Paramount+ is trying to launch in Asia quickly.
ViacomCBS announced today, thanks to a partnership with CJ ENM, that Paramount+ will launch in South Korea in 2022 as an exclusive bundle with TVING.
Here are some things that ViacomCBS will also do as part of the partnership:
- Paramount Television Studios and CJ ENM/Studio Dragon will codevelop and coproduce English-language scripted series based on CJ ENM/Studio Dragon's titles for distribution on Paramount+
- ViacomCBS and CJ ENM will codevelop and cofinance movies for theatrical and streaming releases with the plan to distribute one theatrical movie per year in various territories
- ViacomCBS and TVING will cofinance new Korean series for global distribution on Paramount+
- Paramount+ will license Korean-language series from CJ ENM's library
- Pluto TV will launch a dedicated CJ ENM-branded channel on Dec. 14 featuring K-content for U.S. audiences
"Korean entertainment has become a cultural juggernaut with unprecedented demand, and CJ ENM is behind some of the biggest international hits that transcend borders… We are excited to partner with CJ ENM to deliver world-class content that will captivate our collective audiences, expand our intercontinental footprint and accelerate the growth of our streaming services with this powerful collaboration."
-Dan Cohen, President of the Global Distribution Group at ViacomCBS
"CJ ENM is growing into a global leading entertainment company in accordance with Chairman Lee Jay-Hyun's vision of expanding CJ's presence on a global level. CJ ENM's vast library of original IP will create synergy with ViacomCBS' production capabilities and distribution channels to develop into global smash-hit content."
-Kang Ho-Sung, CEO, CJ ENM
Other terms of the agreements were not disclosed.
What do you think about Paramount+ launching in South Korea and the ViacomCBS partnership with CJ ENM?