2026 1Q 기준평가 2026. 08. 19.근거 공시 새 창에서 열기
해자 세부 항목
- 진입장벽
- 42
- 전환비용
- 32
- 브랜드 / IP 소유
- 56
- 네트워크효과
- 20
- 가격결정력
- 29
- 마진추세
- 47
규제 · 자본집약도 · 생산설비 보유
고객이 갈아타는 데 드는 비용
자체 IP인가, 빌려 쓰는 IP인가
사용자 증가가 해자를 두껍게 하는가
주 근거는 영업이익률
3년 상승 = 강화 / 하락 = 약화
해자 관점 긍정 요소
寃곕줎: 寃뚯엫 IP? 湲濡쒕쾶 ?쒕퉬?? ?쒕줎 ?ъ뾽??蹂댁쑀?섏?留?肄섑뀗痢??ν뻾 蹂?숈꽦???щ떎
?쒕튆?뚰봽?몃뒗 ?꾨━?ы뵆?덉씠 寃뚯엫 ?쒕퉬?ㅼ? ?곗뾽???쒕줎 ?좏넻쨌?쒕퉬?ㅻ? ?곸쐞?쒕떎. 寃뚯엫? ?ㅼ슫濡쒕뱶? ?뚮젅?대뒗 臾대즺濡??쒓났?섍퀬 寃뚯엫 ???ы솕쨌?꾩씠?쒖쓣 ?먮ℓ?섎뒗 遺遺??좊즺??援ъ“?대ʼn, ?쇰툝由ъ뀛 ?쇱씠?좎뒪쨌?щ떇 濡쒖뿴?걔룹쭅???쒕퉬?ㅒ룹빋?ㅽ넗???먮ℓ媛 ?④퍡 議댁옱?쒕떎. 湲고??ъ뾽遺臾몄? DJI ?뚰듃?덉떗??湲곕컲?쇰줈 ?곗뾽???쒕줎???좏넻?섍퀬 諛⑹궛쨌?뚮갑쨌諛⑹젣쨌?띿뾽 ??留욎땄???붾（?섏쓣 異붿쭊?쒕떎.
1. 寃뚯엫??留ㅼ텧??84.6%瑜?李⑥??쒕떎
2026??1遺꾧린 ?곌껐 留ㅼ텧? 86.06?듭썝?쇰줈 寃뚯엫?쒕퉬??72.76?듭썝, ?쒕줎 ?먮ℓ쨌?쒕퉬??13.29?듭썝?대떎. ?꾨뀈 ?곌컙 留ㅼ텧? 378.86?듭썝, ?곸뾽?댁씡? 2.84?듭썝?쇰줈 寃뚯엫 留ㅼ텧???듭떖?닿퀬 ?쒕줎? 蹂댁“ ?깆옣異뺤씠??
| 2026??1遺꾧린 ?ъ뾽遺臾? | 留ㅼ텧 | 鍮꾩쨷 |
|---|---|---|
| 寃뚯엫?쒕퉬?? | 72.76?듭썝 | 84.6% |
| ?쒕줎 ?먮ℓ쨌?쒕퉬?? | 13.29?듭썝 | 15.4% |
| ?⑷퀎 | 86.06?듭썝 | 100.0% |
?뚯궗??湲곗〈 寃뚯엫 IP瑜??쒖슜??PC쨌紐⑤컮???쒕퉬?ㅻ? ?댁쁺?섍퀬, ?먯껜 IP MMORPG??湲濡쒕쾶 ?뺤옣??異붿쭊?쒕떎. 2025???留뙿룹씪蹂?吏곸젒 ?쒕퉬?ㅻ? ?쒖옉?덇퀬, 吏??퀎 ?꾩??붿? ?쇰툝由ъ뀛쨌?뚮옯???묒뾽???듯빐 ?댁쇅 ?좎?瑜??뺣??섎젮 ?쒕떎. 寃뚯엫 留ㅼ텧? 肄섑뀗痢??낅뜲?댄듃, ?대깽?? ?댁슜???붿〈怨?寃곗젣?⑥뿉 ?곕씪 諛섎났?????덉?留? ?뱀젙 寃뚯엫???ν뻾怨??섎챸??留ㅼ슦 誘쇨컧?섎떎.
