Dexter Studio orders on hand between KRW 20 billion and 25 billion… Negotiating deals with film production companies primarily in China

By 2016.06.01 January 13th, 2021 No Comments

Orders on hand for visual effects (VFX) company Dexter Studio, a visual effects (VFX) company, remains between KRW 20 billion and KRW 25 billion thanks to its recent growth in size. Also, its number of employees has more than doubled due in large part to the growth in Dexter Studio’s business. According to Dexter Studio on June 1, the company’s orders on hand stood anywhere between KRW 20 billion and KRW 25 billion as of the end of May. As of the end of March, Dexter Studio reported KRW 60 billion in total orders, with KRW 17.7 billion in orders remaining on hand. In April, Dexter Studio added to its orders on hand by securing KRW 14.4 billion in contracts for “The Weasel Grave 1 and 2” and “Once Upon a Time.” KRW 14.4 billion is equivalent to 55.29% of Dexter Studio’s total sales the previous year. Industry insiders have praised Dexter Studio for securing two contracts during the first half of the year. Dexter Studio’s success in China began with its work on “Monkey King 1 and 2” and “The Taking of Tiger Mountain,” two quality movies that were received well in the Chinese box office. In February, Dexter Studio also reported on its negotiations with Wanda to supply VFX content for Wanda’s movie-inspired theme park in Qingdao, and further possibilities of expanding into the virtual reality (VR) market. Dexter Studio’s second-largest shareholder, Wanda, invested in Dexter Studio based on the fact that VFX technology is highly related to VR technology. An official from Dexter Studio explained, “It is difficult to say that it’s a done deal and share details because we haven’t signed the contract yet. But we’ve had some positive exchanges.” In a report released in March, KDB Daewoo Securities researcher Moon Ji-hyeon stated, “I propose Dexter Studio as a company to keep a close eye on in regards to the content industry in China. It’s noteworthy as the no. 1 company in the Korean VFX market, and the fact that it is playing important roles in the production of Chinese blockbuster movies is also a positive.” Meanwhile, Dexter Studio is adding more talent to its staff to meet growing demand. The size of its workforce grew from just over 120 at the end of 2014 to 248 by the end of 2015, then 280 as at the end of March 2016. To facilitate the rapid expansion of its workforce, Dexter Studio relocated its headquarters from Paju-si, Gyeonggi-do, to Sangam-dong in Mapo-gu, Seoul. The also company hopes to recruit talented individuals at its new location. Dexter Studio moved into its new headquarters in Sangam on May 25, and resumed regular business on June 1. An official at Dexter Studio said, “In VFX, technology plays an essential part. That is why we’ve been adding more people to increase our capacity to process various technical tasks. We’re also looking to roughly double our workforce in Dexter China from 50 to 100 employees within the year.”

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