(Reuters) -ViacomCBS Inc and Seoul-based CJ ENM, the distributor of Oscar profitable film “Parasite”, have signed a content material partnership settlement, the businesses mentioned on Tuesday, marking the Asia debut for the U.S. firm’s Paramount+ streaming service.
The partnership will embody co-productions for authentic sequence and movies, content material licensing and distribution throughout ViacomCBS’ and leisure firm CJ ENM’s streaming providers.
As a part of the deal, ViacomCBS will launch its Paramount+ streaming service in South Korea in 2022 as an unique bundle with TVING, CJ ENM’s streaming service.
As the U.S. streaming market saturates, business leaders are wanting exterior the United States for progress. ViacomCBS is counting on partnerships for a few of that progress.
South Korea, Asia’s fourth-largest financial system, has established itself as a world leisure hub with its vibrant pop-culture, together with the seven-member boy band BTS and films resembling Oscar winners “Parasite,” and “Minari.”
The hit Netflix sequence “Squid Game” from South Korea has gone viral the world over.
In August, ViacomCBS and Comcast Corp introduced they may launch the streaming service SkyShowtime in Europe, bringing content material from Nickelodeon, Paramount+, Sky and others as they group up to tackle heavyweights Netflix and Disney+. SkyShowtime shall be streamed in smaller European markets together with Spain, Portugal, the Nordic nations, Netherlands and Central and Eastern Europe. Sky can be distributing Paramount+ streaming service in bigger European markets, ViacomCBS introduced earlier in July – a part of an effort to increase Paramount+ into 45 markets by the tip of 2022.
(Reporting by Helen Coster in New York and Tiyashi Datta in Bengaluru; modifying by Uttaresh.V and Jane Merriman)
