Cheil Worldwide holds digital business strategy briefing session

Cheil Worldwide has held briefing session on digital business strategy at its Seoul headquarters for analysts from 16 securities companies.

In order to build market’s trust on the company’s sustainable growth, and to enhance understanding of new digital business, Cheil Worldwide’s executives came forward to communicate directly on the company’s metaverse and NFT business direction in which the investors have a keen interest.

Executives including Jeongkeun Yoo, President and CEO, Taihai Kim, Head of Digital X Business, Honggu Jung, Chief Financial Officer, and Sangwoo Hong, Vice President of Digital Tech Division, attended the briefing session. CEO Yoo briefed on Cheil Worldwide’s digital transformation results and direction of development, while Vice President Hong presented market environment and the company’s business direction on virtual marketing that involves metaverse and NFT.

Digital marketing business accounted for 50% of Cheil Worldwide’s 2021 full-year revenue, and the company said it will accelerate digital transformation this year through continuing ‘performance-driven marketing,’ and strengthening data and tech capabilities. ‘Performance-driven marketing’ refers to marketing activities that substantially contribute to client’s business growth by increasing sales and work efficiency.

Yoo announced that the company plans to propel acceleration of digital transformation, and at the same time, drive ‘Meta-formation’ that disrupts every standard pattern with metaverse era as the new business opportunity. To that end, Cheil Worldwide has been taking pre-emptive measures since establishing an organization dedicated to metaverse business last year. CEO Yoo explained that the company plans to strengthen metaverse-oriented contents production capabilities through partnerships and investments on companies that specialize in metaverse.

Yoo said: “Change in advertising industry with the advent of new technology including metaverse and NFT is an opportunity for Cheil Worldwide to broaden our field of business. We look forward to leading an enormous change in the industry on a whole other level through Meta-formation that transcends globalization and digitalization.”

Vice President Hong introduced Virtual production, Digital human, Virtual space based metaverse platform, and NFT as four areas of opportunity for ‘Meta-formation’ propelled by Cheil Worldwide, and presented market situation and the company’s business direction for each pillar. In this regard, Hong said the company is under active consideration to make investments in leading metaverse and digital contents companies.

Cheil Worldwide representative, said: “We are planning to strengthen investors’ trust on company’s business and growth strategy by consistently hosting business briefing sessions and events in the future.”