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CJ ENM partners with Netflix to reach global viewers
By Jun Ji-hye
CJ ENM and its subsidiary Studio Dragon have entered into a strategic partnership with U.S. streaming giant Netflix, signing a multi-year content production and distribution agreement, the Korean and U.S. companies said Friday.
CJ ENM is the nation's leading media entertainment company, and Studio Dragon is the leading production studio.
CJ ENM CEO Heo Min-heoi
By Jun Ji-hye
Under the partnership, Studio Dragon will produce original series that will be available to Netflix members all over the world for three years beginning next year.
Netflix will receive distribution rights from CJ ENM to other select Studio Dragon titles.
Netflix said the arrangement will extend and deepen its relationship with CJ ENM and Studio Dragon. The California-based company has already been streaming Studio Dragon hits like “Stranger,” “Mr. Sunshine,” “Memories of Alhambra” and “Romance is A Bonus Book.”
As part of the partnership, CJ ENM will also have the right to sell up to 4.99 percent of Studio Dragon shares to Netflix.
The partnership calls on CJ ENM to sell the shares within a year. Once Netflix buys 4.99 percent of the company, it will become the second-largest shareholder of Studio Dragon after CJ ENM.
It marked the first time Netflix has signed a long-term business agreement with a Korean content company.
CJ ENM said it and Studio Dragon will showcase their capabilities of producing quality content for viewers worldwide.
Netflix CEO Reed Hastings
The partnership will also contribute to offering greater opportunities for directors, writers, actors and actresses to make inroads into the global market through CJ ENM.
“CJ ENM has led the rapidly changing market and enhanced its influence in the global market,” CJ ENM CEO Heo Min-heoi said. “As we have worked hard to produce premium content and enlarge distribution to the global market, the partnership with Netflix will help introduce Korea's content to more global viewers.”
Netflix CEO Reed Hastings said, “We are thrilled to be partnering with both CJ ENM and Studio Dragon, and look forward to a prosperous relationship for many years to come.”
Ted Sarandos, chief content officer at Netflix, said the partnership demonstrates the U.S. company's commitment to Korean entertainment, which will allow it to bring more top-tier Korean dramas to Netflix customers in Korea and all over the world.
Netflix is the world's leading streaming entertainment service with over 158 million paid memberships in over 190 countries enjoying TV series, documentaries and feature films across a wide variety of genres and languages.