2026 1Q 기준평가 2026. 08. 19.근거 공시 새 창에서 열기
해자 세부 항목
- 진입장벽
- 36
- 전환비용
- 30
- 브랜드 / IP 소유
- 48
- 네트워크효과
- 17
- 가격결정력
- 31
- 마진추세
- 35
규제 · 자본집약도 · 생산설비 보유
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3년 상승 = 강화 / 하락 = 약화
해자 관점 긍정 요소
寃곕줎: 留덉????앺깭怨꾨뒗 ?덉?留? ?꾩옱 留ㅼ텧? IP而ㅻ㉧?ㅼ? 愿묎퀬???쇳빀 援ъ“??
紐⑤퉬?곗씠利덈뒗 ?쇳룷癒쇱뒪 留덉??? 誘몃뵒?대젟, 紐⑤컮??留덉????뚮옯??紐⑤퉬而ㅻ꽖?? 湲고? 留덉????ъ뾽怨?IP而ㅻ㉧?ㅻ? ?댁쁺?쒕떎. 愿묎퀬二셋룸??됱궗쨌留ㅼ껜瑜??곌껐?섎뒗 ?곗씠?곕쭏耳??議곗쭅怨??щ━?먯씠?곕툕?? 留ㅼ껜 ?뚰듃?덉떗 議곗쭅??媛뽰텛怨??덉쑝硫? 紐⑤퉬?몄궗?대뱶 肄섑뀗痢졖룰탳?≤룻뻾???깆쑝濡??좎옱 怨좉컼???좎엯?섎뒗 ?앺깭怨꾪삎 ?곸뾽??異붿쭊?쒕떎.
1. 愿묎퀬 ?쒕퉬?ㅼ? IP而ㅻ㉧?ㅻ? 援щ텇?댁빞 ?쒕떎
怨듭떆??2026??1遺꾧린 留ㅼ텧?꾪솴 ??湲곗??쇰줈 ?쇳룷癒쇱뒪 9.73?듭썝, 誘몃뵒?대젟 10.94?듭썝, 紐⑤퉬而ㅻ꽖??3.32?듭썝, 湲고? 4.50?듭썝, IP而ㅻ㉧??67.39?듭썝??湲곕줉?먮떎. ???쒖뿉?쒕뒗 IP而ㅻ㉧?ㅺ? ?꾩껜????79%瑜?李⑥??쒕떎. 愿묎퀬 ?쒕퉬?ㅻ뒗 ?섏닔猷뚮쭔 留ㅼ텧濡??몄떇?섎뒗 ?쒖븸 援ъ“?닿퀬, IP而ㅻ㉧?ㅻ뒗 ?곹뭹 ?먮ℓ瑜?珥앹븸?쇰줈 ?몄떇?쒕떎怨?怨듭떆?쒕떎.
| 怨듭떆 留ㅼ텧?꾪솴 ??湲곗? | 2026??1遺꾧린 | ?ъ뾽???섎? |
|---|---|---|
| ?쇳룷癒쇱뒪 留덉??? | 9.73?듭썝 | 愿묎퀬二??깃낵 湲곕컲 ?섏닔猷? |
| 誘몃뵒?대젟 | 10.94?듭썝 | ??됱궗쨌?숈궗瑜??듯븳 留ㅼ껜 ?먮ℓ |
| 紐⑤퉬而ㅻ꽖?? | 3.32?듭썝 | 紐⑤컮??留덉????뚮옯?? |
| 湲고? | 4.50?듭썝 | 留덉????좉? ?ъ뾽 |
| IP而ㅻ㉧?? | 67.39?듭썝 | ?곹뭹??珥앹븸 留ㅼ텧 |
?곌껐 ?щТ DB 湲곗? 2026??1遺꾧린 留ㅼ텧? 95.62?듭썝?쇰줈 怨듭떆 ?쒖? 湲곗? 李⑥씠媛 ?덉쑝誘濡? ?ъ뾽蹂?鍮꾩쨷? 怨듭떆 ?쒕? ?댁슜?섍퀬 ?섏씡?깆? ?곌껐 ?щТ 湲곗??쇰줈 蹂댁닔?곸쑝濡??먮떒?덈떎. IP而ㅻ㉧?ㅼ쓽 珥앹븸 留ㅼ텧? 洹쒕え瑜??ㅼ슦湲??쎌?留??곹뭹 ?먭?, ?ш퀬, 臾쇰쪟, 諛섑뭹???④퍡 諛쒖깮?쒕떎. 愿묎퀬 ?쒕퉬?ㅼ쓽 ?쒖븸 留ㅼ텧怨?媛숈? 留덉쭊 援ъ“濡?鍮꾧탳?댁꽌?????쒕떎.
