[Edaily Reporter Lee Hye-ra] #DSM is expected to grow into a global content platform company by expanding its platform business using the intellectual property (IP) of 9.81 Park, according to an analysis.

In a report released on the 9th, Lee Jae-mo, a researcher at the independent research firm Aris, stated, “9.81 Park is a unique platform that combines technology, IP, and manufacturing capabilities,” adding, “If domestic and international licensing businesses gain momentum, the company’s revenue structure could take a significant leap forward.”
The researcher identified "Monolith" as DSM’s core growth driver. Monolith currently operates "9.81 Park," a physical AI entertainment theme park based on robotics and artificial intelligence (AI) technology, in Jeju.
Since its opening in 2020, 9.81 Park has surpassed 2.5 million cumulative visitors and is assessed to have entered a phase of expanding profitability, with projected 2025 revenue of 17.2 billion won and EBITDA of 4.6 billion won.
The analyst noted that DSM has established a value chain capable of handling the entire process—from theme park planning to development, manufacturing, construction, and operation—in-house. He added, “Through its self-developed intelligent racing vehicles and AI-based operating systems, the company is accumulating user data and providing a differentiated experience via a mobile platform-based ranking and battle system.”
The analyst also highlighted the company’s full-scale expansion of its intellectual property (IP). “Following last year’s collaboration with Pokémon, DSM is currently working on a project with the Korea Baseball Organization (KBO),” the analyst said, adding, “The company is increasing user engagement through its own tournaments, such as the ‘GROC Championship.’”
The "9.81 Park Incheon Airport," currently under development with a target opening in early next year, was also cited as a growth driver. This is a large-scale indoor gravity racing stadium being built near Terminal 1 of Incheon International Airport. The analyst expects it to simultaneously capture demand from airport passengers, transit passengers, and the greater Seoul metropolitan area.
The signing of a Memorandum of Understanding (MOU) with Hangzhou Jender City in China for the development of 9.81 Park was cited as a key investment point accelerating overseas expansion.
In particular, the analyst highlighted the licensing business model. He stated, “When developing overseas parks in the future, we plan to secure initial revenue by supplying the ‘981 Package,’ which includes vehicles, software, and consulting, and subsequently establish a structure to generate revenue from operational support, maintenance, and brand royalties.”
The analyst predicted, “DSM’s earnings growth is expected to continue,” adding, “It is possible to achieve sales of 50 billion won this year and 80 billion won by 2027.”