[Edaily Reporter KIM JI-WAN ] #dotmill Inc. is projected to exceed 90 billion won in revenue next year, driven by its large-scale immersive space projects and global intellectual property (IP) content. While the company is enhancing its competitive edge with AI-integrated content, analysts note that its current enterprise value does not fully reflect its future growth potential.

In a report released on the 30th, the independent research firm Bryers Insight identified “Astra Core” and new projects based on global IP as the key businesses that will drive dotmill Inc.’s growth.

Astra Core is an immersive spatial platform that provides visitors with an experience of being surrounded by video, similar to the Sphere in Las Vegas. dotmill Inc. is currently promoting this business to local governments.

Briars Insight projected that Astra Core would generate orders worth approximately 30 to 50 billion won. The firm predicted that related revenue would begin to be reflected in Dotmil’s financial results in earnest starting next year. The analysis suggests that Dotmil can secure revenue not only from facility construction but also from operating royalties after the facilities open.

Choi Jae-ho, a researcher at Bryers Insight, projected that if Astra Core adds new ventures utilizing major global IPs such as Harry Potter, dotmill Inc.’s revenue next year would reach over 90 billion won—even under a conservative estimate.

The company also cited the enhancement of content using AI technology as a growth driver. dotmill Inc. is developing AI-powered interactive content that responds to visitor behavior or provides personalized experiences, and is applying it to its existing immersive content. The company is expanding its business scope from a model that simply displays predetermined videos to one where visitors interact with the content.

dotmill Inc. produces extended reality (XR) solutions, interactive content, and projection mapping—which projects images onto the surfaces of buildings or objects. The company has established a business structure that handles everything from content planning and production to space design, facility operations, and marketing.

Researcher Choi explained, “We provide a one-stop, total solution that encompasses the entire process, from content planning and production to space and facility construction, operations, and marketing.”

Its existing business is primarily driven by public sector (B2G) projects—such as those aimed at revitalizing tourism for local governments—and business-to-business (B2B) collaborations centered on global IP and brands. The company is also generating business-to-consumer (B2C) revenue through directly operated experience facilities that utilize its own IP. Revenue increased from 9.4 billion won in 2021 to 33.8 billion won in 2025, representing an average annual growth rate of 37.7% during this period.

The report assessed that, relative to this growth trend, dotmill Inc.’s market capitalization remains low. As of the report’s publication date, dotmill Inc.’s market capitalization stood at approximately 28.5 billion won, falling short of last year’s annual revenue of 33.8 billion won.

Falcon Beyond Global (FBYD), an American immersive entertainment company cited as a benchmark, was projected to have revenue of 20.2 billion won and a market capitalization of approximately 1 trillion won in 2025. Com2uS Corporation, mentioned as a domestic peer, had revenue of 27.2 billion won and a market capitalization of 62.1 billion won during the same period.

Briars Insight determined that dotmill Inc. is undervalued relative to its peers, given that the company is preparing for additional growth through large-scale spatial projects and global IP initiatives, in addition to revenue growth from its existing businesses.