On July 23, CJ ENM announced that it has established its Middle Eastern subsidiary, 'CJ ENM Middle East,' in Riyadh, Saudi Arabia. This marks the first time a Korean entertainment company has set up a corporate entity in Saudi Arabia.
Celebrating its 30th anniversary in the cultural business, CJ ENM has designated this year as the starting point for its global expansion. The company plans to use Saudi Arabia as a regional hub to actively promote K-culture content businesses, including music, broadcasting, and film.
Kim Hyunsoo, head of CJ ENM Middle East, stated, "Saudi Arabia is a young market, with over 62% of the population under the age of 30, and it holds significant potential across the entire pop culture industry. To build a local network and ensure stable business operations, we will collaborate with SELA, a leading cultural company."
SELA is a company funded by the Saudi sovereign wealth fund and has extensive experience in planning large-scale sports and cultural events. CJ ENM and SELA signed a content co-development agreement in December last year and have continued their collaboration since then.
Saudi Arabia's content market is experiencing rapid growth due to cultural openness and government-led industrial policies. The music industry is seeing expanded consumption of various genres alongside the proliferation of digital media, while the film industry has grown rapidly under government policy support since the reopening of cinemas in 2018.
In line with these trends, CJ ENM plans to localize K-culture in Saudi Arabia based on its music-based IP ecosystem strategy, MCS (Music Creative eco-System). The company will focus on discovering artists through audition programs, hosting concerts, developing content that reflects local culture, and remaking intellectual property (IP).
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