[29th Bu international system] CGV's head of management innovation office said, "OTT is a competitive relationship with theaters...You have to co-exist with collaboration".

Lee Dong-hyun, Director, Management Innovation Division, CJ CGV

Lee Dong-hyun, head of CJ CGV's management innovation office, stressed that theaters, OTT, and channels are not competitive, but win-win and collaborative.

The CJ Movie Forum was held at CGV Centum City in Haeundae-gu, Busan, where the 29th Busan International Film Festival will be held today (4th). CJ ENM's content distribution business manager Seo Jang-ho, CJ CGV's head of management innovation office Lee Dong-hyun, TVing CEO Choi Joo-hee and Studio Dragon CEO Jang Kyung-ik attended the movie forum "Leaders Talk."

Management of each company agreed that the difficulties experienced in the content industry are the greatest ever and expressed their thoughts on new attempts such as improving the production environment and content distribution strategies.

Lee Dong-hyun, head of CGV's management innovation office, said, "The movie market is 60-70% compared to 2019. It has been recovering slowly since 2021, but the pace is slow. In particular, there are few small and medium-sized box office hits other than large box office hits, raising concerns about the future movie market."

Director Lee then said that the theater is trying to diversify the supply and demand of content such as artist content, animation, and sports in addition to movies to overcome the crisis. In particular, he emphasized the importance of relationships with OTT.

Director Lee said, "There is a story that OTT is a substitute for theaters, but subscribers to TVing visited CGV more than twice as often. Since the purpose of the theater and OTT is different, I think integrating it will create good synergy," he said.

In fact, referring to the case where CGV screened the final episode of the drama "Bounce With Sunjae" in May, "The screening was sold out immediately after the reservation, as well as fans gathered in Yongsan on the day of the event. In particular, 20% of them were those who did not come to the theater, and they had a synergy effect of revisiting the theater."

CGV also announced its plan to hold tvN's "Jungnyeoni" festival in October based on the case of "Bounce with Sunjae." Two days before the TV's release, the drama will be shown in theaters first.

Director Lee said, "In the case of theaters, it can provide values differentiated from other platforms in terms of 'offline space' and 'fandom gathering' based on it, and complementary synergy with other platforms is possible." "We will continue to collaborate in various ways to meet the needs of the audience, such as entertainment content sensitive to real-time final results spoilers such as auditions and love variety, or holding group viewing events for the last episode of popular dramas."