[팍스넷뉴스 조아라 기자] CJ ENM and JTBC join hands to preoccupy the OTT market. JTBC Studio, JTBC’s IP (Intellectual Property) management corporation, has invested 20 billion won in Teabing and has become the second largest shareholder. It plans to converge the content capabilities of both companies and establish itself as a representative OTT in Korea.
JTBC secured a 16.67% stake in Teabing by participating in the issuance of convertible bonds worth 14 billion won while executing a 6 billion won capital increase on the 7th.
Earlier in September of last year, the two companies signed an MOU to launch an OTT joint venture. After that, in October, Teabing completed preparations for the merger by spin-off from CJ ENM. The largest shareholder of Teabing is CJ ENM, which holds 83.33% of the stake.
CJ ENM and JTBC Studio plan to open a new horizon of digital media distribution in Korea by combining the content capabilities of both companies with teabing.
In addition, the market is drawing attention on Teabing’s future moves, such as Naver’s recent announcement of an investment plan in the joint venture Teabing.
Teabing plans to invest more than 400 billion won in production costs over the next three years to produce large-scale IP and well-made original contents focusing on dramas and entertainment. Short-form and mid-form contents aimed at the MZ generation (millennial + Z generation) familiar with the digital environment are also being prepared.
An official from Teabing said, “In addition to programs in the form of collaboration and spin-off based on the IPs owned by the two companies, high-quality original contents using star creators from both CJ ENM and JTBC such as tvN, JTBC, JTBC Studio, and Studio Dragon Planning.” “These contents are aiming to be released sequentially from the beginning of this year.”
Yang Ji-eul, CEO of Teabing, said, “We will bring together the capabilities of two leading domestic content companies to foster Teabing as Korea’s representative OTT platform with more than 5 million paid subscribers by 2023. We will produce and supply premium drama and entertainment contents through bold investment. We will continue to upgrade Teabing to a more convenient and easy-to-use service through personalized content services.”
Currently, Teabing is servicing more than 60,000 domestic and international contents including 35 real-time TV channels.
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