CJ Entertainment, long South Korea and Asia’s leading movie conglomerate, has now set its sights on becoming a fully-fledged global film producer.“The domestic [Korean] market has been highly saturated in recent years. Expanding overseas is no longer a choice but a necessity,” said Jeong Tae-sung, CEO of CJ Entertainment, at a recent event in Seoul.The company, which typically has a 30% share of the Korean distribution market, and is a sister company of leading exhibitor CJ-CGV, now aims to produce...
Jeong Tae-sung joined CJ Entertainment, Korea’s largest entertainment conglomerate CJ E&M’s film unit, in 2012. That was after the company saw a disappointment in 2011, when its ambitious sci fi blockbuster “Sector 7” and mega budget war drama “My Way” performed poorly in box office.
As a multi-lingual Asia expert with extensive knowledge of both indie and commercial Asian film production as a former executive of the Busan film festival’s project market and former CEO at commercial film major Showbox, Jeong’s appointment was always going to result in the company’s strengthened pan-Asian, if not international, business.
Even though it was long ago that CJ had started pushing its Asia expansion, it was under Jeong’s leadership that the company was able to start co-production and investment in the region. Some of the most successful products include local language remakes of the company’s 2014 local hit “Miss Granny,” that toppled the box office in China and Vietnam. “Granny” is also being remade in 6 more countries, including North America where Tyler Perry has teamed up for an English remake.
“The challenge we have set ourselves over the last 20 years was to become the number one Asian film studio. This means that we want to be Asia-wide, while also being truly localized,” Jeong told Variety in 2015.