Jangho Seo, EVP of CJ ENM and CEO of Content Wavve, and Julie Choi, CEO of TVING, showcased their strategies for international expansion and offered insights into Korean content trends at Asia TV Forum.
TVING has begun expanding internationally on the heels of the success of Korean content globally, rolling out to Southeast Asia, Hong Kong, Taiwan and Japan, Choi said. The platform has aligned with HBO Max for a branded hub in 17 markets across the Asia Pacific.
Seo referenced the importance of balancing TVING’s expansion strategy with CJ ENM’s existing global licensing business, which has traditionally been strong across Asia and has since expanded further afield to markets like LatAm. Notably, three terrestrial broadcasters in Mexico (Televisa, TV Azteca and Imagen Télévision) have begun airing CJ ENM dramas, the company has clinched a deal with Shahid in MENA and is working with MX Player in India.
Choi, discussing TVING’s need for edgy, stand-out originals, discussed the importance of diversifying beyond standard romance drama, which has long been Korea’s best-selling genre. That style, however, isn’t striking a chord in Korea right now, Seo said. “We have to find something that will work in Korea and outside Korea as well.”
Seo went on to note the high budgets for Korean content, making international sales and IP building key to CJ ENM maintaining its content investments.
The conversation, led by ContentAsia’s Janine Stein, then moved to partnerships and co-pros. TVING has been working more closely with the CJ ENM channels team, Choi said.
Seo said CJ ENM is open to partnerships and referenced alliances with the likes of TBS in Japan and a long-running joint venture in Thailand.
On the challenges ahead, Choi pointed to Netflix’s dominance in Korea’s streaming sector. Marketing is also a challenge as the platform builds its regional presence.
For Seo, the main pain points are budgetary pressures and the challenges in expanding globally.
On what’s ahead, Choi noted, “We have a vision to become the number one destination for Korean content in global markets. I believe we are in the best position to become the number one Korean content destination for global audiences.”
Partnerships are essential to that strategy, she said. “So we are planning to expand into the Western market very soon.”
