On November 21, CJ ENM-owned subsidiary Studio Dragon signed an intensive partnership cope with the worldwide streaming powerhouse Netflix. Beginning subsequent 12 months, the three-year partnership will see Studio Dragon produce content material that Netflix could have unique distribution rights to. Additionally, Netflix will get international distribution rights to pick content material from Studio Dragon that isn’t produced on account of the partnership, and CJ ENM will likely be permitted to promote as much as 4.99 p.c of Studio Dragon shares to Netflix.
The partnership follows on the heels of different profitable collaborations between the three corporations, with different K-dramas resembling “Mr. Sunshine,” “Memories of the Alhambra,” “Stranger,” and “Arthdal Chronicles” discovering nice success on the streaming platform.
Ted Sarandos, the Chief Content Officer for Netflix, stated in an announcement, “CJ ENM and Studio Dragon characterize the gold normal in Korean leisure and we’re excited and honored to work with them. This partnership with CJ ENM and Studio Dragon demonstrates our dedication to Korean leisure and permits us to deliver extra top-tier Korean dramas to Netflix members in Korea and everywhere in the world.”
Netflix CEO Reed Hastings added, “We’re thrilled to be partnering with each CJ ENM and Studio Dragon and sit up for a affluent relationship for a few years to come back.”
CJ ENM CEO Heo Min Hoi stated, “[Our company] is a frontrunner available in the market, and we’re increasing our home success abroad. As we proceed to give attention to strengthening content material with out borders and increasing our international distribution, this partnership with Netflix will proceed to introduce Korean content material to international audiences, offering new experiences and values.”
Choi Jin Hee, a consultant from Studio Dragon, commented, “I consider that right now’s announcement affirms how Korean content material and storytelling is beloved world wide, and goes to indicate how efficient [our company’s] inventive course of is. We will try to make ourselves generally known as a significant international studio.”
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