Article content summary Investment, production, organization, and distribution in all areas of content business cooperation
KT Studio Genie is valued at KRW 1 trillion within one year of establishment
Produce global masterpieces through content co-production
Strengthening channel competitiveness by organizing KT-produced contents and CJ ENM [Seoul=Newsis] Reporter Dong-hyun Oh = ·KT Group has secured a strong ally called CJ ENM. By attracting an investment of 100 billion won from CJ ENM, it will strengthen its competitiveness in the media∙content business.
KT and CJ ENM signed a strategic partnership for content business cooperation at the KT Gwanghwamun Building in Jongno-gu, Seoul on the morning of the 21st.
Through this partnership, CJ ENM has become a strategic investor to strengthen the competitiveness of content between the two companies, such as ▲ equity investment of 100 billion won in KT Studio Genie ▲ purchasing contents produced by KT Studio Genie and organizing channels ▲ co-production of contents with KT Studio Genie Participate. In addition, the two companies plan to create synergies in the content business in various areas, such as ▲ cooperation in music business ▲ creation of a joint fund for immersive media business ▲ formation of a business cooperation committee for joint projects in media & #8729;
In the process of strategic alliance with CJ ENM, KT Studio Genie signed an investment attraction contract worth 100 billion won by estimating the corporate value to be over 1 trillion won. KT Studio Genie, which has succeeded in attracting the first strategic investor, plans to secure source IP, acquire a competent production company, and invest in equity in order to strengthen its content production capacity in earnest.
KT Studio Genie was established in January last year to oversee KT Groups media∙content business. Storywiz, a company specializing in web novels and webtoons, MPP channel Sky TV, OTT season, music streaming platform Genie Music, T-commerce ∙ contents distribution company kt Alpha, etc. It constitutes a media value chain that runs from production to distribution.
KT Studio Genie and CJ ENM plan to raise the status of K-contents through content co-production. Among the source IPs secured by KT Studio Genie, high-quality plans were jointly produced by the two companies to create a global masterpiece.
In addition, CJ ENM will purchase a certain amount of original content produced by KT Studio Genie and plan to organize it on CJ ENMs own channels such as tvN and Tving. Through this, KT Studio Genie will be able to strengthen channel competitiveness by expanding content distribution to CJ ENMs influential channels beyond the Olleh TV season platform and Sky TV channel, which were previously in charge of programming.
Meanwhile, the two companies will form a business cooperation committee to promote joint projects across the media∙ Key executives from both companies in each business field, such as content, music, web novels, and webtoons, will participate as representatives directly to discover joint project items and seek ways to cooperate. Through this, omni-directional content cooperation with CJ ENM and other group companies that make up the KT group media value chain in addition to KT Studio Genie is expected to continue to expand.
Kang Ho-seong, CEO of CJ ENM, said that cooperation with KT, a leading media platform company, will be a great help for CJ ENM to become a global total entertainment company.
Kyung-rim Yoon, head of KTs Group Transformation Division, said that KT Studio Genie, which has secured a strong ally, CJ ENM, is expected to spur its growth by spurring the acquisition of source IP and production capabilities. Of course, they announced that they would continue to cooperate with CJ ENM in various ways for the development of K-contents and the domestic media ecosystem.
