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Global creative studio LINE FRIENDS announced that they are changing its corporate name to ‘IPX’. A ‘digital IP platform’ company, officially entering the digital IP based metaverse and NFT business.
LINE FRIENDS is taking on a new corporate identity for a digital and virtual IP
LINE FRIENDS is adopting a new corporate identity for a digital and virtual IP-oriented business transition beyond offline retail operations. Seven years after its founding. Moreover, the company’s name will be IPX, and it will focus on the worldwide fandom-based digital IP business ecosystem. Leading the metaverse generation.
IPX will stress the ‘IP eXperience,’ and convey to Millennials and Generation Z the business values of varied IP centered delight in digital living. In addition, for its Original Characters IPs, offline stores, and subsidiaries, the term ‘LINE FRIENDS’ will continue to be used.
LINE FRIENDS initially focused on developing its offline retail business
After splitting from LINE Corp. in 2015, LINE FRIENDS concentrated on growing its offline retail operation. Prior to the pandemic, however, LINE FRIENDS expanded its business in character IPs from products to life-like IPs as dynamic virtual influencers. Thanks to a quick digital transformation strategy.
LINE FRIENDS was able to develop its digital brand experience. And boost its online commerce by virtualizing its offline stores, transitioning into a digital IP business. Despite the pandemic, the company’s total IP transactions reached over USD 833 million last year. Representing a 28 percent CAGR in total IP transactions since 2016 and a 31 percent growth in online sales over 2019.
Moreover, IPX recently introduced ‘FRENZ,’ a new IP generating platform that allows users to build their own character IPs that represent their own personality. And taste which can expand into other metaverse and NFT services. Launching its character-centered digital IP entertainment company.
The company will continue to promote the expansion of ‘FRENZ’ through strategic relationships and investments with other metaverse and NFT platforms and service firms.