SEOUL -- CJ ENM, a South Korean media company that created the Oscar-winning film "Parasite," has created a new studio to establish a multi-studio system, underscoring efforts to strengthen global content competitiveness. The new entity named CJ ENM Studios will focus on planning, developing and producing multi-genre content for over-the-top (OTT) platforms.
CJ ENM Studios, set up with a capital of 70 billion won ($57.8 million), will recruit excellent creators and acquire production companies. "CJ ENM Studios is another content production base to stably respond to global demand for K-content," an unnamed CJ ENM official said in a statement on April 5.
With CJ ENM Studios, the media company has completed a triangular multi-studio system. Studio Dragon is a drama production studio that created "Kingdom: Ashin of the North," a spin-off series of a globally-popular Netflix Original drama series that depicts a zombie-infested dynastic kingdom. In November 2021, CJ ENM acquire a controlling 80 percent stake in Endeavor Content, an American holding company for talent and media agencies.
While Hallyu (Korean cultural wave) content including K-pop, K-drama and K-film has mesmerized the global audience, the country's content production industry is still old-fashioned. Films and dramas are mainly produced by medium-sized companies that operate tiny studios. Buoyed by the growing popularity of its content, CJ ENM with some 20 popular cable TV channels has launched an aggressive push for content production targeting the global market.
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