Korean CJ ENM Pledges $ 4.5 Billion for Content Creation in 5-Year Global Effort – Deadline

South Korean entertainment powerhouse CJ ENM envisions bigger role on the world stage, says it will invest more than 5,000 billion won ($ 4.5 billion) in content creation over the next five years . The company behind Bong Joon-ho’s Oscar winner Parasite and that of the fox I can see your voice has already set aside 800 billion won ($ 721 million) for productions this year, CEO Kang Ho-sung mentionned at a press conference in Seoul today, according to the Yonhap news agency.

“We will become a complete entertainment business by diversifying content creation systems and responding to consumer demands in real time. And we will compete with global platforms and media powers, ”Kang promised.

CJ ENM is a major player in Asia and has a global presence; in 2020 he made a strategic investment in David Ellison’s Skydance Media, whose TV division is adapting the 2019 Korean fantasy drama Hotel Del Luna like a series. Earlier this month, it teamed up with HBO Max to develop a series of competitions in Latin America.

Latin American K-Pop Boy Group Competition Series in the works at HBO Max

The company works in film, television, pop music, and musicals and owns leading series producer Studio Dragon. CJ cable channels include tvN, OCN and Mnet.

The plan for the future is to form more production studios specializing in variety shows, film and animation. Yonhap announced that CJ will offer productions to its streaming platform subsidiary Tving (which targets 8 million paying subscribers by 2023), as well as to global players and will enter into new partnerships with content creators in the States. United, Europe and Asia.

Another priority will be given to K-pop which has exploded in popularity worldwide. Building on the experience of audition broadcasts Superstar K and I-Earth, CJ plans to produce more competitive shows outside of Korea to find new K-pop groups.

CJ’s film library consists of local hits such as Roaring currents, extreme work and Ode to my father. Its platinum TV catalog includes Crash Landing On You, Mr. Sunshine, Guardian: The lonely and tall god, the grandfathers on the flowers and I can see your voice.

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