Entertainment and Lifestyle Company CJ ENM and its subsidiary Studio Dragon announced on the 21st (Thursday) that they have signed a strategic partnership with Netflix for content production and global content distribution.
With this strategic partnership agreement, CJ ENM and Studio Dragon will start producing original content that Netflix subscribers around the world can enjoy for three years from January 2020. In addition, some of the contents produced by Studio Dragon, for which CJ ENM has distribution rights, will be presented to the world through Netflix. As part of this partnership, CJ ENM has the right to sell up to 4.99% of Studio Dragon stock to Netflix.
The partnership was promoted to expand and strengthen the cooperative relationship between CJ ENM, Studio Dragon, and Netflix. This is an example of Netflix signing a long-term business contract with a Korean content provider, spotlighting excellent content production capabilities of CJ ENM and Studio Dragon in the global market for viewers around the world. Going forward, CJ ENM is expected to provide a wide range of opportunities for Korean creators in various fields such as content producers, directors, writers, and actors, to enter the global market. In addition, this will open the door for various genres of Korean content based on K-culture to meet viewers around the world.
Heo Min-heoi, CEO of CJ ENM, said, “CJ ENM is leading the changing market and expanding its best domestic performance overseas. As we have continuously focused on strengthening premium content and expanding global distribution, we believe this partnership with Netflix will introduce Korean content to global viewers and provide new experiences and values.”
Choi Jinnie, CEO of Studio Dragon, said, “I think today's announcement confirms that Korea's story and content production will receive greater love from all over the world and the content capabilities of CJ ENM-Studio Dragon. Studio Dragon will strive to become a major global studio.”
Reed Hastings, CEO of Netflix, said, “We are very encouraged by our partnership with CJ ENM-Studio Dragon. I believe this partnership will be the cornerstone of a prosperous partnership for many years to come.”
Ted Sarandos, Chief Content Officer of Netflix, said, “It is an honor to collaborate with CJ ENM-Studio Dragon, a company that represents the Korean entertainment industry at a high level in the world.” And he continued, “This partnership embodies Netflix’s deep trust and clear commitment to Korean content. We will be able to present high-quality Korean dramas to Netflix members around the world.”