Korean corporation CJ ENM is planning to expand its investment in entertainment content to a massive US$4.4 billion over the next five years, Yonhap reported. The company is already one of Asia’s largest entertainment groups, but it is now seeking to achieve a global footprint.
"We will become a comprehensive entertainment company through diversifying content creating systems and meeting consumers' demands on a real-time basis," assured Kang Ho-sung, CEO of CJ ENM, during a press event celebrated on Seoul, South Korea. "And we will move on to the world stage and compete with global platform and media powerhouses," he added.
To achieve the goal, the company will spend 5 trillion won ($4.4 billion) on content over five years, with some 800 billion won ($708 million) going into production in the current year. That figure compares with the 500 billion won ($450 million) figure that Netflix announced it will spend in Korea in 2021.
CJ ENM is a leading media company in the South Korean entertainment industry, encompassing sectors like film, TV, pop music and musicals. It is the firm behind the Oscar-winning film "Parasite" and it has produced global hit TV series such as "Guardian: The Lonely and Great God" (2016) and "Crash Landing on You" (2019).
The group aims to set up more production studios specializing in variety shows, films and animations, and offer their creations to its streaming platform affiliate Tving and global giants like Netflix. On top of that, CJ ENM said it will put more business priority on the K-pop scene, which has expanded its global fan base over the past few years. At the same time, it will expand global business partnerships with major content creators in the United States, Europe and Asia.