio. A Dexter Studios official explained how the partnership had progressed. He said, “Once we signed the MOU, we built a relationship of mutual trust through continued exchange and cooperation. And based on that, we signed a formal contract for our consulting services.”
Lee Dong-joon, in charge of the VP business at Dexter Studios, said, “As a technology production company that has participated in a large number of video productions such as movies, TV series, and advertisements that have adopted virtual production technology, we have many cases studies and references in our portfolio.” Lee explained, “Our VP headquarters was able to gain trust by working in close collaboration with various technical staff, including art directors, producers, and VFX supervisors, and was able to produce the first-ever commercially released film in Korea featuring ICVFX technology.”
“The Moon,” which was released on September 2, garnered plenty of attention as it was the first movie using VP technology in Korean film history. In the movie, Dexter Studios showcased its advanced content production capabilities by recreating the “Luna Gateway,” a space station that carries out lunar missions. In particular, the company clearly demonstrated its ability to further advance VP technology in the way it rendered the Luna Gateway, which has a corridor-like structure, without any distortions to the image.
Dexter Studios’ Kim Seon-goo, a Supervisor at the VP Headquarters, said, “Creating the Luna Gateway sequence was really difficult since it had five people floating around in zero-gravity in a narrow passage-like space.” Kim added, “We were able to work efficiently and develop the technology we needed thanks to virtual scouting, a pre-visualization process using filming locations and virtual sets.”
Meanwhile, Dexter Studios is taking some bold steps in the VP business, which has established itself as a truly worldwide industry. Last month, four industry players in the VP business signed an MOU to strengthen their collective technology, and in May, the Virtual Production Alliance ICVFX Forum got underway to offer a platform for technological exchange and knowledge sharing between companies linked to the VP business. Their strategy is to work closely on expanding their influence in the market and maximize the synergy between them.
Statista, a global market research firm, forecasts that the global VP market will grow from USD 1.7371 billion (approximately KRW 2.2951 trillion) last year to USD 2.9413 billion (approximately KRW 3.8851 trillion) in 2028. Market research firm S&S Insider also says that the global VP market will grow at an average annual rate of 17.5% and jump to USD 6 billion (approximately KRW 7.9254 trillion) by 2030, driving expectations for further market expansion.
* Exchange rate: Rate before noon on September 4, 2023, in Korea
