K-Pop Enjoyed Worldwide... CJ ENM Dreams of Becoming a Global Music IP Powerhouse

Mnet Unveils Vision for Its 30th Anniversary This Year
Strengthening Global Influence Through Triangular Production Strategy

Shinhyungwan, Head of Music Content Business Division at CJ ENM, is presenting the global music business blueprint on the 15th afternoon at CJ ENM MUSIC Media Lounge held at The Class Cheongdam on Apgujeong-ro, Gangnam-gu, Seoul, celebrating Mnet's 30th anniversary. CJ ENM

If you watched music videos in the early 2000s, you would remember channel '27.' Mnet opened its doors in 1995 at 97-1 Cheongdam-dong, Gangnam-gu, as a music channel for Koreans. Initially, it started as a cable channel focusing on domestic singers' music videos, along with charming talk shows and music stages. When the YouTube era began in 2010, it expanded its role to encompass a large-scale K-pop fandom overseas.

Mnet became part of CJ Media when the CheilJedang Group acquired shares in 1997. CJ ENM, which had long led the music market, operates under the philosophy that "without culture, there is no country," promoting K-content at the forefront, including K-movies, K-dramas, K-lifestyle, and K-food.

Last year, CJ ENM posted sales of 5.2314 trillion KRW and an operating profit of 104.5 billion KRW. The music division generated sales of 702.1 billion KRW. Even during the pandemic, when the content market was sluggish, the music business thrived by earning revenue overseas, proving to be a valuable asset.

Mnet is at the center of this success. Celebrating its 30th anniversary this year, Mnet has set a vision of uniting the world through music with the slogan "Music Makes One." Mnet has led the success of survival programs, powerful IPs that have nurtured K-pop artists, and has even exported these formats overseas.

On the afternoon of the 15th, at the CJ ENM MUSIC Media Lounge event held at The Class Cheongdam on Apgujeong-ro, Gangnam-gu, Seoul, Shin Hyung-kwan, Head of CJ ENM Music Content Business Division, stated, "We are preparing projects that combine the DNA of K-pop and K-culture to exchange and collaborate on cultural strengths." He added, "We are working to build a music business ecosystem in overseas markets by collaborating with small and medium-sized agencies and establishing global partnerships simultaneously."

This year, CJ ENM is determined to strengthen its competitiveness in overseas markets by focusing on three core pillars of its music business: ▲Global Multi-label ▲Global production studio transformation of Mnet ▲Global platform. The key is the IP ecosystem expansion system (Music Creative ecoSystem·MCS). So far, it has achieved 9.2 billion cumulative YouTube views, held shows and exported formats to 69 regions, and gained 70 million subscribers on its official YouTube channel, advancing as a global music IP powerhouse.

Music label Wake One houses artists discovered through its survival programs, such as Roy Kim and the group Zerobaseone. The Japan-based company Rapone Entertainment, established six years ago, has produced K-pop groups mostly composed of Japanese members.

Shin said, "We are currently preparing a new global label," and previewed, "It will be unveiled within this year." He urged, "Please pay attention to the new CJ ENM music label that will be established in partnership with a global company."

Kim Ji-won, head of the Mnet Plus division, is presenting the global music business blueprint on the 30th anniversary of Mnet at the CJ ENM MUSIC Media Lounge held at The Class Cheongdam on Apgujeong-ro, Gangnam-gu, Seoul, on the afternoon of the 15th. CJ ENM

CJ ENM has also successfully established K-pop performances overseas, including KCON and MAMA. KCON started in 2012 in Irvine, USA, and expanded to Japan, Frankfurt, Australia, Saudi Arabia, Hong Kong, and more. By combining music with K-fashion, K-beauty, and K-lifestyle, it has attracted a cumulative local audience of 1.99 million. Shin said, "Our goal is to present high-quality performances," and added, "We want to complement our strengths this year and meet more global fans."

Mnet also introduced ambitious new programs. These include 'World of Street Woman Fighter,' a global dance crew national competition; 'Boys 2 Planet,' a debut project airing simultaneously with broadcast; 'Kpopd' (working title), to be launched within the year in collaboration with the US OTT platform Apple TV+; and a Korea-Japan joint hip-hop project 'Unpretty Rapstar: HIPPOP PRINCESS,' produced by the teams behind 'Unpretty Rapstar' and 'Street Woman Fighter,' aiming for broadcast in the second half of the year.

The most focused business is the K-pop fandom platform 'Mnet Plus.' This platform has surpassed 27 million subscribers and 7 million monthly active users (MAU) in three years, with a cumulative vote count exceeding 320 million. Kim Ji-won, Head of Mnet Plus Business Division, said, "K-pop fandoms actively communicate and promote their favorite artists. Reflecting these characteristics, we will strengthen the interaction between fandoms and the platform."