SET-listed telecom operator True Corporation has entered into an exclusive partnership agreement with South Korean metaverse platform Zepeto as part of its strategy to strengthen its digital ecosystem of telecommunications, content, and e-commerce.
Zepeto, operated by South Korea-based Naver Z Corporation, has more than 340 million users worldwide, particularly from Gen Z. Through the platform, users can have a personalised identity in the virtual world.
The cooperation is meant to let Thai users experience the offline-to-online metaverse, connecting various aspects of the new-generation lifestyle, while Thai content will be displayed on the platform to boost the nation's soft power around the world.
Birathon Kasemsri Na Ayudhaya, chief strategic content and public affairs officer at True, said the cooperation reflects the shared visions of both organisations, with a focus placed on a content-led business strategy.
The partnership between True and Zepeto will showcase Thailand's soft power and its identities to the world, while building opportunities to sustainably move the economy forward, he noted.
"The talks between the two parties started just a few months ago and have now been concluded with shared visions and acceptance of the two companies' core strength," said Mr Birathon.
He said global spending in the metaverse is expected to hit US$54 billion this year.
"The collaboration will be one of the major driving forces to push the Thai content industry into the global market," said Mr Birathon.
He said True has continuously created and developed various quality content through partnerships, such as co-investment in SM Entertainment, a leading K-Pop business pioneer, and CJ ENM, a leader in the entertainment business, including TV series and films.
The new partnership reflects the belief of both organisations that content has influence over the new generation, plays a significant role in developing effective marketing strategies, and drives business growth, he noted.
"True will be both partner as well as infrastructure enabler for the Zepeto platform," he added.
Mr Birathon said True will announce key developments at least two times later this year.
Heesuk Ricky Kang, head of business at Zepeto, said there were millions of Thai users on Zepeto.
Thais purchased $10 million worth of metaverse items last year, he said.
With over 340 million global users, Zepeto has worked on projects with many leading brands such as Gucci, Nike, Disney, Blackpink and Samsung, Mr Kang said.
"The company views Thailand as one of our most important countries, and we want to grow in Thailand together with our users as one community," he said.
The partnership will also help Thai people have access to the Zepeto platform easily and conveniently in the virtual reality world, he said.
It can also create metaverse-related jobs for Thailand's creative minds and establish Thailand as a global metaverse hub, said Mr Kang.