2. AI쨌VR/AR 湲곗닠? ?덈줈??媛?μ꽦?댁?留??꾩쭅 ?듭떖 ?섏씡? ?꾨땲??
?쒕튆?뚰봽??寃뚯엫媛쒕컻?곌뎄?뚮뒗 寃뚯엫, 媛?곹쁽?? ?멸났吏??湲곗닠???곌뎄?쒕떎. VoiceGen 踰좏? 2.0? ?뚯꽦?⑹꽦쨌?ㅺ뎅?는룰컧?빧룹븘諛뷀? 由쎌떛?ъ? ?곸긽 ?앹꽦???쒓났?섎ʼn, ?щ궃?덉쟾쨌XR 援먯쑁?덈젴 ?뚮옯?쇨낵 AI ?뚯꽦 ?꾨컮?瑜?媛쒕컻?섍퀬 ?덈떎. AI ?ν럹?댄겕 ???湲곗닠 ?뱁뿀? ?뺣?쨌湲곌? ?묒뾽 寃곌낵臾쇱? 寃뚯엫 ??B2B ?ъ뾽?쇰줈 ?뺤옣?????덈뒗 ?먯궛?대떎.
?ㅻ쭔 2026??1遺꾧린 ?곌뎄媛쒕컻鍮꾨뒗 ??0.54?듭썝, 留ㅼ텧 ?鍮?0.06%濡?怨듭떆?먮떎. 湲곗〈 寃뚯엫 媛쒕컻 ?몃젰怨??λ퉬瑜??쒖슜?섎뒗 援ъ“??蹂꾨룄 ?ъ옄 洹쒕え媛 ?묎쾶 蹂댁씪 ???덉?留? AI ?ъ뾽???④린媛꾩뿉 ?섎? ?덈뒗 留ㅼ텧濡??곌껐?먮떎怨?蹂닿린?먮뒗 ?뺣낫媛 遺議깊븯?? 湲곗닠 ?쒖뿰쨌踰좏?? ?곸뾽 怨꾩빟??援щ텇?댁빞 ?쒕떎.
3. 遺꾧린 ?곸뾽?묒옄 ?꾪솚? 湲띿젙?곸씠??諛섎났?깆? ?뺤씤???꾩슂?섎떎
2025???곌껐 留ㅼ텧? 378.86?듭썝, ?곸뾽?댁씡? 2.84?듭썝?댁뿀?? 2025??1遺꾧린? 2026??1遺꾧린瑜?諛섏쁺??TTM 留ㅼ텧? ??381.23?듭썝, ?곸뾽?댁씡? ??26.66?듭썝, ?곸뾽?댁씡瑜좎? ??6.99%??
| 援щ텇 | 2025??1遺꾧린 | 2026??1遺꾧린 | 蹂?? |
|---|---|---|---|
| 留ㅼ텧 | 83.69?듭썝 | 86.06?듭썝 | +2.8% |
| ?곸뾽?댁씡 | -1.88?듭썝 | 21.94?듭썝 | ?묒옄?꾪솚 |
| ?곸뾽?댁씡瑜? | -2.25% | 25.49% | ????媛쒖꽑 |
?꾩옱 遺꾧린 ?곸뾽?댁씡瑜좎? 留ㅼ슦 ?믪?留? 寃뚯엫?ъ뾽? ?낅뜲?댄듃쨌?쇱씠?좎뒪쨌留덉??끒룹븘?댄뀥 留ㅼ텧 ?몄떇 ?쒖젏???곕씪 遺꾧린 ?몄감媛 ?????덈떎. TTM ?댁씡 媛쒖꽑? 湲띿젙?곸씠吏留???遺꾧린 ?ν뻾?대굹 鍮꾩슜 吏묓뻾 李⑥씠濡?蹂?媛?μ꽦???덈떎. 湲濡쒕쾶 吏곸젒 ?쒕퉬?ㅺ? 吏??寃곗젣? ??? 怨좉컼?띾뱷鍮꾩슜?쇰줈 ?댁뼱吏?붿? ?뺤씤?댁빞 ?쒕떎.
