Yoon Sang-hyun, CEO of CJ ENM, speaks during the CJ Movie Forum at a CJ CGV theater in Busan, Friday. Courtesy of CJ ENM

BUSAN — CJ ENM, Korea's largest entertainment media conglomerate, reaffirmed its commitment to becoming a leading global content creator by maintaining its investments and utilizing storytelling as a key tool in the rapidly evolving entertainment market, its CEO, Yoon Sang-hyun, said Friday.

"The content industry's landscape is rapidly evolving, and we recognize that past success formulas may no longer be effective. However, CJ ENM believes in the power of storytelling to move the world," Yoon said during the CJ Movie Forum in Busan on the sidelines of the Busan International Film Festival, adding, "Ultimately, what matters is well-made stories."

By maintaining its annual investments in content creation at approximately 1 trillion won ($750 million) and leveraging its accumulated insights, CJ ENM will dedicate its resources to supporting professionals in the film industry.

"Despite the growing uncertainty in the film industry, we will continue to support creators and enable their imaginations to come to life and shine bright," he said.

The CJ Movie Forum brought together CJ's entertainment division subsidiaries — CJ CGV, Studio Dragon, Tving and CJ ENM. Executives from these companies proposed ideas for the development of Korea's content ecosystem.

The executives also presented business strategies they currently envision, such as building a progressive production system by securing talented and aspiring creators and strengthening competitiveness by creating synergy between linear and digital platforms and a proactive distribution system.

"Next year marks CJ ENM's 30th anniversary, and I feel a profound responsibility. Over the past three decades, CJ ENM has worked tirelessly to build systems and secure the future of the Korean film industry," the CEO said.

"Our unwavering belief in the value of K-content has driven us to provide generous support, helping elevate K-content to its current status. This determination and passion remain unchanged."

CJ ENM holds the CJ Movie Forum at a CJ CGV theater in Busan on the sidelines of the Busan International Film Festival, Friday. Courtesy of CJ ENM

Theaters, streaming services to seek coexistence

At the forum, participants explored ways to maximize content lifecycles by positioning theaters and streaming platforms not as competitors but as partners.

"The film market could settle at between 60 percent and 70 percent of 2019 levels as a new normal. We're working to diversify our content offerings through artist-related content, animation and sports," Lee Dong-hyun, chief of the business innovation office at CJ CGV, said.

Seo Jang-ho, senior vice president of content business at CJ ENM, said, "We are exploring ways to actively implement AI technology across production and distribution, and will expand collaboration with global platforms."

Jang Kyung-ik, CEO of Studio Dragon, cited the BIFF-invited drama "Dongjae, the Good or the Bastard" as an example, saying, "Using CJ's resources, we can transform popular IP (intellectual property) across linear channels, streaming platforms and theatrical releases."

Jang added that the company plans to produce dramas in other countries in collaboration with overseas studios.

"We're seeking additional growth momentum through local drama production centered in the United States and Japan. Currently, we have about 20 global projects in development."