CJ ENM Fully Supports Cannes Award Winners 'Broker' and 'Decision to Leave'
12 Korean Films Advance to Cannes Film Festival... Additional Budget Allocated for Content Production This Year
[Asia Economy Reporter Kim Heeyoon] “I would like to extend my gratitude to CJ, who spared no support in making this film, to Mikiri (Lee Mi-kyung, Vice Chairwoman of CJ Group), screenwriter Jung Seo-kyung, and many other crew members.”
On the 28th (local time) at the awards ceremony of the 75th Cannes International Film Festival, director Park Chan-wook, who won the Best Director award for "Decision to Leave," expressed special thanks by mentioning Lee Mi-kyung, Vice Chairwoman of CJ Group. Actor Song Kang-ho, who won Best Actor for "Broker," also caught attention by expressing his gratitude to CJ officials.
Behind the brilliant achievements of Korean films sweeping this Cannes International Film Festival was the strong support of CJ ENM. In particular, Lee Mi-kyung, Vice Chairwoman of CJ Group, known as the "godmother" and hidden supporter of the Korean film industry, was highly praised for her keen insight.
This was clearly evident even in the local Cannes promotions. At Barri?re Le Majestic Cannes, one of the local 5-star hotels, banners of "Decision to Leave" and "Broker" covered the entire building, capturing the attention of onlookers. Director Hirokazu Kore-eda, who won the Palme d'Or and visited Cannes for the eighth time this year, said, “It’s the first time I’ve seen my work displayed so prominently,” and added, “I was surprised to feel that CJ truly loves and supports our films. I even took commemorative photos in front of it.”
On the 28th (local time) at the 75th Cannes International Film Festival held in Cannes, France, director Park Chan-wook (left), who won the Best Director award for "Decision to Leave," and Song Kang-ho, who became the first Korean actor to win the Best Actor award for the Korean film "Broker" directed by Hirokazu Kore-eda, are taking a commemorative photo. Photo by CJ ENM [Image source=Yonhap News]
Vice Chairwoman Lee also visited the site in person to support the two films. After three years since the Palme d'Or win for "Parasite" in 2019, Lee attended the official screenings as the executive producer (overall production supervisor) of "Decision to Leave" and "Broker," receiving warm applause.
CJ, which entered the cultural business in 1995 as the second-largest shareholder of DreamWorks, has played a strong supportive role in the Korean cultural scene for 27 years. In 1998, amid the IMF (International Monetary Fund) foreign exchange crisis, CJ made a full-scale entry into the film industry by establishing CGV, the first multiplex theater in Korea. Since then, CJ ENM has invested over 2 trillion won in Korean film investment, production, and distribution, laying the foundation for the Korean film renaissance.
Earlier in 2020, the British public broadcaster BBC highlighted the success of the film "Parasite" and emphasized Vice Chairwoman Lee’s role. The BBC introduced that while attending graduate school at Harvard, Lee encountered the poor perception of Korea among foreigners and resolved to properly introduce Korea to foreigners through excellent cultural content. Based on this, comprehensive investment and support were carried out. The BBC added that there is hardly any Korean TV or film project in which she is not involved. In March, Lee was recognized for her influence by being named "International Media Woman of the Year" by the American media Variety.
Korean Films Produced by CJ ENM That Advanced to the Cannes International Film Festival and Their Awards Achievements.
These efforts by CJ ENM were also proven at the Cannes International Film Festival market. As of the 24th, "Decision to Leave" was pre-sold to 192 countries. It is rapidly closing in on the record for the most overseas sales of a Korean film held by "Parasite" (205 countries). "Broker" also achieved the sale of distribution rights to 171 countries.
Despite the impact of COVID-19, CJ ENM, which had shown aggressive content investment moves, received almost failing marks in its first-quarter results. With sales of 957.3 billion won and operating profit of 49.6 billion won, sales increased by 20.9% compared to 791.8 billion won in the same period last year, but operating profit sharply dropped by 47% from 93.6 billion won, suffering a significant blow. Nevertheless, CJ ENM is pushing for even stronger investment by allocating a budget of 860 billion won for content production this year. Earlier, CJ ENM announced plans to invest more than 5 trillion won in content by 2026.
With the Cannes International Film Festival awards, CJ ENM plans to challenge its pre-COVID-19 box office performance. In 2019, "Parasite" was released immediately after the Cannes Film Festival closing and recorded a cumulative audience of 10.31 million. CJ ENM is preparing to release "Broker" on the 8th of next month and "Decision to Leave" on the 29th, three weeks later.
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