?먯닔 洹쇨굅
| ??ぉ | ?먯닔 | ?먮떒 |
|---|---|---|
| 吏꾩엯?λ꼍 | 42 | 寃뚯엫 媛쒕컻쨌?댁쁺 寃쏀뿕怨?IP???덉쑝???좉퇋 寃쎌웳 吏꾩엯??媛?? |
| ?꾪솚鍮꾩슜 | 32 | ?댁슜??肄섑뀗痢졖룰퀎?빧룹빱裕ㅻ땲?곌? 遺?댁쓣 二쇰굹 寃뚯엫 ?대룞???ъ? |
| 釉뚮옖??IP | 56 | ?κ린媛??쒕퉬?ㅽ븳 寃뚯엫 IP? ?먯껜 MMORPG쨌AI/XR ?먯궛 |
| ?ㅽ듃?뚰겕?④낵 | 20 | ?댁슜?먃룹빱裕ㅻ땲?걔룸ℓ移?씠 寃뚯엫 媛移섎? ?믪씪 ???덉쑝??寃뚯엫蹂꾨줈 ?쒗븳 |
| 媛寃⑷껐?뺣젰 | 29 | 遺遺??좊즺??媛寃⑷낵 ?꾩씠??援щℓ??寃쎌웳쨌?댁슜??諛섏쓳??誘쇨컧 |
| 留덉쭊異붿꽭 | 47 | ?꾩옱 遺꾧린 ?묒옄? TTM 媛쒖꽑? 湲띿젙?곸씠??蹂?숈꽦 ?? |
理쒖쥌 48?먯? IP쨌湲濡쒕쾶 ?쒕퉬?ㅼ? ?쒕줎 ?ㅺ컖?붾? ?몄젙?섎㈃?쒕룄, 寃뚯엫 ?ν뻾쨌?뚮옯?셋룸쭏耳???섏〈怨?AI 留ㅼ텧 遺덊솗?ㅼ꽦??諛섏쁺???먯닔??
비판적으로 봐야 할 것
?듭떖 由ъ뒪?? 醫뗭? 寃뚯엫 IP???댁슜???붿〈怨?寃곗젣濡?怨꾩냽 利앸챸?댁빞 ?쒕떎
- 1.*?ν뻾쨌?섎챸 由ъ뒪??: 寃뚯엫 留ㅼ텧? ?댁슜???? ?붿〈?? 寃곗젣?? ?낅뜲?댄듃 諛섏쓳???곕씪 鍮좊Ⅴ寃?蹂?쒕떎. ?뱀젙 ?묓뭹 ?섏〈?꾧? ?믪쑝硫??좎옉 怨듬갚??怨?留ㅼ텧 怨듬갚???쒕떎.
- 2.?뚮옯???섏닔猷뙿룻띁釉붾━???섏〈: ?깆뒪?좎뼱쨌PC ?뚮옯???섏닔猷뚯? ?쇰툝由ъ뀛 議곌굔, ?댁쇅 ?뺤궛쨌?섏쑉???섏씡?깆쓣 醫뚯슦?쒕떎.
- 3.留덉???鍮꾩슜: ?좉퇋 ?댁슜???뺣낫? 湲濡쒕쾶 吏곸젒 ?쒕퉬?ㅼ뿉??愿묎퀬쨌?명뵆猷⑥뼵?쑣룻봽濡쒕え??鍮꾩슜???꾩슂?섎ʼn, 怨좉컼?띾뱷鍮꾩슜???곸듅?????덈떎.
- 4.*AI ?ъ뾽 ?곸슜??: VoiceGen쨌XR쨌AI ?꾨컮???湲곗닠 媛?μ꽦???덉?留?踰좏?쨌?곌뎄? ?좊즺 怨꾩빟? ?ㅻⅤ?? 寃쎌웳??移섏뿴???쒖옣?대씪???뚯궗???ㅻ챸??怨좊젮?댁빞 ?쒕떎.
- 5.?쒕줎 ?좏넻 留덉쭊: DJI ?뚰듃?덉떗怨?由ъ????ㅽ듃?뚰겕???μ젏?댁?留? ?좏넻쨌?ш퀬쨌?쒕퉬??留덉쭊? ?먯껜 IP 寃뚯엫怨??ㅻⅤ硫?怨듦툒???뺤콉???섏〈?쒕떎.