2. 留ㅼ껜 ?뚰듃?덉? 肄섑뀗痢좊뒗 ?곸뾽 ?댁옄瑜?留뚮뱺??
?뚯궗??Meta쨌Google ??二쇱슂 留ㅼ껜???곸쐞 ?뚰듃??吏?꾨? ?곸뾽 ?먯궛?쇰줈 ?쒖슜?섍퀬, ?낆쥌蹂?愿묎퀬 ?덊띁?곗뒪? 紐⑤퉬?몄궗?대뱶 肄섑뀗痢? 紐⑤퉬而ㅻ━?댁뿉?, Max Summit ?됱궗 ?깆쓣 ?듯빐 留덉??곗? ?묒젏??留뚮뱺?ㅺ퀬 ?ㅻ챸?쒕떎. 愿묎퀬二쇨? 援먯쑁쨌肄섑뀗痢졖룻뻾?щ? ?듯빐 ?뚯궗瑜??뚭쾶 ?????쇳룷癒쇱뒪??誘몃뵒?대젟 ?쒕퉬?ㅻ? ?섎ː?섎뒗 援ъ“???⑥닚 愿묎퀬??됰낫??怨좉컼?띾뱷 寃쎈줈媛 ?ㅼ뼇?섎떎???μ젏???덈떎.
洹몃윭???대윴 ?앺깭怨꾧? ?ㅼ젣 怨좉컼 ?좎??④낵 媛寃⑷껐?뺣젰?쇰줈 ?댁뼱吏?붿???蹂꾨룄 寃利앹씠 ?꾩슂?섎떎. 愿묎퀬 ?뚮옯?쇱? 留ㅼ껜 ?뺤콉怨??뚭퀬由ъ쬁???듭젣?섍퀬, 愿묎퀬二쇰뒗 ?깃낵쨌?④?瑜?鍮꾧탳?섎ʼn, ??됱궗? ?숈궗??嫄곕옒瑜?以묎컻?쒕떎. 湲곗닠媛쒕컻??2026??1遺꾧린 ??1.33?듭썝, 留ㅼ텧?꾪솴 ??湲곗? 1.39% ?섏??쇰줈 ?ъ? ?딆븘 ?낆젏?곸씤 ?뚰봽?몄썾???댁옄蹂대떎???곸뾽쨌?댁쁺 ??웾???깃꺽??媛뺥븯?? 2024?꾨???媛쒕컻??Mobi AI媛 ?곸슜???덉젙?대씪???먯? ?좎옱?μ쑝濡쒕쭔 諛섏쁺?덈떎.
3. 留ㅼ텧 媛먯냼? ?곸뾽?곸옄媛 ?숈떆???섑??щ떎
2025???곌껐 留ㅼ텧? 443.59?듭썝, ?곸뾽?댁씡? 45.07?듭썝?댁뿀?? 2025??1遺꾧린? 2026??1遺꾧린瑜?諛섏쁺??TTM 留ㅼ텧? ??428.12?듭썝, ?곸뾽?댁씡? ??36.70?듭썝, ?곸뾽?댁씡瑜좎? ??8.57%??
| 援щ텇 | 2025??1遺꾧린 | 2026??1遺꾧린 | 蹂?? |
|---|---|---|---|
| ?곌껐 留ㅼ텧 | 111.10?듭썝 | 95.62?듭썝 | -13.9% |
| ?곸뾽?댁씡 | 6.70?듭썝 | -1.67?듭썝 | ?곸옄?꾪솚 |
| ?곸뾽?댁씡瑜? | 6.03% | -1.74% | -7.77%p |
怨듭떆 留ㅼ텧?쒖뿉??IP而ㅻ㉧??鍮꾩쨷??而ㅼ쭊 媛?대뜲 ?곌껐 湲곗? 留ㅼ텧? 媛먯냼?덇퀬 ?곸뾽?곸옄濡??꾪솚?덈떎. ?곹뭹 ?먭?? ?ш퀬쨌臾쇰쪟 鍮꾩슜, 愿묎퀬?ъ뾽??痍④툒怨?蹂?? ?좉퇋 ?ъ뾽 鍮꾩슜???곹뼢??以ъ쓣 ???덈떎. 愿묎퀬???遺臾몄? 痍④툒怨좉? 而ㅻ룄 ?쒖븸 ?섏닔猷뚮쭔 留ㅼ텧濡??≫엳誘濡? 留ㅼ텧?〓낫??痍④툒怨졖룰났?뚯씠?돠룰퀬媛??좎??⑥쓣 ?④퍡 遊먯빞 ?ъ뾽??吏덉쓣 ?먮떒?????덈떎.
