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K-Drama Giant CJ to Spend $750 Million Yearly to Fight Hollywood [Yahoo! Finance]
Last netflix, inc. earnings: 4/21 04:00 pm
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US:NASDAQ Investor Relations: ir.netflix.com/investor-relations
Most Read from Bloomberg CJ executives issued that pledge while describing how Korea's entertainment industry is in crisis mode — despite the explosive popularity of K-pop and K-drama. Local players like CJ are struggling with rising production costs as well as falling ad revenue from local platforms. At the same time, Netflix Inc. has taken the lead on distributing K-dramas such as Squid Game worldwide. On Friday, CJ — which backed the Oscar-winning 2019 black comedy Parasite — promised to invest more on content than any of its local peers. Spanning movie theaters and production houses to local video streaming, CJ thinks the business needs big investment to become truly international. “The content media industry is said to be in crisis, with more competition than ever before and a rapidly changing ecosystem, but I think there is definitely an opportunity in it,” Chief Executive Officer Yoon Sang-hyun said during a forum at the Busan International Film Festival. “We will find s
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