?ㅼ쓬 ?됯??먯꽌??寃뚯엫蹂?留ㅼ텧쨌?쒖꽦 ?댁슜?먃룹옍議댁쑉, 吏곸젒 ?쒕퉬?ㅼ? 濡쒖뿴??鍮꾩쨷, 留덉??낅퉬, AI쨌?쒕줎 ?ъ뾽??怨꾩빟쨌諛섎났留ㅼ텧???뺤씤?댁빞 ?쒕떎.
총평
珥앺룊: 48????寃뚯엫 IP? 湲濡쒕쾶 ?댁쁺 寃쏀뿕? ?덉?留? ?섏씡??諛섎났?깆씠 ?쏀븯??
?쒕튆?뚰봽?몃뒗 ?κ린媛??쒕퉬?ㅽ븳 寃뚯엫 IP, 遺遺??좊즺?붋룸씪?댁꽑?ㅒ룹쭅???쒕퉬??梨꾨꼸, ?留뙿룹씪蹂?吏곸젒 ?쒕퉬??寃쏀뿕??蹂댁쑀?쒕떎. 2026??1遺꾧린 留ㅼ텧? ?뚰룺 利앷??덉?留??곸뾽?댁씡瑜좎씠 25.5%濡??ш쾶 媛쒖꽑?섏뼱 ?ㅼ쟻 諛섎벑??媛?μ꽦??蹂댁뿬以щ떎. DJI 湲곕컲 ?곗뾽???쒕줎怨?AI쨌XR쨌VoiceGen???ъ뾽???ㅻ??뷀븷 ???덈떎.
洹몃윭??寃뚯엫 留ㅼ텧???꾩껜??84.6%?닿퀬, 遺꾧린 ?댁씡? ?낅뜲?댄듃쨌?꾩씠?쑣룸씪?댁꽑???몄떇怨?留덉???吏묓뻾???곕씪 ?ш쾶 ?щ씪吏????덈떎. AI쨌XR? ?꾩쭅 ?듭떖 留ㅼ텧???꾨땲硫? ?곌뎄媛쒕컻鍮꾨룄 ??쾶 ?섑??쒕떎. ?꾩옱 ?묒옄媛 ?щ윭 寃뚯엫???좎? ?좎?? 湲濡쒕쾶 寃곗젣濡?諛섎났?섎뒗吏 ?뺤씤?섍린 ?꾧퉴吏??以묎컙 ?먯닔濡??됯??쒕떎.
?먯닔媛 ?щ씪媛?議곌굔
- 湲濡쒕쾶 吏곸젒 ?쒕퉬?ㅺ? ?쒖꽦 ?댁슜?먃룰껐?쒖쑉쨌??? ?댄깉濡??덉젙??寃?- ?먯껜 IP MMORPG? 湲곗〈 寃뚯엫 ?낅뜲?댄듃媛 留ㅼ텧???ㅻ??뷀븷 寃?- VoiceGen쨌AI/XR 湲곗닠??B2B 怨꾩빟怨?諛섎났 ?쒕퉬??留ㅼ텧濡??곌껐??寃?- 寃뚯엫 留덉??낅퉬瑜??듭젣?섎㈃??TTM 留덉쭊???좎???寃?
?먯닔媛 ?대젮媛?議곌굔
- ?듭떖 寃뚯엫 ?댁슜?먯? 寃곗젣媛 媛먯냼?섍굅???좎옉 異쒖떆媛 吏?곕맆 寃?- ?뚮옯?셋룻띁釉붾━???섏닔猷뚯? 怨좉컼?띾뱷鍮꾩슜???곸듅??寃?- 湲濡쒕쾶 ?쒕퉬???뺤옣???꾩??붋룸쭏耳??鍮꾩슜留??섎┫ 寃?- AI쨌?쒕줎 ?좉퇋?ъ뾽???κ린媛?留ㅼ텧怨??댁씡?쇰줈 ?꾪솚?섏? ?딆쓣 寃?
?꾩옱??IP? 理쒓렐 遺꾧린 諛섎벑???몄젙?섎릺, ?ν뻾 蹂?숈꽦怨?諛섎났??遺議깆쓣 諛섏쁺??48?먯쑝濡??됯??쒕떎.