SEOUL, May 31 (Yonhap) – Entertainment giant CJ ENM said on Monday that it will invest more than 5,000 billion won ($ 4.48 billion) in content creation over the next five years to become a global content creator.
“We will become a global entertainment company through diversified content by building systems and responding to consumer demand in real time,” said CJ ENM CEO Kang Ho Sung at a press conference. “We will move onto the world stage and compete with global platforms and major media.”
To achieve this goal, he said his company will spend more than 5,000 billion won on content creation over the next five years, while 800 billion won has already been earmarked for this year.
CJ ENM is the nation’s leading media and entertainment content company with a presence in industries such as movies, series and music.
She funded “Parasite”, the 92nd Academy Award winner, and has produced TV series such as “Goblin: The Lonely and Great God” and “Crash Landing on You”.
In particular, its cable channels, including tvN, OCN, and Mnet, as well as producers like Studio Dragon, contributed to the huge success of CJ ENM TV series.
The entertainment giant said it will create other production studios specializing in various shows, movies and animations and provide its innovations to the broadcasting platform Tving and global giants such as Netflix.
Moreover, CJ ENM said that he will prioritize K-pop more by looking for new global fans as he has done in recent years.
Applying its ability and experience in producing test programs such as “Superstar K” and “I-Land”, the company will produce more shows like this outside Korea to discover new bands.
At the same time, the company will expand its global partnerships with major content creators in the United States, Europe and Asia.
CJ ENM has entered into an agreement with US film production company Skydance Media, which produced the series “Mission Impossible,” to reproduce popular Korean content such as the fictional drama “Hotel del Luna”.
The company indicated that Tving, the online video streaming platform, will play a major role in introducing CJ ENM-generated content to global viewers.
Tving will create around 100 original content with the goal of having eight million paid subscribers by 2023.