?먯닔 洹쇨굅
| ??ぉ | ?먯닔 | ?먮떒 |
|---|---|---|
| 吏꾩엯?λ꼍 | 36 | 留ㅼ껜 ?뚰듃?댟룹슫??寃쏀뿕? ?덉쑝???泥?愿묎퀬??됱궗媛 留롮쓬 |
| ?꾪솚鍮꾩슜 | 30 | 罹좏럹???곗씠?곗? ?덊띁?곗뒪媛 ?덉쑝??愿묎퀬二셋룸??됱궗 ?대룞??媛?? |
| 釉뚮옖??IP | 48 | 留ㅼ껜 ?뚰듃??吏?? 肄섑뀗痢졖룰탳?≤룻뻾?ъ? IP而ㅻ㉧???묒젏 |
| ?ㅽ듃?뚰겕?④낵 | 17 | 愿묎퀬二셋룸ℓ泥는룹퐯?먯툩 ?묒젏???섎㈃ ?곸뾽 ?⑥쑉??醫뗭븘吏????덉쓬 |
| 媛寃⑷껐?뺣젰 | 31 | ?깃낵? ?섏닔猷?寃쎌웳, 留ㅼ껜 ?뺤콉???섑빐 ?쒗븳?? |
| 留덉쭊異붿꽭 | 35 | TTM ?묒옄吏留?理쒓렐 留ㅼ텧 媛먯냼? ?곸뾽?곸옄 ?꾪솚 |
理쒖쥌 44?먯? ?앺깭怨꾪삎 ?곸뾽怨?怨쇨굅 ?댁씡???몄젙?섎㈃?쒕룄, ?꾩옱 留ㅼ텧 誘뱀뒪? IP而ㅻ㉧???먭? 援ъ“, 愿묎퀬?ъ뾽??寃쎌웳??蹂댁닔?곸쑝濡?諛섏쁺???먯닔??
비판적으로 봐야 할 것
?듭떖 由ъ뒪?? 留ㅼ텧 洹쒕え媛 而ㅼ졇???곹뭹 ?먭?? 愿묎퀬 ?섏닔猷뚮? 鍮쇰㈃ ?댁씡???щ씪吏꾨떎
- 1.IP而ㅻ㉧??珥앹븸 ?몄떇: ?곹뭹 留ㅼ텧? 珥앹븸?쇰줈 ?≫? ?명삎???ㅼ슦吏留??곹뭹 ?먭?쨌?ш퀬쨌臾쇰쪟쨌諛섑뭹???④퍡 諛쒖깮?쒕떎. 愿묎퀬 ?쒕퉬?ㅼ쓽 ?쒖븸 留ㅼ텧怨?留덉쭊???⑥닚 鍮꾧탳?섎㈃ ???쒕떎.
- 2.*愿묎퀬 寃쎄린? ?깃낵 蹂??: 愿묎퀬二쇰뒗 寃쎄린? 罹좏럹???깃낵???곕씪 ?덉궛??鍮좊Ⅴ寃?議곗젙?쒕떎. 留ㅼ껜 ?뚭퀬由ъ쬁怨??뺤콉 蹂?붾룄 ?섏씡?깆뿉 ?곹뼢??以??
- 3.*怨좉컼쨌留ㅼ껜 ?묒긽??: 留ㅼ껜 ?뚮옯?? 愿묎퀬二? ??됱궗쨌?숈궗 紐⑤몢 嫄곕옒?곷?諛⑹쓽 ?묒긽?μ씠 ?덈떎. ?곸쐞 ?뚰듃??吏?꾧? ?곴뎄?곸씤 ?낆젏沅뚯? ?꾨땲??
- 4.?곸뾽?곸옄 ?꾪솚: 2026??1遺꾧린 ?곌껐 ?곸뾽?댁씡???곸옄濡??꾪솚?덈떎. IP而ㅻ㉧???뺣?媛 ?댁씡蹂대떎 ?ш퀬쨌?댁쟾?먮낯 遺?댁쓣 ?ㅼ슦?붿? ?뺤씤?댁빞 ?쒕떎.
- 5.*?섏＜ 媛?쒖꽦 遺議?: 愿묎퀬 罹좏럹?몄? ?꾨줈?앺듃?깆씠怨??κ린 ?섏＜?붽퀬瑜?怨듭떆?섏? ?딅뒗?? ?ㅼ쓬 遺꾧린 留ㅼ텧 ?덉륫?깆씠 ??떎.
