CJ ENM sets up joint venture with Japanese media giants to target global content market
Yoon Sang-hyun, center, CEO of CJ ENM, poses with Abe Ryujiro, left, president & CEO of TBS, and Tsutsumi Tenshin, CEO of U-NEXT, after agreeing to establish a joint venture StudioMonowa at CJ ENM Center in Seoul, Thursday. Courtesy of CJ ENM
CJ ENM established a new joint venture with two Japanese media giants TBS and U-NEXT Holdings to strengthen its presence in the global content market, the entertainment company said Friday.
The company held a signing ceremony in Seoul, Thursday, to launch a joint venture StudioMonowa. The name combines the Japanese words for story, "mono," and harmony, "wa," symbolizing a space where Korean and Japanese content connect to create new value.
TBS is a major Japanese television network and content creator, while U-NEXT Holdings operates the country's leading local streaming platform, U-NEXT.
Under the partnership, the companies will integrate their capabilities to manage the entire content value chain. This includes original intellectual property (IP) discovery, content production and global distribution.
Yoon Sang-hyun, CEO of CJ ENM, said the collaboration is oriented toward audiences well beyond Asia.
"Through our collaboration with the leading content companies representing Korea and Japan, we will introduce hit content that targets not only Asia but the global market," Yoon said.
The venture will utilize a business model based on life-time value, spanning from initial investment to secondary works and spin-off businesses. CJ ENM will lead content planning and production while TBS focuses on original IP discovery within Japan and U-NEXT handles the distribution of original titles through its platform.
Abe Ryujiro, CEO of TBS, said the partnership will allow the companies to showcase groundbreaking content by combining their respective strengths.
"The trinity of CJ ENM’s world-renowned production DNA, TBS’s creative expertise and U-NEXT Holdings’ powerful platform reach will allow us to showcase groundbreaking content that captivates global audiences," the CEO said.
The strategic move comes as the Japanese content market is showing significant growth. The market was valued at around 67 trillion won ($45.5 million) as of 2023, with the streaming sector expanding at an annual rate of over 20 percent.
Tsutsumi Tenshin, CEO of U-NEXT, noted that the joint venture will leverage the operational expertise the company has accumulated as Japan's top local streaming service.
The establishment of the joint venture follows a visit to Japan by CJ Group Chairman Lee Jay-hyun last April to explore collaborations with local media leaders. CJ ENM has previously seen success in the Japanese market with projects such as the remake of the series "Marry My Husband" and collaboration dramas with TBS.