CJ ENM looks to animation, sports as movie theaters struggle

CJ ENM CEO Yoon Sang-hyun speaks during the company's press event in Busan on the sidelines of the Busan International Film Festival (BIFF) on Friday. [CJ ENM]
CJ ENM will stick with its plan to invest 1 trillion won ($750 million) annually in content production despite persistent uncertainties and unfavorable business conditions.

Korea's film industry, once one of the world's largest, is still underperforming its pre-pandemic numbers. While many other major markets have largely recovered, the country's 125 million cinema attendees recorded in 2023 totaled just over half the 226 million counted back in 2019, according to the Korea Box Office Information System.

The entertainment company plans to use the funds to diversify into animation, sports and art, particularly in overseas markets, CEO Yoon Sang-hyun said during a press event on the sidelines of the Busan International Film Festival (BIFF) on Friday.

CJ ENM is currently working on 20 cross-border projects, produced by its studios in the United States and Japan including Studio Dragon, and has been pushing to launch its streaming platform, Tving, in the United States, Japan, and Southeast Asia for the past few years.

CJ will also seek market opportunities in regions such as the Middle East and India but mentioned that dubbing its content for those markets would require government support.

“Despite the uncertainty in the film industry, we plan to aid creators to their success [and] continue to maintain the 1 trillion won yearly investment in content to lead the K-content ecosystem,” Yoon said at the event. BIFF runs Busan from Wednesday to Oct. 11.

The company is also considering incorporating AI into both the production and distribution of its content.

CJ ENM — which owns traditional television channel tvN, streaming service Tving and CGV multiplex theaters — emphasized that the three platforms will continue to cooperate throughout the process.

“Using CJ Group’s resources, we can have the company's popular content on linear channels, on streaming platforms and in theaters,” the CEO said, noting that the company’s upcoming television series, “Dongjae, the Good or the Bastard,” produced by Studio Dragon, will simultaneously release on Tving and tvN.