[Asia Economy Reporter Joesulgina] Online video service (OTT) TVING announced on the 12th that it will transition from a sole CEO system to a co-CEO system and appoint Lee Myung-han, head of CJ ENM IP Operations Division, as co-CEO alongside the existing CEO Yang Ji-eul.
The new CEO joined CJ ENM in 2011 and has led CJ ENM's broadcasting business by serving as head of the tvN division and the Media Content division. He is particularly recognized for playing a key role in enhancing the competitiveness of channels such as tvN based on his extensive experience and expertise in content production.
Going forward, CEO Yang (Business CEO) will be responsible for business expansion and overseas advancement, while CEO Lee (Content CEO) will take charge of original content investment and production, dividing their roles accordingly.
A TVING official stated, “To compete with the giant overseas OTT platforms, business expansion and original content investment must be carried out swiftly and simultaneously. The two CEOs, who are top experts in their respective fields, will be able to rapidly enhance TVING's competitiveness both domestically and internationally.”
Since its spin-off from CJ ENM last October to become an independent corporation, TVING has been rapidly securing original content and expanding its business. In January of this year, JTBC Studio joined through equity investment, signaling synergy in content production between the two companies. Naver also announced its investment plans in TVING last October by exchanging shares with CJ ENM.
TVING has expressed its ambition to secure original content through an investment of more than 400 billion KRW in production costs over the next three years. In this inaugural year alone, it plans to release over 20 well-made original contents.
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