SEOUL – CJ ENM, a media company that created the Oscar-winning film ‘Parasite,’ will open a new drama production studio in Japan through cooperation with the webtoon service wing of South Korean web services giant Naver, in as part of efforts to establish a multi-studio system and strengthen global content competitiveness.
The new studio tentatively named “Studio Dragon Japan” will be set up by the end of June 2022 with a capital injection of 30 billion won ($23 million) from Naver Webtoon’s Japanese subsidiary, LINE Digital Frontier, and of CJ ENM with his drama production studio. “Dragon Workshop.”
CJ ENM said that its expertise in content development, financing, production and distribution will be combined with the intellectual property of LINE Digital Frontier, which is a popular digital cartoon platform in Japan.
Since the Japanese drama market is centered on domestic demand driven by terrestrial channels, it is rare to produce major online video service (OTT) dramas for fans around the world. CJ ENM aims to produce differentiated content from existing Japanese series in a short period of time using source IP from Naver Webtoon and LINE Digital Frontier.
Webtoon, also known as webcomics, is an online cartoon service. Naver Webtoon offers webcomics content in different languages. Popular digital comics have been recreated in various content, including games, TV series, and movies.
“Studio Dragon Japan will serve as a bridgehead for skilled creators in South Korea and Japan to interact, as well as a gateway to the global expansion of competitive content,” said Kang Cheol-gu, head of drama business at CJ ENM in Japan. in a statement on May 12. “We will produce premium dramas targeting various global OTTs and other new channels.”
Building on the growing popularity of its content, CJ ENM, together with twenty popular cable TV channels, launched an aggressive campaign for content production targeting the global market. The company has produced films and dramas based on Naver’s webtoons and web novels since its parent group signed a strategic partnership with Naver in October 2020.
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