?ㅼ쓬 ?됯??먯꽌??IP而ㅻ㉧??留ㅼ텧珥앹씠?돠룹옱怨좏쉶?? 愿묎퀬?ъ뾽??痍④툒怨좎? ?쒖닔?섎즺?? 怨좉컼 ?좎??? Mobi AI ?좊즺 怨좉컼怨?罹좏럹???깃낵瑜??뺤씤?댁빞 ?쒕떎.
총평
珥앺룊: 44????留덉????앺깭怨꾨뒗 ?먯궛?댁?留? ?꾩옱???섏씡紐⑤뜽 ?꾪솚??吏耳쒕킄???쒕떎
紐⑤퉬?곗씠利덈뒗 ?쇳룷癒쇱뒪 留덉??낃낵 誘몃뵒?대젟, 紐⑤컮???뚮옯?쇱쓣 ?댁쁺?섍퀬 留ㅼ껜 ?뚰듃?댟룹퐯?먯툩쨌援먯쑁쨌?됱궗瑜??곌껐?쒕떎. ???앺깭怨꾧? ?좎옱 怨좉컼??諛섎났 ?좎엯?섍퀬 愿묎퀬 ?쒕퉬?ㅻ줈 ?꾪솚?쒕떎硫?怨좉컼?띾뱷鍮꾩슜????텧 ???덈떎. 怨쇨굅 ?곌껐 湲곗? TTM 留덉쭊???묒옄?怨? Mobi AI ?곸슜?붾뒗 湲곗닠 ?뺤옣??媛?μ꽦???쒓났?쒕떎.
洹몃윭??2026??1遺꾧린 ?곌껐 留ㅼ텧? ?꾨뀈 ?숆린蹂대떎 以꾩뿀怨??곸뾽?곸옄濡??꾪솚?덈떎. 怨듭떆 留ㅼ텧?쒖뿉?쒕뒗 IP而ㅻ㉧?ㅺ? ??鍮꾩쨷??李⑥??섎뒗?? ?곹뭹 珥앹븸 留ㅼ텧? 愿묎퀬 ?섏닔猷뚯? 寃쎌젣?깆씠 ?ㅻⅤ?? 愿묎퀬??됱쓽 ?댁옄??留ㅼ껜 ?뚮옯?쇱씠 ?꾨땲??怨좉컼 ?깃낵쨌?곗씠?걔룹슫???⑥쑉???덉뼱???섎ʼn, ?대떦 吏?쒓? 怨듦컻?섍린 ?꾧퉴吏 ?믪? ?꾪솚鍮꾩슜???몄젙?섍린 ?대졄??
?먯닔媛 ?щ씪媛?議곌굔
- Mobi AI媛 ?좊즺 怨좉컼怨?諛섎났 ?ъ슜?됱쓣 ?뺣낫??寃?- IP而ㅻ㉧?ㅼ쓽 ?ш퀬쨌臾쇰쪟瑜??듭젣?섎㈃??留ㅼ텧珥앹씠?듭씠 媛쒖꽑??寃?- 愿묎퀬 痍④툒怨좎? ?쒖닔?섎즺, 怨좉컼 ?좎??⑥씠 ?④퍡 ?깆옣??寃?- 留ㅼ텧 誘뱀뒪媛 怨좊쭏吏??곗씠?걔룻뵆?ロ뤌 ?쒕퉬?ㅻ줈 ?뚮났??寃?
?먯닔媛 ?대젮媛?議곌굔
- IP而ㅻ㉧???뺣?濡??ш퀬쨌諛섑뭹쨌?댁쟾?먮낯 遺?댁씠 而ㅼ쭏 寃?- 愿묎퀬二??덉궛 異뺤냼? 留ㅼ껜 ?섏닔猷?寃쎌웳?쇰줈 ?쒕퉬??留덉쭊????븘吏?寃?- 2026??1遺꾧린 ?곸뾽?곸옄媛 諛섎났??寃?- ?곸쐞 留ㅼ껜 ?섏〈怨?怨좉컼 ?댄깉濡??앺깭怨꾪삎 ?곸뾽 ?④낵媛 ?쏀빐吏?寃?
?꾩옱??怨쇨굅 ?댁씡怨??곸뾽 ?먯궛???몄젙?섎릺, 理쒓렐 ?곸옄? 留ㅼ텧 誘뱀뒪 遺덊솗?ㅼ꽦??諛섏쁺??44?먯쑝濡??됯??쒕떎.