SK Telecom Co. announced that it had formed a strategic partnership with ViveStudios, a South Korean virtual reality (VR) content production company. ViveStudios also specializes in 3D video production, CGI, and VFX content creation.
In addition to the metaverse business cooperation, SK Telecom and ViveStudios signed an equity investment contract. However, the two companies did not disclose the deal’s specifics, including the exchange share size and investment amount.
The top South Korean wireless carrier plans to increase its VR and metaverse-related operations through collaboration with ViveStudios. Metaverse, combining ‘meta’ and ‘universe,’ is an emerging vital industry amid the 5G era, providing shared virtual spaces for communication.
Leading the Metaverse Era
As part of its plan to lead the metaverse trend, SK Telecom would combine its existing technologies with ViveStudios’ solutions. In particular, SK Telecom would utilize ViveStudios’ visual effects and real-time 3D technologies to develop enhanced metaverse-related content and services.
The telecom operator would also apply ViveStudios’ VR production capabilities to its virtual meetup services. Furthermore, SK Telecom currently operates Jump Studio, enabling users to interact using digital avatars in a virtual space or metaverse.
Previously in 2020, SK Telecom opened Jump Studio, Asia’s first-ever mixed reality-capturing workshop equipped with Microsoft’s volumetric video capture technology. Besides producing immersive entertainment content at reasonable costs, Jump Studio actively promotes SK Telecom’s media to Korea and international markets using Jump AR.
Jump AR is an SK Telecom-developed app that offers numerous augmented reality (AR) services, spearheading the global digital content popularization. In April, SK Telecom launched Jump AR in the US Google Play Store, introducing the app to more international markets.
ViveStudios’ Growth
ViveStudios notably developed the critically acclaimed VR series “Volt,” launched in 2017. The content producer also recently unveiled VIT (ViveStudios Immersive Technology), an advanced, integrated mixed reality (MR) control solution. Moreover, VIT enables users to generate images with the same quality as content produced in a VR studio without in-location shooting.
“We are delighted to cooperate with ViveStudios, which has the best 3D-based CGI and immersive content capabilities in Korea,” said Jeon Jin-Soo, VP and Head of SK Telecom’s Metaverse Company.
Meanwhile, ViveStudios aims to establish a metaverse ecosystem where users worldwide could freely communicate and enjoy entertainment content. ViveStudios also expects the partnership with SK Telecom to become a turning point, accelerating its market expansion and metaverse competitiveness.
Separately, South Korea’s Ministry of Science and ICT formed the Metaverse Alliance in May to cultivate the local metaverse scene. Some of the Metaverse Alliance’s members include industry-leading local companies such as Hyundai, Kakao, KT, LG, Lotte, Naver, and SK.
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