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Hyosung supports advancement to the smart TV game market in China jointly with Jeonbuk. Hyosung announced that the company would sign the ‘Agreement to Support Overseas Advancement of Jeonbuk’s Game Ventures’ with the other 4 institutions including Jollabukdo and HN Games, in the afternoon of this coming 7th, at the Jeonbuk Creative Economy Innovation Center.
This event will be held with more than 30 attendees from institutions relevant to startup and game industry including Lee Hyung-gyu the Political Vice Governor of Jeonbuk, Lee Shin-hoo Director of the Center for Jeonbuk Cultural Contents Industry Development, and Ga Jong-hyeon Deputy Director of the Hyosung Creative Economy Support Center.
Through this agreement, Hyosung selects and supports some game venture companies of the Jeonbuk area. This agreement was prepared to nurture young people’s game startups of the Jeonbuk area and help those companies advance to foreign countries including China, for the purpose of expediting job creation for the young and local economy vitalization.
As the number of smart TVs is increasing every year by 70 million sets in China, the demand for contents is rapidly growing but the contents is undersupplied. Particularly, the smart TV game contents market is estimated to grow to 25 trillion won level in the future.
Based on the agreement, Hyosung will invest 1 billion won from the Hyosung Creative Economy Fund formed last year. The 5 institutions appearing in the agreement including Hyosung will support not only fund but selection of the game-developing companies in the regional society and education necessary for game development and global advancement, and will share the role of selling the developed games to China.
Hyosung predicts smooth progress of the business because HN Games which will be in charge of sales in China has already made partnership contracts with LeTV and Hisense in China through game publishing (distribution) companies.
Mr. Ga Jong-hyeon Deputy Director of the Hyosung Creative Economy Support Center (Executive Director) who attended in this agreement signing ceremony said, “As we have formed the startup support fund jointly with Jollabukdo, we anticipate that jobs will be created and outstanding venture companies to invade the Chinese market and overseas market will appear through this investment.”
On the other hand, Hyosung and Jeonbuk formed the 20 billion won Hyosung Creative Economy Fund and 10 billion won Growth Ladder Fund last year and have made 7 billion won support, and are continuing to invest and attract investment.
On 24th, the ‘Jeonbuk-Hyosung-SJ Carbon Growth Fund’ formed early this year by Hyosung and Jeonbuk, through 5 billion won investment each, for nurturing carbon-related companies was selected by the government public program 「Korea Fund of Fund 2016 the 2nd Investment」 project and so was able to attract 10 billion won additional investment from government.
Hyosung and Jeonbuk have secured a total of 50 billion won scale fund-raising channels and are anticipated to accelerate supporting startups in Jeonbuk, as they are reviewing more than 10 companies to determine investment or not.
