‘Parasite’ Studio CJ ENM Eyes Global Expansion Through Premium Content, Genre Diversity (EXCLUSIVE)

variety.com:

Naman Ramachandran Korean entertainment powerhouse CJ ENM, the studio behind Oscar-winning “Parasite,” is intensifying its strategy to expand its international footprint while navigating a challenging media landscape where production budgets have been rising and traditional linear TV faces market headwinds. “We have really strong creators, especially writers and directors and producers … this system that’s been developed for many years,” said Jangho Seo, executive VP of CJ ENM’s content business division, speaking with Variety at Hong Kong FilMart. “Production budgets have been going up for some time, and the linear TV is suffering because, like any other countries, Korean linear TV landscape is not so good.” As Korean content has gained explosive global recognition, CJ ENM is focusing on maintaining quality while broadening its scope beyond drama series. “We still want to focus on how we can make well-made content which can appeal not only to local Korean audiences, but to regional and global audiences,” Seo explained. “Not only drama content, but we are trying to make a [strong] footprint in entertainment shows, music shows and movies.” The company is pursuing a dual approach to distribution, partnering with global platforms like Netflix, while simultaneously strengthening its own streaming platform, Tving, which now trails just behind Netflix in the Korean streaming market.

A merger with South Korean streamer Wavve is in the works. When asked about filling content gaps created by 2023’s Hollywood strikes, Seo said that CJ ENM has maintained its production volume despite industry difficulties. “We keep making our quality content to fill this gap,” he says, confirming the company’s robust investment in original content.