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CJ ENM commits to investing $746m per year to supercharge K-content sector

Delegates gathered at the 29th Busan International Film Festival

South Korean company CJ ENM has pledged to maintain its annual content investment level of 1 trillion won (US$746.5m) while exploring AI-driven opportunities in production and distribution to “spearhead” the K-content ecosystem.

At the CJ Movie Forum, part of the 29th Busan International Film Festival (BIFF), executives from CJ ENM and its subsidiaries – multiplex cinema chain CJ CGV, prodco Studio Dragon, and streamer TVING – revealed their growth strategies.

Yoon Sang-hyun, CEO, CJ ENM, said: “Despite the growing uncertainty in the industry, we will continue to support creators and enable their imaginations to come to life and shine bright.”

Jang Kyung-ik, CEO of Studio Dragon (Flower of Evil) told delegates that his outfit aims to increase the number of projects featuring new creators and fresh acting talent. Seo Jang-ho, SVP of content business, CJ ENM, explained that the company will look at expanding the application of AI technology across production and distribution.

All the executives agreed that broadcasters, platforms and cinema chains should be viewed as “coexisting platforms to maximise IP lifecycle.” They pointed to Studio Dragon’s upcoming crime thriller series Dongjae, the Good or the Bastard, as an example of the cross-platform approach. It will premiere on TVING next week, stream on Paramount+ in selected regions and air on CJ ENM-owned pay TV network tvN on October 14.

Choi Ju-hui, CEO of TVING, said that stretching the lifecycle of IPs can be achieved by multi-channel releases and simultaneous adaption of single source IPs into various formats including series, spin-offs, movies and short form content.

Discussing plans for global expansion, CJ ENM sees potential in expanding its offering in new markets such as India and the Middle East, where K-content is not yet fully established, while Studio Dragon is keen to produce series formats for US and Japanese local markets.

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