As a seasoned industry veteran with decades of experience under my belt, I find the commitment by CJ ENM executives to invest over $750 million annually in content truly inspiring. The challenges they face are daunting – from the ongoing weakness of theatrical box office to the disruption caused by AI – yet their resilience and optimism are commendable.
Representatives from South Korea’s leading media and entertainment group, CJ ENM, have pledged to allocate more than 1 billion Korean Won ($750 million) annually towards content production.
At a gathering during the Busan International Film Festival, CJ ENM’s CEO Yoon Sang-hyun expressed confidence in K-content. He stated that by maintaining an investment of approximately 1 billion Korean Won and leveraging the knowledge gained from global studios, cinemas, and streaming platforms, CJ ENM is committed to enhancing the performance within the film industry.
Yoon along with other leaders within the organization expressed a positive outlook regarding the company’s long-term prospects, but simultaneously admitted to challenging obstacles in the short term.
Yoon pointed out several obstacles, such as persistent low ticket sales in Korean theaters (as well as abroad), evolving trends in the streaming industry, a growing preference among viewers for brief video content, and possible interference from artificial intelligence.
Yoon stated that our company is currently investing more in content than any other in Korea, and we’re dedicated to expanding this investment even more,” he added.
He failed to dissect the breakdown of sectors within the figure, nor did he distinguish between content suitable for exploitation or TV shows produced by Studio Dragon’s massive TV production company. Moreover, it’s been reported that CJ ENM’s funding in feature films has noticeably decreased compared to a few years ago.
However, the specific figures might not be crucial since Yoon and his team emphasized the broader application and multi-purpose use of content across their various distribution channels. As Cho Jin-ho, head of the domestic business division at CJ-CGV’s exhibition arm, pointed out, “We’ve observed that a film that didn’t perform well in cinemas can achieve significant success on streaming platforms.
Multiple challenges lie ahead. As stated by Seo Jang-ho, head of content business: “The production costs have nearly doubled compared to before the COVID-19 pandemic. Every TV channel is experiencing a decrease in advertising income, which makes it difficult to fund new productions. Moreover, this gap isn’t being made up by international sales.
Lee Dong hyun, a business innovation leader at CGV, expressed: “In the movie industry, we’re currently operating at about 60% of our peak potential. The recovery is happening slowly. While there have been some successful films, the performance of movies in the mid-tier category has significantly dropped, which raises genuine concerns for next year and beyond.
Choi Ju-hui, Tving’s chief, noted that their streaming service has now matched Netflix in terms of popularity within South Korea. At the current time, they anticipate a 5% increase in subscribers. Their focus is now on broadening their subscriber base and revenue, as well as adapting to the evolving needs of consumers, such as offering live broadcasts of KBO baseball games.
Studio Dragon’s new leader, Jang Kyung-ik, mentioned that he had been hearing a lot about ‘crisis’ since joining the team. While it’s true that the number of long form shows produced has decreased from 120 in 2022 to 105 last year and further to 96 this year, he believes that the studio is now settling into a more consistent pace, with around 100 shows per year being produced.
The speakers gave multiple examples of content usage innovation and cross-platform exploitation. TV show, “Spice up our Love” was given differently rated versions on linear TV and R-rated Tving streaming. Another show, “A Bloody Lucky Day” saw some episodes premiere in CGV theaters a couple of days before airing on TV.
Jerry Ko, who leads the film division within our group, stated that after a decade of uninterrupted expansion in the movie industry, we find ourselves in a new setting. Now, we’re adapting to be more precise with our investment decisions and are striving to ensure that our films gain international recognition.
2025 is shaping up to be an exciting year for cinema! As a movie enthusiast, I can’t wait to see what’s in store. Among the highly anticipated titles are:
Read More
- AAVE PREDICTION. AAVE cryptocurrency
- W PREDICTION. W cryptocurrency
- PENDLE PREDICTION. PENDLE cryptocurrency
- NOT PREDICTION. NOT cryptocurrency
- WIF PREDICTION. WIF cryptocurrency
- MPLX PREDICTION. MPLX cryptocurrency
- PYR PREDICTION. PYR cryptocurrency
- TOKE PREDICTION. TOKE cryptocurrency
- PAXG PREDICTION. PAXG cryptocurrency
- PERP PREDICTION. PERP cryptocurrency
2024-10-04 06:16