The South Korean company behind Parasite is setting their eyes on a global scale. Yonhap News Agency has reported that CJ ENM Entertainment is investing ₩5 trillion, or $4.5 billion, into their content creation for the next five years. This will include film, television, K-pop, and much more.
In a press conference CEO Kang Ho-sung stated “we will move on to the world stage and compete with global platform and media powerhouses.” He also said that this would be done “through diversifying content creating systems and meeting consumers’ demands on a real-time basis.”
Kang has been the CEO of the company since December 2020, while this is rather recent, it is clear that he has lofty but possible goals for CMN Entertainment within the next half decade. Goals that could propel the company to something truly special. CJ ENM has been around for a little over a decade, since its inception in 2010.
Their film Parasite broke ground as the first foreign film, in the nearly century-long history of the Academy Awards, to win Best Picture. It won it a little over a year ago at the 2020 Oscars Ceremony, which feels like nearly a century ago.
The budget for the Bong Joon Ho’s societal class feature was only $15.5 million, and garnered critical, audience, and financial success. It is quite clear that a lot of content can be created with the $4.5 billion they plan to allocate for media in the next 5 years.
This will be an interesting story to check up on, and here’s to hoping CJ ENM Entertainment makes the global leap and is able to compete with the other powerhouse studios around the world.