NAVER has joined CJ ENM's over-the-top (OTT) media service TVING, raising the prospect of CJ ENM’s acceleration of business expansion in the sector.
On Wednesday, June 30th, CJ ENM announced, “NAVER has solidified its business collaboration regime by deciding to invest in TVING following its commitment to JTBC Studio,” noting, “The two companies are planning to further strengthen their mutual cooperation to accelerate the growth of TVING going forward.”
Last October, NAVER entered a strategic partnership with CJ ENM through securities exchange, announcing plans to invest in TVING as part of the partnership. Since then, the two companies have maintained a close cooperative relationship, starting with the launch of a product that combines NAVER Plus membership and TVING in March as their first collaboration commitment.
NAVER's investment in TVING is intended to accelerate investment in original content, which is the key to OTT success, as well as boost capabilities on the part of TVING. NAVER’s TVING investment is aimed at maximizing synergistic effects between CJ ENM that has a forte in content planning and production capabilities and NAVER that possesses various original IP such as webtoons and web novels. CJ ENM and NAVER have also agreed to actively cooperate in the overseas expansion of TVING by utilizing their overseas business capabilities.
TVING CEO Yang Ji-eul said, “In close cooperation with NAVER, we will strengthen the impact of TVING originals by producing top-tier, well-made content that will be well received not only in the domestic market but also in the global market,” pledging, “Through aggressive investment, we will expand our content portfolio and strengthen our specialized TVING services such as providing personalized content.”
Since being spun off from CJ ENM last October and launched as an independent corporation, TVING has been rapidly expanding its business by securing original content. Most notably, following its release of the first original in January, TVING has been pouring out original contents across various genres such as entertainment, movies, dramas, and sports. Na Young-seok producer’s and tvN's produced as a spin-off of which were released last month, are gaining high popularity amid favorable reviews. The movie and the entertainment show are also attracting attention. TVING has also stretched its content to sports by broadcasting the '2020 UEFA European Football Championship (UEFA EURO 2020)’ live.
TVING plans to become the 'No.1 K-content platform’ by producing over 100 originals and securing 8 million paid subscribers by 2023 while expanding its business globally in 2022, releasing more than 30 original contents this year alone.