Top executives at Korea‘s CJ ENM announced that they will retain their annual content spend at 1 trillion won ($750M), while acknowledging that new business models are necessary to combat the industry’s economic headwinds.
“Despite the growing uncertainty in the film industry, we will continue to support creators and enable their imaginations to come to life and shine bright,” said Yoon Sang-hyun, CEO of CJ ENM, at an event held alongside the Busan International Film Festival (BIFF).
TVING CEO Choi Ju-hui, Studio Dragon CEO Jang Kyung-ik, CJ’s Business Innovation Office Chief Lee Dong-hyun, CGV Domestic Business Division head Cho Jin-ho and Content Distribution SVP Seo Jang-ho were among those present at the event.
Cautious approach
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While the media conglomerate’s executives emphasized that they were all taking a cautious approach in their respective businesses, many highlighted they
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