South Korean TV network JTBC is set to rebrand its production wing, and will be increasing investment in it to create more content.
Earlier this week, during a press event, the network had shared that its group of 15 production companies have now been renamed to Studio Lululala (SLL) – the parent broadcast group will retain the JTBC name. The word “lululala” is said to be used to express joy in Korea, per Variety.
Recent works by SLL’s subsidiary production companies include hits like Thirty Nine and Forecasting Love And Weather, as well all Netflix’s All Of Us Are Dead. Upcoming titles like Insider, Monstrous and Netflix’s South Korean remake of Money Heist are also come under SLL’s jurisdiction.
In addition to the rebranding, SLL shared that it would be further increasing its investment over the next three years to continue producing content that is at the forefront of Korean entertainment.
The production group is now pledging to put forward ₩3trillion (about £1.9billion) into its content production from 2022 to 2024. SLL will also be further expanding within the Asia-Pacific region, with launches planned in Japan and Singapore later in the year.
“The change of the company name implies that we will take a leap forward as a global content leader by expanding our studio business in all directions, including drama, film, entertainment, digital, CG/VFX, music and management,” said SLL’s CEO Jung Kyung-moon at the event.
“We will establish ourselves as the best premium content producer [and] captivate viewers around the world.”
Back in January, Netflix also shared that it would continue to invest heavily in South Korean content in order to “keep pace” with its competitors. While it could not could not reveal the exact amount of Netflix’s investment in Korean content for the year at this time, the streaming platform revealed that it would not be any less than 2021’s ₩550billion (approximately £338million).