Korean media conglomerate, CJ ENM Tuesday announced the launch of a new production arm. It is expected to focus on producing content for exclusively streaming platforms in Korea and overseas.
The unit, named CJ ENM Studios, will be the group’s third TV production hub after drama production powerhouse Studio Dragon (“Crash Landing on You,” “Hometown Cha-Cha-Cha,” and “Sweet Home”) and U.S.-based premium global content firm, Endeavor Content, acquired earlier this year.
CJ ENM also controls the Tving streaming platform that sees itself as a challenger to Netflix within Korea and which also has ambitions to ride the Korean wave and build a significant overseas presence. Tving is seeking exclusive content rights. It recently increased its target for original shows to between 40 and 50 titles for 2022.
CJ ENM Studios will recruit talent and creators, and expand its presence through mergers and acquisition opportunities of top tier production companies, the group said. Its slate is expected to cover a wide spectrum of genres and short form content.
“The strategic move to launch CJ ENM Studios comes at a time where there is high global demand for K-content,” CJ ENM said in a statement. “The multi-studio structure will serve as one of CJ ENM’s core global competitiveness.”
The group, which also encompasses film, music and e-commerce divisions, also owns joint venture drama producer Bon Factory (“What’s Wrong with Secretary Kim”), drama producer JS Pictures (“Strong Girl Bong-soon”), and variety entertainment unit, Studio Take One.
CJ ENM Studios will be headed by Ha Yong Soo, a former executive VP of CJ ENM’s business development & investment unit. Ha joined CJ ENM in 2018, overseeing business strategy, mergers and acquisitions, having previously been appointed head of corporate business strategy at parent company CJ Group in 2009.