(Seoul = News 1) Reporter Eun-Sung Kang = Online video service (OTT) Teabing and JTBC Studio separated from CJ ENM will finally become’one body’. It has been one year and three months since the two sides signed an agreement in September 2019 to establish a joint venture.
CJ ENM announced on the 7th that “JTBC Studio has confirmed to join Teabing Co., Ltd.” and “We plan to grow into an OTT service representing Korea by combining the content competitiveness of both companies.”
CJ ENM and JTBC Studio signed an MOU for the launch of a joint venture OTT corporation in September 2019, and accordingly, Teabing was launched as an independent corporation by dividing the material from CJ ENM on October 1 of last year prior to the launch of the joint venture.
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.
Before the launch of the joint venture, Teabing has been evaluated as a platform that can change the game of the OTT market due to the expectation of synergy between CJ ENM and JTBC Studio’s vast content library and both companies for producing original content.
Last year, tvN’s ΔCrash Landing on Love ΔCrucial Doctor Life JTBC’s ΔCouple’s World ΔItaewon Class, etc., have been evaluated as the best drama topics, so the content competitiveness of both companies has been proven for years.
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, a joint venture, will also produce’original contents’ that can only be seen at Teabing and will be released from the end of this month.
First of all, PD Jeong Jong-yeon’s’Girl’s Go Mystery Class’ will be aired at Teabing at the end of this month, which is forming a thick mania by ΔThe Genius, a society game, and the Great Escape.
In addition, starting with this, the company plans to invest more than 400 billion won in production costs over the next three years to produce large IP and well-made original contents focusing on dramas and entertainment.
In the case of the native OTT wave, which was previously established by three terrestrial companies in collaboration with SK Telecom, it produced original content, but it was difficult to see it as an original only for OTT subscribers because it was simultaneously broadcast on airwave TV.
Teabing shows strong confidence in content production from the establishment of a joint venture and puts the original to the fore.
Teabing is also preparing short-form and mid-form contents targeting the MZ generation (millennials + Z generation) familiar with the digital environment.
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,” he said, “These contents are aimed at sequentially revealing teabing.”
Teabing plans to secure 5 million paid subscribers by 2023.
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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