Investment to give CJ ENM access to Hyperreal's technology, including Digital Humans, that will create synergy with CJ ENM's vast content library
SEOUL, South Korea , April 28, 2022 /PRNewswire/ -- Leading entertainment company CJ ENM, headquartered in Seoul, Korea, announced today that the company has acquired a stake in the U.S.-based Metaverse entertainment and media company, Hyperreal® Digital Inc, Hollywood's industry leader of hyper-realistic digital humans and performance spaces for A-list talent and brands. The minority stake was made through a private transaction with the founders.
This investment was made as a part of CJ ENM's strategy to expand its digital related business sectors related to Metaverse, NFT, etc. by investing in promising technologies and companies with the right tools. Through this investment, CJ ENM will be able to apply Hyperreal's high end Academy Award® winning VFC technology, particularly in the deployment of high fidelity Digital Humans, that is used to create outstanding Metaverse entertainment experiences. This will create synergy when applied to CJ ENM's vast content library and ultimately serve as a key to expand CJ ENM's business.
Through this investment, CJ ENM will also have access to Hyperreal's HyperModel technology, an ultra- realistic 3D digital human that can be any age, speak any language, and perform in any current or future digital media environment - including Film, TV, Video Games, Immersive Interactive Experiences, E-Commerce, Artificial Intelligence platforms and Installations. HyperModels are interoperable across digital platforms including mobile, interactive applications, augmented reality, virtual reality, social media, and immersive screen displays. HyperModels are also capable of becoming animated NFTs which are adaptable and customizable to create uniquely collectible assets.
CJ ENM's strategic investment in Hyperreal is the latest in a series of major investments and partnerships expanding the company's presence in the global entertainment industry. Most recently, CJ ENM closed a deal to acquire an 80% stake in Endeavor Content, from parent company Endeavor Group Holdings, expanding CJ ENM's original IP collection and strengthening its distribution network. In addition to Endeavor Content, CJ ENM's studios include production powerhouse Studio Dragon and recently announced launch of CJ ENM STUDIOS, a new production company focused on producing content for streaming platforms. CJ ENM also holds strategic partnerships with David Ellison's Skydance Media and ViacomCBS.
"This is an important development for Hyperreal and our ambitions globally," said Remington Scott, CEO, Hyperreal. ""We are thrilled to have secured a strategic investment from a massive industry leader like CJ ENM which not only provides validation of our work, it allows for a number of creative collaborations across music, film, TV and digital."
"We are especially excited to announce this deal that expands CJ ENM's technologies and tools, including hyperreal digital humans, VFX etc., essential to create the Metaverse," said Kang Ho-Sung, CEO, CJ ENM. We will continue to invest and form strategic partnerships to secure technology that will increase our global competitiveness and serve as new growth engines."
Hyperreal has immediately taken a leadership position exemplified by two separate projects that went viral and were featured trending topics on Twitter. In January Hyperreal created a HyperModel of Madison Beer for a Metaverse virtual concert by Sony Music Entertainment and Verizon. The virtual concert proved Hyperreal's capabilities in creating a virtual Madison Beer and set the bar for future collaborations. In July, Hyperreal co-produced the landmark Paul McCartney/ Beck video "Find My Way" directed by Andrew Donoho (Janelle Monae, The Strokes, Khalid) and choreographed by Phil Tayag (Bruno Mars, Jabbawockeez) where the former Beatle appeared as his younger self.
Hyperreal revealed the closing of an oversubscribed $7 million seed funding round in October with investors that included South Korean MMORG gaming giant Pearl Abyss and Zash Global Media, an evolving network of synergistic companies working together to disrupt the media and entertainment industry led by Ted Farnsworth, Jaeson Ma and Vincent Butta.
About CJ ENM CJ ENM is a leading entertainment company originated from Korea. Since 1995, the company has engaged in a wide array of businesses across the industry spectrum including media content, music, film, performing arts, and animation, providing its top-notch original content to various media platforms. CJ ENM has created, produced and distributed globally acclaimed contents including Cannes-winning film Parasite, Tony Award-winning musical Kinky Boots, record-breaking Korean box office hits Roaring Currents, Extreme Job, Ode to My Father, along with sought-after television series such as Mr. Sunshine, Guardian: The Lonely and Great God, Grandpas over Flowers, I Can See Your Voice and more. To offer the best K-Culture experiences worldwide, CJ ENM presents KCON, the world's largest K-culture convention & festival celebrating Hallyu and Mnet Asian Music Awards (MAMA), Asia's biggest music awards. With regional offices in Asia, Europe and the U.S., CJ ENM currently employs over 3,600 people. For more information, please visit: http://www.cjenm.com
About Hyperreal Hyperreal is a leading Metaverse Studio and entertainment producer. It empowers A-list talent and A-list brands with a digital asset that enables them to maximize their value in the world of virtual appearances and virtual commerce. The Company was founded by award-winning VFX Director, Remington Scott.
Remington Scott, a veteran in computer graphic imagery and emerging media for more than 30 years, established himself as the leader in development and foundation for hyperreal digital humans including the creation of Gollum for THE LORD OF THE RINGS: THE TWO TOWERS and the creation of principle avatars for the first three all CGI performance capture feature films in China. Remington is an acclaimed cinematic director for bestselling video games and virtual reality. Franchise titles include CALL OF DUTY, JUST CAUSE, ASSASSINS CREED, NEED FOR SPEED, RESISTANCE, and SPIDER-MAN.
SOURCE CJ ENM