Studio MIR filed for a preliminary test for its listing in the first half of the year … Expanding collaborations to diversify businesses, including Korean major video games. 

 

"The vibrant global streaming services market will allow Studio Mir to gain ground as creators,” Jae Myung Yoo, Studio Mir CEO/President affirms. “The market proves that good intellectual property doesn't guarantee success in the industry—it must be backed with a good production studio.” 

 

 

 

At the studio’s headquarters office, Yoo projected that the future of the content market “lies in  the production studio’s abilities to create good content from an IP.”  “The market will value their role,” Yoo added.

 

Studio MIR, founded in 2010, is taking the next step and preparing for IPO later this year. It earned its reputation as a leading Korean animation studio with its creative power and professionalism as a content creator. MIR created their own brand and style of animation while creatively involved from end-to-end production, as early as developing characters, background settings, and the story.

 

In the last decade, Studio Mir produced DOTA: Dragon's Blood,  The Witcher: Nightmare of the Wolf, a Pilot short film for Koji, Bard: Mountain, and The Legend of Korra, etc. And they were creatively involved as early as development for most of these projects.

 

"We pride ourselves in producing good stories as our top priority,” Yoo said. “It's crucial to cultivate and secure the creative teams that can adapt an IP into a good story and visualize with storyboards. And this area of resources calls for a much higher value, which can only be obtained through well-cultivated experience and accumulated knowledge." 

 

"For our first show, The Legend of Korra, we were involved from an early stage of development and played a key role in the production. The show became a huge success, garnering over 83 million viewers in total. The fans are still demanding sequels to this day. This led to our next show, Voltron: Legendary Defender, where we produced the entire 78 episodes in partnership with Dream Works Animation, one of the biggest animation studios in the US."

 

In 2019, Studio Mir expanded collaborations to ink a production line deal with Netflix. "We successfully attracted domestic institutional investors," Yoo added. "We also secured a deal with one of the leading game studios in Korea for collaborative production of a new series. We are in discussion with media and game companies both domestically and overseas."

 

Jae Myung also pointed out, "The mainstream players of the content market in the 2010s were the IP owners, where IP was considered the most valuable asset. Nowadays, things change, and a production studio creating good content with an IP is more valued. The artists and creators behind the studio will be more recognized as more valued, treasured assets." 

 

The reason behind preparing for corporate disclosure is to establish and strengthen its position in the global market as a content creator and to support its production capacity with more funds that will follow its reputation. 

 

True to his words, a number of the in-house production team is in place at Studio Mir, and their goal is to establish a stronger, talented team of artists to lead the ever-growing industry.

 

Boston Consulting Group (BCG) estimated that the global OTT market size would grow to 141 billion (approx. 167 trillion Won) in 2022, which was $76 billion (approx. 90 trillion Won) in 2018. They also expected the growth rate would continue to rise.  

 

Jae Myung said, "We plan to file a preliminary test for KOSDAQ listing in the first half of this year. And the funds would support our potential collaborations with partners in various fields and industries." "But that is not all," added Jae Myung, "We want the listing to help champion K- Animation to earn worldwide recognition.”