THE E&M Consortium, which includes THE E&M, announced on the 17th that it has been finally selected as the preferred negotiator for the ‘Cheongna Video and Cultural Complex Project’ by the Incheon Free Economic Zone Authority (hereinafter “IFEZ”).
The business proposal submitted by THE E&M Consortium last year received the highest score among the consortia participating in the public competition, as evaluated by the IFEZ evaluation committee based on applicant qualifications, comprehensive development plans, expertise, and management and operation plans.
Accordingly, THE E&M Consortium was scheduled to be selected as the preferred negotiator, but some concerns were raised due to a one-person media broadcasting platform operated by THE E&M. In response, THE E&M clarified that the broadcasting platform in question is completely unrelated to this project.
The project primarily focuses on video media content businesses such as IP (intellectual property) development and production. In particular, it actively emphasized that the project will be carried out mainly by numerous small and medium-sized production companies that have produced excellent K-content over many years.
Previously, IFEZ, which is in charge of this project, forecasted the K-content industry as a major future growth engine, being a representative job-creating industry with high added value and employment inducement coefficients, and announced plans to establish the ‘Cheongna Video and Cultural Complex’ as one of its core projects.
The company stated, “This can be interpreted as a strategic move to concentrate K-content production complexes scattered across the metropolitan area into IFEZ regions such as Cheongna International City, which offers large-scale sites and excellent accessibility,” adding, “The Cheongna Video and Cultural Complex will become a foothold for K-Content World, a future growth engine.”
A representative of THE E&M said, “As the preferred negotiator, we will begin full-scale discussions with domestic and international OTTs and various content operators, including production companies that have already expressed their intention to participate, to realize the blueprint.”
He added, “We will do our best to successfully establish the Cheongna Video and Cultural Complex as a hub for the video culture industry and a landmark that becomes a new growth engine for Cheongna.”
According to the company, THE E&M Consortium has completed the verification of suspicions conducted by the Incheon City Council subcommittee regarding the selection of the Cheongna Video and Cultural Complex project operator. Any remaining concerns will be addressed through future negotiations with IFEZ and the project’s progress.
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