South Korean content company CJ E&M has struck a financial partnership with Singapore media entertainment company, mm2 Entertainment. This is in a bid to expand both companies' film business in Southeast Asia.
Following the agreement, mm2 will be financing six Southeast Asian films that CJ E&M finances and produces for the next three years through 2021. The deal covers four Thai films and two Indonesian films, three of which will start production this year, the press statement read. In addition, the agreement for the Thai films extends to developing romance and horror films produced and distributed by CJ Major Entertainment - a joint venture between CJ E&M and Thailand-based Major Cineplex.
According to Ng Say Yong, chief content officer of mm2 Entertainment, the company aims to continue increasing its long-term investments in, and expand its network across the Southeast Asian film market through this landmark partnership.
“We are proud to join forces with South Korea’s content market leader to co-produce originals and remakes across different genres, appealing to an international audience yet imbued with our distinctive Asian flavour," Ng said.
Jerry Ko, head of international division, CJ E&M also added that the Southeast Asian film market is steadily growing thanks to Indonesia's ascend, as high quality genre movies are "powering the growing". "Through the slate deal with mm2, we will enhance networks in Southeast Asia and strive to bring the local film industry’s qualitative-quantitative growth,” Ko said.
Meanwhile, mm2 is also firming up plans to scale up its Chinese-language movie productions beyond the
usual markets according to the press statement. The company will be experimenting with projects in Hollywood and other growing markets in Asia such as Indonesia, Vietnam, Thailand and South Korea.
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