SEOUL, KOREA — INNOCEAN will establish a joint venture specializing in content and creative production. INNOCEAN is taking this as an opportunity to pursue its strategy of further transformation with a company specializing in the production of diverse and distinctive content, which is becoming increasingly important.
INNOCEAN announced that it will establish STUDIO abit, a joint venture specializing in content production in partnership with content production company IMAGINUS. Top executives, including INNOCEAN CEO William Lee, IMAGINUS CEO Choi Jin-hee, and STUDIO abit CEO Hwang Ji-young, attended the signing ceremony for the establishment of STUDIO abit at INNOCEAN’s Seoul headquarters in early August.
The launch of a company specializing in the production of commercial content, such as entertainment shows, TV series, and movies, is “the talk of the town.”
STUDIO abit, which means “aiming for content that everyone can relate to and enjoy with a slightly different perspective,” is a joint venture established by INNOCEAN and IMAGINUS. IMAGINUS was founded by Choi Jin-hee, former CEO of Studio Dragon. It has more than 10 entertainment and TV series labels under its wing and has recently attracted investment, making it one of the most prominent production companies in the industry.
STUDIO abit will be led by Producer Hwang Ji-young, who recently left MBC. Producer Hwang led MBC’s flagship entertainment show I Live Alone from 2017 to 2021. In recognition of her work, she was awarded the Producer Award at the 2018 Korean Broadcasting Awards and was selected as the winner of the 2020 MBC Special Achievement Award.
While PD Hwang will oversee entertainment as CEO of STUDIO abit, the TV series division will be led by director Kim Hee-won, who directed Little Women and Vincenzo. As a result, INNOCEAN and IMAGINUS, which have big-time creators in the industry, plan to spur the production of commercial content such as various entertainment shows, TV series, and movies in the future.
Know-how plus new content production experience fuel the future business strategy C
With the establishment of the joint venture, INNOCEAN’s existing advertising production know-how is expected to be combined with its experience in producing entertainment shows and TV series/movie content. With the combination of long-form (IMAGINUS) and short-form (INNOCEAN) content specialists, the strategy is to continue to grow as a leading company that discovers new content markets that have never existed before.
A spokesperson for INNOCEAN said, “It is significant in that we are entering a new field of content,” and explained, “We will actively invest in STUDIO abit to shake up the existing market through the production of interesting and experimental content.”
INNOCEAN’s content and creative capabilities, which fall under “C” in its future business strategy, “CDM”* announced last year, are also expected to be further strengthened. INNOCEAN said, “IMAGINUS’ expertise in entertainment show and movie/TV series production, along with its references and network-based rapid implementation ability, bolster the potential for success,” adding, “Now that we can guarantee high quality and value thanks to IMAGINUS joining, we will create more trendy content focuses on current issues and topicality.”
The power of differentiated “K-content” stands tall as an Asian creative hub
INNOCEAN has pushed such differentiated “K-content” to the forefront, raising expectations on the global stage.
INNOCEAN, which is building a “creative hub” with a focus on Asia, signed an MOU last year with TSLA, Singapore’s leading independent advertising agency, to strengthen its advertising and marketing capabilities.
This year, it joined hands with Thailand’s largest retail group, Siam Piwat Group, to create new businesses in the Southeast Asian market. Their first achievement was the recent launch of Asia’s largest “K-ramyeon” pop-up store in Bangkok, Thailand, which has been very well received by the local MZ generation.
William Lee, CEO of INNOCEAN, said, “STUDIO abit is a company specializing in content production created by the collaboration of two companies, one the best advertising company and the other with a top-tier production team,” adding, “Combining the know-how in advertising production and the experiences of commercially viable entertainment shows and movies/TV series with high value and quality will create great synergies at home and abroad.”
Choi Jin-hee, CEO of IMAGINUS, added, “I am very happy to be with INNOCEAN. With STUDIO abit, both companies will create a lot of interesting, diverse, and differentiated content together in the future.”
