SINGAPORE (Apr 20): Vividthree Holdings has secured exclusive rights to produce virtual reality (VR) shows based on Peninsula, the sequel to popular Korean movie, Train to Busan.
Vividthree’s VR themed shows encompassing Escape Missions and Themed House experiences – will be commercialised globally, except in South Korea. It has also obtained merchandising rights for these shows, the visual effects studio noted in a regulatory filing on Monday.
The sequel follows the 2016 South Korean zombie thriller which grossed some US$83 million ($118.2 million) domestically, and US$46 million globally, a report by The Korea Herald indicates.
For now, Peninsula is slated to be released in summer, although no specific dates have been announced just yet.
But Vividthree is already looking forward to strong reception to its VR shows. “The team is thrilled to secure the exclusive rights to create a VR show for Peninsula,” the group’s Managing Director Charles Yeo says.
“We're very eager to bring this blockbuster to fans outside Korea through the multisensory virtual thriller experience”.
Vividthree is a subsidiary under media producer mm2 Asia, which spun off in a Catalist listing in 2018.
The group’s latest filing comes after a February announcement on plans to raise $1.9 million through a share placement exercise.
The bulk of the proceeds amounting to $1.3 million, was to have gone towards developing new projects.
However, the proposed placement is conditional upon – among other things – approval from the Singapore Exchange (SGX) for the listing of and quotation for the share placement as well as the entry into the pricing supplement by April. To date, the group has not made any updates on this.
Aside from this, the SGX Regulation had urged investors in February to exercise caution when trading Vividthree’s shares citing cross trading among a small group of accounts between Sep 9 and Feb 19.
See: 'Silent Horror' spooks 'trade with caution' warning on Vividthree
In its most recent 2QFY20 ended Sep 30, Vividthree reported a net profit of $208,187, from a loss of $456,659 the year ago. On a fully diluted basis, this translates into earnings per share (EPS) of 6 cents for the quarter.
This follows a surge in its revenue to $1.8 million from $670,800 in 2QFY19, due to the completion of post-production works such as visual effects and computer-generated imagery for film producers.
As at 11.45am, shares at Vividthree were down 22.4% or 1.5 cents to trade at 5.2 cents.
