The E&M Consortium Expected to be the Preferred Operator for Cheongna Video Culture Complex... Participation by Hyundai, Kumho Construction, and Others

[Asia Economy Reporter Jang Hyowon] The E&M announced on the 15th that its core business entity, The E&M Consortium, is expected to be selected as the preferred negotiator in the public offering for the Cheongna Video Culture Complex Project.

The E&M Consortium received the highest score in the proposal evaluation for the public project and will proceed with priority negotiations to sign a business agreement with the Incheon Free Economic Zone Authority for the Cheongna Video Culture Complex Project. This project aims to create a globally competitive video and cultural cluster by attracting the video industry, a core strategic industry within Cheongna International City. The project scale is approximately 1.5 trillion KRW, and it will establish video production infrastructure such as indoor and outdoor studios and tourism cultural facilities on about 188,000㎡ of land in Cheongna-dong.

The E&M Consortium is centered around The E&M Co., Ltd., the largest single-person media platform operator in Korea with experience in video media content production. The consortium includes video culture business partners such as Ace Factory, J Partners, Mace Entertainment, the Korea Scenario Writers Association, and other small but strong content production companies and associations. Construction companies Hyundai Engineering & Construction and Kumho Construction are also participating respectively.

The E&M’s proposed project, “SOM:CITY,” meaning “City of Dreamers,” is planned as a cluster with three themes. The Blue Zone consists of video production facilities concentrated on content production. The Red Zone will have various cultural attraction facilities such as immersive media experience zones, exhibition conventions, and food and beverage facilities. The Green Zone is planned as residential officetels and ancillary facilities for video industry workers.

According to the Incheon Free Economic Zone Authority, The E&M Consortium was evaluated as being composed with the goal of building infrastructure where excellent specialized companies in the video culture industry can coexist. It was also praised for proposing appropriate themes and concepts for the complex development and for excellent connectivity between the complexes.

The E&M Consortium plans to lead the project comprehensively by investing 70% in the development and operation corporation as the core business entity. The company presented a 30-year responsible operation plan with a landmark strategy to make Incheon a tourist attraction and the goal of “revitalizing domestic content and globalizing K-content.”

A company official said, “This era is a war for securing content,” and added, “To this end, we formed a consortium with creative entities that have competitiveness in each content field.” He continued, “Through a content-centered landmark strategy, we will grow into a world-class video culture tourism site and build a content industry ecosystem.”

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