CJ ENM to Create Joint Venture to Produce Japanese Series for Global Streaming Services
SEOUL, May 12 (Yonhap) — South Korean media and entertainment leader CJ ENM announced on Thursday that it will establish a theater studio in Japan through a joint venture with its theater production company Studio. Dragon and Line Digital Frontier, a Japanese subsidiary of Naver Webtoon.
The three parties will jointly invest 30 billion won ($23 million) to launch the company tentatively called “Studio Dragon Japan” in the first half of this year. Naver Webtoon is a webtoon service operated by South Korean internet portal giant Naver.
According to CJ E&M, the proposed joint venture aims to lead the Japanese TV drama market, leveraging the South Korean drama studio’s expertise in drama production and distribution as well as intellectual property (IP) content. ) of the Japanese company.
The size of Japan’s content market was about $191.3 billion last year, the third largest in the world after the United States and China. Line Digital Frontier is the largest digital comics platform in Japan by trading volume.
CJ ENM expects the envisioned production studio to be able to create hit shows that will differentiate themselves from existing Japanese dramas in a short period of time using IP content from Line Digital Frontier and Naver Webtoon.
“Studio Dragon Japan will serve as a bridgehead for talented creators from Korea and Japan to interact with each other and as a gateway to the global expansion of competitive content,” said Kang Cheolgu, general manager of Japanese drama business. by CJ ENM. “We will produce premium dramas targeting various global streaming services and other new channels,” he added.