CJ E&M Reveals Plans To Further Venture Into Foreign Film Production
On September 13, CJ E&M held a presentation at the Plaza Hotel on global film business, in which the company’s Senior Manager Jung Tae Sung and Overseas Business Senior Manager Im Myung Gyun made a presentation about their plans for expansion into the global film industry.
CJ E&M revealed that by the year 2020, they will produce and premiere over 20 films per year and that their goal is to become a global production studio that produces films in over 10 languages.
Beginning in 2007 with the Korean and American collaboration film “August Rush,” CJ E&M has produced and premiered a total of 23 films in the United States, China, Japan, Vietnam, Indonesia, and Thailand. With many of these films hitting number one in local box offices, the company produced four films in 2015 and nine films in 2016, and plans to increase this number to 20 in the next three years.
Senior Manager Jung Tae Sung explained the shift to foreign markets. He said that in the last few years, the domestic film market has become stagnant at 2 trillion won (approximately $1.77 billion USD) while the population of the core target of the film industry, people in their 20s to 30s, is decreasing. With people watching 4.2 movies per year, it is difficult to expect an increase as it is already considered one of the highest rates in the world.
He then stated that CJ E&M would be the solution to Hollywood’s global distributive power and China’s capital power, as it would “produce local films using the Korean film industry’s creative power,” and that the company will actively advance into the global market.