VA Corporation announced on the 18th that it has signed the strategic business agreement with LG Electronics to establish a joint R&D center to develop virtual production solutions and conduct joint business.
Through the business agreement, VA Corporation and LG Electronics will establish a multi-faceted cooperation model, including ▲ product development and continuous technology collaboration, such as LED panels and hardware optimized for virtual production ▲ establishment of a joint R&D center to develop virtual production solutions ▲ joint marketing to expand the business of the cooperation model ▲ and expansion of new businesses and overseas expansion through the support of LG Electronics' strong network.
This December, the two companies plan to build a joint R&D center with a total area of about 1,100 square meters in Hanam, Gyeonggi-do, and establish a specialized TF team for joint R&D of hardware optimized for virtual production. The LED panels and hardware products developed here will be jointly marketed by the two companies. The joint R&D center, which is planned to be built in the 'V Studio Hanam' complex, will be equipped with advanced equipment such as ▲ LED wall solution joint R&D center ▲ motion capture stage ▲ metaverse 3D asset scanning and printer room ▲ IP asset storage. The center provides production solutions for all areas of the Metaverse industry, including XR stages, movies, dramas, commercials, and performances.
The two companies will also enter into a partnership utilizing their strong networks to expand sales and secure competitiveness in the virtual production business. VA Corporation will utilize LG Electronics' affiliates, sales channels, and overseas networks to expand new business and overseas expansion. In addition, it plans to expand its promotional channels by promoting joint sales to global broadcasters and OTT platforms and jointly participating in domestic and international tech exhibitions.
An official from VA Corporation said, "Through this partnership with LG Electronics, we will build a complete IP production infrastructure that can meet the needs of various customers and lay the foundation for expanding our business scope." "We will continue to expand our cooperation to proactively respond to the explosively growing global metaverse market."