CJ E&M aims to make 20 films overseas by 2020
[THE INVESTOR] CJ E&M, the media and entertainment unit of conglomerate CJ, said on Sept. 13 that it will increase the annual number of localized versions of its movies in overseas markets to 20 by 2020.
It also presented a vision for becoming a “global film studio” that makes films in more than 10 languages, during a press conference at a Seoul hotel.
CJ E&M produced nine localized versions of Korean films last year. It invests in or distributes over 10 to 15 Korean films at home.
Jeong Tae-sung, head of CJ E&M’s film division, said as the local market is already saturated, his company is now planning to shift its weight to the global market.
The film division has struggled in the local market in recent years, posting a deficit of 13.6 billion won (US$12 million) in the fourth quarter of last year. It turned to a surplus in the first quarter of this year but recorded an operating loss of 1.6 billion won in the second quarter. The production cost per movie is soaring to some 10 billion won but only a few films have exceeded the break-even point.
“The success of CJ E&M in overseas markets will be a test for measuring if the stagnant domestic film industry will be able to make its second leap forward,” said Jeong who has led the company’s film division since June 2012.
He said the company has learned the best way to reach foreign audiences is producing localized versions of homegrown films than selling remake rights or exporting hit Korean-language movies with subtitles in foreign languages.
By Alex Lee and newswires (email@example.com)