HONG KONG (Yonhap) -- CJ E&M Corp., the entertainment arm of South Korean conglomerate CJ Group, has launched a joint venture with a Taiwanese firm as part of efforts to expand its business in East Asia's online gaming industry, company officials said Thursday.
The operator of South Korea's popular online game site Netmarble and Taiwan's Cayenne Entertainment Technology Co. have recently established Taipei based-Joy Bomb Entertainment Technology Co.
The South Korean firm has contributed 60 percent of the initial capital of $4 million.
The establishment of the joint venture is aimed at tapping the Taiwanese online game market, in which more than 5 million people, or 22 percent of the total 23 million population, are estimated to play.
The two firms, however, seek primarily to cooperate further to break into China, which is expected to take over the U.S. to become the world's leader in the online games market.
According to business and consulting firm Pear Research, China's online game market will exceed $9.2 billion by 2014.
The Chinese Ministry of Culture said earlier that total sales of computer and mobile games in China reached 46.9 billion yuan ($7 billion) last year, up 34 percent on-year.
Three leading Chinese online firms -- Tencent Technology Co., Netease Inc. and Shanda Games Ltd. -- make up some 60 percent of the Chinese online game market.
Tencent is the dominant market leader in China, accounting for over a third of all revenue in China's online game market.
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