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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] CJ ENM announced on the 23rd that it has established CJ ENM Middle East, its first regional branch in Riyadh, Saudi Arabia, marking the first time a Korean entertainment company has set up a local office in the Middle East.
Kim Hyun-soo, Head of CJ ENM Middle East, stated, “Saudi Arabia is a youthful consumer market, with more than 62% of the population under the age of 30. The country shows explosive growth potential across all sectors of the pop culture industry. By building strong local networks and ensuring stable business operations, we aim to expand the influence of K-culture by partnering with SELA, Saudi Arabia’s leading entertainment company.”
The two companies signed a memorandum of understanding (MOU) last December to collaborate on cultural ventures and joint content development, and have since continued discussions. SELA, which is backed by Saudi Arabia’s Public Investment Fund (PIF), is known for organizing large-scale sports, music, and cultural events — a background that is expected to generate strong synergy with CJ ENM.
CJ ENM plans to apply its Music-based Content System (MCS) strategy to discover local artists through globally successful audition programs as part of its K-pop localization efforts. In addition, the company will leverage both in-house and third-party IP to hold K-pop concerts in the region and produce content that reflects Saudi culture. Plans also include remaking CJ ENM’s existing IPs for local audiences.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
