Over-the-top (OTT) TVING and leading content company CJ ENM embark upon full-fledged business expansion in partnership with JTBC.
CJ ENM and JTBC Studio plan to open a new horizon in Korea's digital media distribution business by consolidating their content capabilities through TVING. Since its launch, the joint venture TVING has been evaluated as a game-changing platform in the OTT market, given the vast content library owned by CJ ENM and JTBC Studio and expected synergistic effects between them in terms of the production of original content. The content competitiveness of both companies has been verified for several years as indicated last year by tvN's and and JTBC's and , which were regarded as the best dramas of the year. In addition, the market is paying attention to TVING’s next steps as NAVER has recently announced an investment plan in TVING.
Starting with , directed by Jung Jong-yeon who has secured a strong fanbase through , , and , TVING is planning to invest more than 400 billion won over the next three years in the production of large-scale IPs and well-made original content focusing on dramas and entertainment shows. Furthermore, the company is preparing short- and mid-form content aimed at the MZ generation (millennials + gen Z) who are more familiar with the digital environment. An official from TVING said, "In addition to collaboration/spin-off programs based on the IPs owned by the two companies, we are planning to produce high-quality original content with the star creators of both CJ ENM and JTBC including tvN, JTBC Studio, and Studio Dragon. The results will be released sequentially from the beginning of this year. We will grow into a company that can contribute to the growth of the domestic content industry by expanding collaboration with external competent creators.”
Yang Ji-eul, CEO of TVING, said, “We will bring together the capabilities of the two leading content companies in Korea and foster TVING into Korea’s representative OTT platform with over 5 million paid subscribers by 2023,” noting, “Through bold investment, we will continuously upgrade TVING into easier and more convenient services through the production and supply of premium dramas and entertainment contents as well as the delivery of personalized content services.”
Currently, TVING services more than 60,000 domestic and foreign programs while running 35 real-time TV channels.