Director Kim Yong-hwa (photo), best known for movies “Take Off” and “200 Pounds Beauty”, recently became a sensation among Chinese movie fans, not with his work as a movie director, but because of his use of unprecedented VFX technology from VFX company “Dexter Studio.”
On January 1, Dexter Studio CEO Kim Yong-hwa said that he plans to leverage Dexter Studio’s Hollywood-level technology combined with its great pricing strategy to expand Dexter Studio’s business in China in 2016 through “Dexter China,” Dexter Studio’s subsidiary in China.
According to Kim, Dexter Studio is capable of delivering 95% of what Hollywood VFX companies can deliver when investing the same amount of human resources and time at just a third of the cost. Kim says this is why Dexter Studio has clear advantages to become an extremely competitive option in the Chinese market compared to other VFX companies. In particular, thanks to the only R&D center for VFX technology in Korea, Dexter Studio has developed more than 80 software solutions and digital technology products to date, including ZENN, which recreates animal hair, Zephyrus, which recreates water, and Digital Human, which uses digital technology to produce realistic renderings of people.
Currently, the box office market in China is worth KRW 5 trillion per year, making it the second-largest movie market after North America. In recent years, the number of movie theaters and screens in China has skyrocketed from 2,000 theaters and 6,256 screens in 2010 to 7,100 and 29,800, respectively.
One industry expert said, “If the market continues to grow at this rate, the Chinese box office market will surpass the North American market, which is a more mature and saturated market, before 2020.”
Meanwhile, the VFX market in China stands at approximately KRW 400 billion, ten times the size of the VFX market in Korea (KRW 30 billion), and it is growing fast at 13% every year.
Dexter China, which Dexter Studio registered as a corporation in 2014, plans to recruit more talented individuals and increase the size of its staff from 50 employees to 120 by 2016 to keep pace with the growth of the Chinese movie market. Recently, Dexter China succeeded in establishing a local network in the Chinese market by attracting investments of USD 21 million (approximately KRW 24.5175 billion) from Wanda, Legend, and DT Capital Partners in China.
Dexter Studio entered the Chinese market with the movie “Mr. Go” was released in China. Dexter Studio, who produced the VFX features in “Mr. Go,” then worked with Director Tsui Hark on one of his films.
To date, Dexter Studio’s VFX technology has been used in Chinese box office hits “Young Detective Dee: Rise of the Sea Dragon” and “The Taking of Tiger Mountain.” Industry insiders say that the success of those two films (“Young Detective Dee: Rise of the Sea Dragon” is ranked 23rd and “The Taking of Tiger Mountain” is ranked 11th on the all-time box office list in China) will bring in more orders and create a virtuous cycle for Dexter Studio.
For other companies looking to expand into the Chinese market, Kim said, “If you establish a strong position in any given field first, rather than approaching the Chinese market with a specific financial target in mind, Chinese clients will open up to you and reach out for your service.”
Asia Today : http://www.asiatoday.co.kr/view.php?key=20151226010017579