CJ CGV said on the 7th that it signed a memorandum of understanding (MOU) with KT Studio Genie to jointly invest in and cooperate on securing content.
The agreement was pursued to expand the diversity of theatrical content and widen opportunities for highly polished works to meet audiences on the big screen. Aiming to build a virtuous supply-and-demand structure that runs from theatrical release to ancillary rights distribution, the two companies plan to introduce a cooperation model from the early stages of content acquisition.
CJ CGV will handle exclusive theatrical releases based on its theater platform and marketing capabilities, while KT Studio Genie will be in charge of distributing ancillary rights through IPTV and OTT. The two companies are targeting at least four collaborative titles a year and plan to continuously expand the scope of cooperation, including their existing content libraries.
Jeong Jong-min, CEO of CJ CGV, said, "This agreement is significant in that it builds a mutually beneficial cooperation structure between theaters and platforms," and added, "We will help create an environment where more diverse content can meet audiences, contributing to a virtuous cycle across the content industry."
Jeong Geun-uk, CEO of KT Studio Genie, said, "This agreement opens a new pathway for works that have had difficulty securing theatrical release opportunities to meet audiences," and added, "Based on KT Studio Genie's unrivaled distribution capabilities, the two companies will work together to further enrich the content ecosystem."