CJ ENM Hong Kong, a unit of South Korea’s CJ ENM, has signed a memorandum of understanding with the Taiwan Creative Content Agency (TAICCA), Far EasTone Telecommunications (FET) and local TV network – TVBS to launch a multi-year content fund that would support the co-production and joint distribution of audiovisual content.
The “strategic alliance” combines assets including production, distribution and marketing, media networks and technology. It also leans on the current global appeal of Korean cultural products including film, TV programming and contemporary music (K-pop).
The signing ceremony between the four parties took place on Tuesday, the first day of this year’s Taiwan Creative Content Fest (TCCF).
The anticipated fund would focus on identifying and funding promising projects. It will also provide financial support, mentorship, and industry connections that aim “to produce more interesting content with the unique exchange of cultural backgrounds.” Additionally, it would seek to foster an ecosystem that encourages the development of content that pushes boundaries and captivates audiences, bringing Asian content to global audiences.
Signatories to the Tuesday MOU included MD of CJ ENM HK, Michael Jung; chairman of Taiwan Creative Content Agency (TAICCA), Homme Tsai; COO of Far EasTone Digital Entertainment, Gary Tsai; and GM of TVBS, Sheena Liu with Taiwan’s Minister of Culture, Shih Che in attendance and making introductory remarks.
There was no disclosure about the size of the fund or who would manage it. Jung said that he hoped negotiations could be completed within a year.
China’s recent policies have increased the gap between the film and TV industries of the mainland and those in the rest of the world. They have had the effect of making Taiwan a growing center of Chinese-language production for international streaming platforms which have multinational audience ambitions.
Operating from Hong Kong and Singapore, CJ ENM Hong Kong’s core products are two premium subscription brands (TV & OTT) available in Africa, South East Asia, Hong Kong and Taiwan. It is also the production and distribution center for Asian (non-Korean) language scripted series and branded contents.
CJ ENM HK has previously produced TV content in Taiwan and last year struck a deal with the island’s Central Motion Pictures. Earlier this month, it started production of “Breeze by the Sea,” a series set in the Kinmen (aka Quemoy) islands.
