JTBC Joins Tving... Investing 400 Billion KRW Over 3 Years to Grow Native OTT

[Asia Economy Reporter Koo Chae-eun] JTBC Studio is joining CJ ENM's online video service (OTT) 'TVING.' Based on the content competitiveness of both companies, they plan to secure 5 million paid subscribers by 2023 and invest 400 billion KRW over three years to strengthen the competitiveness of the 'native OTT.'

On the 7th, CJ ENM announced, "We will combine the content competitiveness of both companies to grow into a representative OTT service in South Korea." CJ ENM and JTBC Studio signed an MOU in September 2019 to launch a joint OTT corporation, and accordingly, TVING was spun off from CJ ENM and launched as an independent corporation on October 1 last year.

The two companies plan to consolidate their content capabilities into TVING to open a new horizon in digital media distribution. Yang Ji-eul, CEO of TVING, said, "We will unite the capabilities of two leading domestic content companies to nurture TVING into South Korea's representative OTT platform with over 5 million paid subscribers by 2023," adding, "We will produce and supply premium drama and entertainment content through bold investments."

Investment will also be expanded. TVING plans to invest more than 400 billion KRW in production costs over the next three years to create well-made original content focusing on dramas and entertainment.

Last year, tvN's and , and JTBC's and were recognized as hit dramas. TVING plans to start with PD Jung Jong-yeon's , which has formed a strong fan base with shows like , , and , and further expand investments going forward.

A TVING official stated, "We are planning high-quality original content in collaboration and spin-off formats based on the IPs owned by both companies, as well as utilizing star creators from CJ ENM and JTBC such as tvN, JTBC, JTBC Studio, and Studio Dragon."

This content was produced with the assistance of AI translation services.