Shares of this VFX company clocked 10 percent upper circuit in Monday’s trading session after it announced to launch of the World’s first Metaverse for the Film and Television Industry. In three months, the shares have delivered more than 50 percent returns to its shareholders.
With a market capitalization of Rs. 339 crores, the shares of Digikore Studios Ltd started Monday’s trading session on a higher note at Rs. 505 compared to its previous close of Rs. 486.35. During the trading session, the shares clocked a 10 percent upper circuit at Rs. 544.95 apiece, also recorded as the company’s fresh 52-week high.
Such a bullish movement in the share price was observed after the company in an exchange filing announced the forthcoming launch of the World’s First Cloud-based Marketplace of Virtual Production Sets. This platform, meticulously developed over 16 months, promises to redefine the landscape of filmmaking worldwide, offering unprecedented opportunities for creators across the World.
By leveraging pioneering technology, the platform will help content creators seamlessly integrate physical props and actors into virtual environments in real time, enhancing immersion and realism for actors and audiences alike.
Furthermore, Digikore aims for substantial revenue growth Potential to generate annual revenues of US 10 million dollars at the lower end to US 200 million dollars at the higher end within 2 to 4 years by offering virtual production sets on rent at a fraction of the cost of creating custom virtual production sets.
To summarize, Digikore Studios has created a marketplace model metaverse of virtual filming locations that will be used by filmmakers and photographers worldwide. This platform will replace green screens with virtual locations on LED screens thus helping filmmakers and photographers shoot in real-time at low cost.
Coming onto the company’s financial statements, the revenue zoomed by 34 percent from Rs. 24.88 crores during FY21-22 to Rs. 34.44 crores in FY22-23. In addition, the net profits magnified by 830 percent from Rs. 47 lakhs to Rs. 4.37 crores during the same period.
Looking at the revenue contribution of the company, it receives 69 percent of its revenue from North America, 15 percent from Europe and the remaining 16 percent from the rest of the world.
Digikore Studios ventured into Content Production for Indian and International OTT Networks in 2022. And aims to produce over 400 episodes every year which will contribute over Rs 120 crores in yearly revenue by 2026.
Headquartered in Mumbai, Digikore Studios was incorporated in 2000. The company The company offers Visual Effects (VFX) services for Films, Web Series, TV Series, Documentaries, and Commercials.
Written By Vaibhav Patil
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