Visual effects (VFX) company Dexter Studio took its first step toward becoming “The Walt Disney Company of Asia.” It signed on as a VFX vendor, the first since its public listing, for an upcoming film starring Chinese movie legend Jackie Chan.
On February 4, according to the Electronic Disclosure System of the Financial Supervisory Service, Dexter Studio reported signed a contract to supply VFX services for the movie “Kung Fu Yoga” worth KRW 2.78 billion with Taihe Entertainment in Beijing, China. The contract amounts to 14.9% Dexter Studio’s consolidated sales in 2014, and runs through August 15.
An official from Dexter said, “In June last year, we signed our first contract with Kung Fu Yoga (worth CNY 10 million). This is considered a continuation of that first contract. Movie production companies often sign an initial contract to cover the VFX they need during the early stages, then sign additional contracts depending on the filming schedule and additional VFX requirements.”
When released, “Kung Fu Yoga” will be the first Chinese-Indian joint film venture ever, starring top Chinese movie star Jackie Chan and directed by Stanley Tong. 70% of filming is expected to take place in China, with the remaining 30% of the movie filmed in India. In addition to Jackie Chan, “Kung Fu Yoga” made headlines with its decision to feature Lay from K-pop idol group EXO, and rising Chinese star Lee Chi-ting (Aarif Rahman).
“Kung Fu Yoga” marks Dexter Studio’s first VFX contract signed with a Chinese film production since the company’s decision to list its shares on the KOSDAQ exchange last December. Dexter Studio will use “Kung Fu Yoga” as a launching pad for additional projects throughout the year. Dexter Studio was opened by Director Kim Yong-hwa, known for box office sensations “200 Pounds Beauty” and “Take Off,” along with some of the best VFX supervisors in Korea back in 2011. In the domestic market, Dexter Studio has worked as a VFX vendor for feature films, including “The Pirates” and “Mr. Go 3D.” In China, it has worked on “The Monkey King” and “The Taking of Tiger Mountain.”
Last July, Dexter Studio moved its local subsidiary, Dexter China, and expanded its workforce to more than 50 people in anticipation of ramping up its operations in the Chinese market. Dexter Studio plans to increase its staff even further to more than 120 people. Last year, Dexter China also succeeded in attracting a USD 10 million in investment from an investment company owned by the Dalian Wanda Group. Moreover, it received USD 1 million from DT Capital Partners and USD 10 million from Legend Capital, which is owned by Legend Holdings (the parent company of Lenovo).
Lee Seung-wook, analyst at SK Securities, said, “Dexter Studio has a strong network that includes Wanda Group, which is the no. 1 distributor in China, and Legend Capital, a subsidiary of Lenovo. Thanks to a higher average sales price (ASP) and an increase in orders, this year’s sales and operating profit are expected to reach KRW 35 billion (up 29.6% from last year) and KRW 6.3 billion (up 16.7% from last year), respectively.”
Etoday : http://www.etoday.co.kr/news/view/1282995