Mim Entertainment Co., Ltd., a webtoon and short-form drama production company, announced on the 28th that it signed a business agreement (MOU) with Material Venture Capital.
Through this agreement, the two companies will pursue cooperation across short-form drama production and IP business. Material Venture Capital plans to invest 30 billion won in the production of Mim Entertainment’s short-form dramas, and Mim Entertainment plans to produce about 60 short-form dramas.
We plan to cooperate in content production, securing IP, and marketing as well as building entertainment-related big data and developing service models. It was also decided to jointly hold workshops, seminars, and symposiums for industrial development.
An official from Mim Entertainment said, “Through this investment agreement, we will produce high-quality short-form content and present it to the global market through the Mimtoon platform. “We will create a healthy content ecosystem that benefits both creators and subscribers,” he said.
‘MEMETOON’, operated by MEM Entertainment, is a global content platform targeting the annual webtoon market worth 1.829 trillion won and the short-form drama market worth 9.551 trillion won. Mimtoon provides customized content for the MZ generation, including webtoons, web novels, short-form dramas, and casual games, and has introduced a 2-way payment system that can be used in the global market.
In particular, Mimtoon uses blockchain technology to protect the creator’s copyright and has established an IP sharing system through proactive subscriber support. In addition, for the first time in the industry, cashback points are accumulated when watching content, providing benefits that can be used at cafes, convenience stores, etc.
To expand its content business, MEM Entertainment is also pursuing offline businesses such as ‘MEME COFFEE’ drawing cafe and ‘MEME GAMING CENTER’. MEME COFFEE is a community space for creators and subscribers, where customers can produce their own designs into goods such as clothing and tumblers. MEME GAMING CENTER was designed as a cultural complex customized for the MZ generation where they can enjoy games, webtoons, and short-form dramas at the same time.
Kim Sang-jun, Donga.com reporter [email protected]
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