CJ ENM Co., South Korea’s largest film studio and distributor, has established its subsidiary in Riyadh, Saudi Arabia – the first Middle East-based unit launched by a South Korean entertainment firm.
The unit, CJ ENM Middle East, will take the lead in spreading Korean culture across the region, spanning music, TV programs and films. It will leverage its intellectual property across all stages from planning and production to distribution.
“Saudi Arabia has a huge growth potential across the mass media industry, led by its young consumer basis, with more than 62% of its population aged 30 or below,” said Kim Hyun-soo, head of CJ ENM Middle East.
“We’ll expand the K-culture’s influence through partnership with Sela, Saudi Arabia’s leading entertainment company, to build a local network and establish sustainable business operation,” he added.
Sela is backed by the kingdom’s sovereign wealth fund, Public Investment Fund.
In December, CJ ENM signed a partnership agreement with Sela to develop content in the cultural sector.
Saudi Arabia has seen explosive growth in its cultural industries since opening its music market and embracing digital media.
Its film industry has also expanded rapidly since cinemas reopened in 2018, bolstered by supportive government policies, under the country’s Vision 2030 initiative.
CJ ENM will bring its talent selection and training expertise to Saudi Arabia. It plans to hold audition programs in collaboration with local broadcasters and other companies.
By Yeonhee Kim
yhkim@hankyung.com
Jennifer Nicholson-Breen edited this article.
