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 across its various platforms, including linear TV stations and Tving.
The integration of Fifth Season into CJ ENM’s operations has opened new pathways for global expansion. “Fifth Season is the key premium content provider in the United States. The United States is the most important entertainment hub,” Seo noted. The acquisition has created collaborative opportunities, including the development of CJ ENM intellectual property for U.S. production. Seo highlighted how the partnership with Japan’s Toho through Fifth Season has expanded possibilities, citing “Godzilla Minus One” as an example of successful collaboration. “We can co-develop something together for global content,” he said.
CJ ENM faces a particular challenge in balancing creative innovation with global audience expectations. “The appetite for local Korean and appetite from our international audience are a little bit different,” Seo observed. “The international audience tends to like Korean romantic comedy or romance more than genre titles like action. But in Korea, romantic comedy, especially targeting young females, is not [earning] great ratings.”
The company has been leveraging internal greenlight committees to evaluate whether content can appeal to both domestic and international viewers. Seo pointed to “Study Group,” a recent action-oriented series that performed well internationally despite initial skepticism from partners who expected typical Korean romantic fare, as a recent successful example.
On international co-productions, Seo expressed optimism despite historical challenges. “Co-production, especially international co-production, has been tried a lot, not just now, but 10 years ago,” he said, acknowledging past difficulties in creating content that satisfies multiple markets. “When you target two different cultures and make something in between, usually it’s not very successful.”
However, he believes audience tastes are becoming more global, creating new opportunities, such as “Mugen Loop,” a recently announced game show co-production with Japan’s TBS, based on an unscripted format developed by CJ ENM.
Regarding AI and virtual production, Seo views technological advancement as essential to addressing rising production costs. “Without advanced technology like AI, it’s not really easy to have that,” he said, noting that CJ ENM is already using AI in content distribution and is exploring applications throughout the production chain.
Looking toward the future of Korean content globally, Seo emphasized the importance of genre diversity while maintaining quality. “We want to have diversity and more variety,” he said. While romantic comedies have been a strong export, CJ ENM is expanding into action thrillers, horror and other genres to broaden its portfolio. The company has already seen international success beyond Asia, with Mexican broadcaster Televisa airing Korean shows, including “True Beauty,” on its linear channels, and Imagen TV in Mexico creating dedicated Korean drama programming blocks.
“We want to duplicate this success in other areas, so that Korean content has a truly global appearance,” Seo said.
