LG Corporation Puns

SEOUL -- VA Corporation, a virtual production company in South Korea, teamed up with LG Electronics to meet increasing demands for metaverse platforms. The two companies will establish a research center where they can jointly develop virtual reality content using real-time visual effect techniques.

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By combining physical reality with virtual spaces, the metaverse offers special hands-on experiences. VA Corporation has produced various metaverse platforms for movies, advertisements and games.

Data released by South Korea's National Assembly Research Service showed that the global metaverse market is expected to grow from 34.1 trillion won ($30.7 billion) in 2021 to 856 trillion won in 2024. Naver's avatar platform Zepetto has already secured 200 million users who can create 3D avatars based on face recognition techniques.

VA Corporation and LG Electronics will collaborate to develop products such as LED panels and hardware products optimized for virtual production. They will establish a joint research facility of about 3,640 square meters, which is about the size of 14 tennis courts, in Hanam some 21 kilometers (13 miles) southwest of Seoul by the end of 2021.

"VA Corporation will continue to expand its cooperation with LG to respond to the emerging metaverse market," an unnamed VA official said in a statement on August 18. The company said its goal is to create an infrastructure where users can freely create content based on high-quality intellectual property.