Yang Ji-eul, CEO of TVING, Resigns... What Will Happen to the Native OTT?
Yang Ji-eul, CEO of the native online video service (OTT) TVING, is stepping down. It has been four years since he was appointed CEO in June 2020.
A media industry insider said on the 12th, "CEO Yang Ji-eul has expressed his intention to resign and is currently using his annual leave." Discussions about the next CEO are reportedly underway.
The background for his resignation is attributed to CJ ENM's shift in media strategy. The industry views that CJ ENM is considering various measures to overcome the ongoing deficits.
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Since TVING was spun off from CJ ENM in October 2020, it has been recording continuous losses. TVING posted deficits of 6.1 billion KRW in 2020, 76.1 billion KRW in 2021, and 119.2 billion KRW last year, with the deficit widening. Although there are expectations that the merger with Season will yield results this year, it remains difficult to survive in the OTT market environment where Netflix continues to dominate.
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