ESTsoft achieved sales of 45.8 billion won in the first half of 2022, a growth of 5.1% compared to the same period of the previous year… The high growth trend continues with new AI businesses such as virtual humans.

Aug 10, 2022

High growth continues in new AI-based businesses including virtual humans, commerce and asset management

▲ ESTsoft's summary results for the first half of 2022 (Provided by ESTsoft)

ESTsoft (047560, CEO Chung Sang-won), a company specializing in artificial intelligence (AI) services, announced in a provisional disclosure on the 11th that it recorded revenue of KRW 45.8 billion in the first half of 2022 on a K-IFRS consolidated basis, up 5.1% year on year.

ESTsoft explained that it was able to continue growing its top line despite a temporary slowdown in its portal service and game businesses, as new businesses — new AI businesses such as virtual humans, AR-based commerce (ROUNZ) and asset management — sustained their high growth. These new businesses recorded revenue of KRW 7.5 billion in the first half of this year, expanding their share of total revenue to 16.4%.

In the new AI business in particular, second-quarter revenue this year grew sharply both year on year and quarter on quarter, laying the foundation for a stable earnings structure; the company added that it expects visible results from the second half of this year through the various IP and MOUs it has secured since 2021.

Indeed, in the first half of this year ESTsoft signed a number of virtual human contracts and MOUs across fields including education, broadcasting and entertainment — with CLASS:y, who debuted through MBC's 'My Teenage Girl', as well as Sell By Music's Music Plat, n.CH Entertainment and YBM — and expects these to begin feeding into results in earnest from the second half.

As for the decline in profitability in the first half of 2022, however, the company said profitability fell temporarily owing to rising personnel costs to secure development talent, reflected across the IT industry as a whole, along with an increase in employee numbers, the grant of stock options to all employees and higher costs from strengthened welfare policies.

ESTsoft CEO Chung Sang-won said: "We will continue to invest in the full-scale expansion of key new businesses such as virtual humans and commerce, on the basis of the group's stable cash cow," adding, "From the second half of this year we expect results from our new AI-related businesses to become visible and profitability to improve as well."

Full details of ESTsoft's provisional second-quarter 2022 results are available on the Financial Supervisory Service's electronic disclosure system (http://dart.fss.or.kr).

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Education with AI
Expansion of educational businesses in various fields, such as the establishment of celebrity lecture video courses, production of TOEIC speaking educational content, and AI content as a fitness training instructor
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Creating and utilizing various AI human content such as new employee analysts, announcers, etc.
API business with AI
We provide data and solutions utilizing AI through APIs to enable companies to focus on their intrinsic customer value.
Software with AI
Background removal technology applied in ALSee Capture, like the smooth design of ESTsoft AI technology and ALTools products,
provides the utility environment that users want.

Global SaaS with AI
A scalable Human SaaS service that can be accessed from anywhere in the world using AI technology
Senior care with AI
Interactive AI human supports guidance, consultation, and interaction both offline and online. Expanding as a service hub without language barriers in retail, tourism, entertainment, exhibitions, manufacturing, and public sectors.
Alan Agentic with AI
Artificial intelligence multi-agent that goes beyond AI search and reaches solutions for problem solving
Education with AI
Celebrity instructor video lecture creation, TOEIC speaking education content production, as a fitness training instructor
Expansion of educational businesses in various fields such as AI content
Content with AI
Implementing 'moving pictures' with EST AI technology, 'face transformation, makeup application, and clothing creation' through deep learning
Creating and utilizing various AI human content such as new employee analysts, announcers, etc.
API business with AI
We provide data and solutions utilizing AI through APIs to enable companies to focus on their inherent customer value.
Software with AI
Background removal technology applied in ALSee Capture, like the smooth design of ESTsoft AI technology and ALTools products,
provides the utility environment that users want.

Senior care with AI
A scalable Human SaaS service that can be accessed from anywhere in the world using AI technology
Senior care with AI
Interactive AI human supports guidance, consultation, and interaction both offline and online. Expanding as a service hub without language barriers in retail, tourism, entertainment, exhibitions, manufacturing, and public sectors.
Alan Agentic with AI
Artificial intelligence multi-agent that goes beyond AI search and reaches solutions for problem solving
Education with AI
Celebrity instructor video lecture creation, TOEIC speaking education content production, as a fitness training instructor
Expansion of educational businesses in various fields such as AI content
Content with AI
Implementing 'moving pictures' by applying EST AI technology, producing various AI human contents such as 'face transformation, makeup application, and clothing creation' for new employees including analysts and announcers, and utilizing them
API business with AI
Companies can focus on their inherent customer value by providing data and solutions using AI
as an API.
Software with AI
Background removal technology applied in ALSee Capture, like the smooth design of ESTsoft AI technology and ALTools products,
provides the utility environment that users want.