CJ ENM announced on Feb. 18 that it attracted 250 billion won in investment and will use the funds in expanding its over-the -top (OTT) platform.
Tving was recognized for its high corporate value through this capital increase thanks to a spike in the number of paid users and its overwhelming content competitiveness.
Its corporate value was estimated at 2 trillion won after attracting the investment.
Tving will carry out a paid-in capital increase of 250 billion won, according to the Financial Supervisory Service’s electronic disclosure.
All 382,513 new shares to be issued will be acquired by a special purpose company (Media Gross Capital No. 1) to be established by financial investor JCGI. The funds are expected to be paid on Feb. 25.
The corporate value of Tving is expected to hit a staggering two trillion won after the capital increase. The figure is a six-fold increase in seven months compared to about 350 billion won shortly after a paid-in capital increase with Naver in July last year.
Tving recently attracted $7 million worth of equity investment from Paramount, a production company affiliated with Viacom CBS, a strategic investor.
Viacom CBS’ investment is part of an omnidirectional partnership signed between CJ ENM and Viacom CBS in late 2021.
Viacom CBS is a leading U.S. content giant with CBS, Showtime, Paramount Pictures, Nickelodeon, MTV, BET, Pluto TV and OTT service Paramount Plus.
With this investment, Tving plans to accelerate investment in original content and shows and actively secure IT competitiveness, including big data, in order to grow into a “global No. 1 K-Content platform.”
Tving is looking to produce about 100 original pieces of content, secure more than eight million subscribers, and launch its services directly in major countries such as Japan, Taiwan, and the United States by 2023.
CJ ENM will hold KCON 2022 Premiere in Seoul, Tokyo of Japan, and Chicago of the USA in May. This will be the first offline KCON event in more than two years. (Photos: CJ ENM)
In the meantime, the K-Culture festival KCON will resume the event for the first time in two years.
CJ ENM announced on March 17 that it will hold KCON 2022 Premiere in Seoul of Korea, Tokyo of Japan, and Chicago of the United States in May.
Then, the Korean cultural jubilee will grip Los Angeles (LA) of the United States in August and Tokyo of Japan in October. This will be the first offline event in two years since KCON was held in September 2019.
CJ ENM has attracted more than 1.1 million fans by hosting KCON in nine cities around the world, including North America, the Middle East, and Europe, since its first KCON in California in 2012.
Over the past two years, 22.45 million audiences have been digitally met and communicated with Generation Z through five KCON:TACTs.
CJ ENM is planning to make major changes in KCON beginning from KCON 2022 based on its experience over the past 10 years.
Its contents will be upgraded by reflecting changes cultural consumption patterns and trends popular among Generation Z during the global pandemic period while introducing differentiated programs considering the regional characteristics of its venues.
In particular, CJ ENM is planning to evolve into a hybrid festival where all audiences can enjoy performances not only in major offline areas but in the virtual world that can defy time and space limitations.
CJ ENM will visit fans with KCON 2022 Premier in May ahead of the main event, KCON 2022 in LA in August.
Starting with Seoul, Korea on May 7 and 8, the KCON 2022 Premier will be sequentially held at Makuhari Messe in Tokyo, Japan on May 14 and 15, and Rosemont Theater in Chicago of the United States on May 20 and 21 (local time).
CJ ENM is looking to keep fueling people’s interest in KCON 2022, to be held in LA in August and Tokyo in October, by announcing the start of KCON 2022 Premiere.
_티빙로고.jpg)
_KCON 2022 Premiere.jpg)
