Netflix To Enter Extensive Partnership With CJ ENM And Studio Dragon In 2020
On November 21, CJ ENM-owned subsidiary Studio Dragon signed an extensive partnership deal with the global streaming powerhouse Netflix. Beginning next year, the three-year partnership will see Studio Dragon produce content that Netflix will have exclusive distribution rights to. Additionally, Netflix will get global distribution rights to select content from Studio Dragon that isn’t produced as a result of the partnership, and CJ ENM will be permitted to sell up to 4.99 percent of Studio Dragon shares to Netflix.
The partnership follows on the heels of other successful collaborations between the three companies, with other K-dramas such as “Mr. Sunshine,” “Memories of the Alhambra,” “Stranger,” and “Arthdal Chronicles” finding great success on the streaming platform.
Ted Sarandos, the Chief Content Officer for Netflix, said in a statement, “CJ ENM and Studio Dragon represent the gold standard in Korean entertainment and we are excited and honored to work with them. This partnership with CJ ENM and Studio Dragon demonstrates our commitment to Korean entertainment and allows us to bring more top-tier Korean dramas to Netflix members in Korea and all over the world.”
Netflix CEO Reed Hastings added, “We’re thrilled to be partnering with both CJ ENM and Studio Dragon and look forward to a prosperous relationship for many years to come.”
CJ ENM CEO Heo Min Hoi said, “[Our company] is a leader in the market, and we’re expanding our domestic success overseas. As we continue to focus on strengthening content without borders and expanding our global distribution, this partnership with Netflix will continue to introduce Korean content to global audiences, providing new experiences and values.”
Choi Jin Hee, a representative from Studio Dragon, commented, “I believe that today’s announcement affirms how Korean content and storytelling is beloved around the world, and goes to show how effective [our company’s] creative process is. We will strive to make ourselves known as a major global studio.”
Are you excited to see what new dramas come from this partnership?