CJ ENM, TBS, and U-Next Holdings have launched a new Korea-Japan content joint venture called StudioMonowa. The announcement followed a signing ceremony held on April 30 at the CJ ENM Center in Seoul, attended by the top executives of the three companies.
StudioMonowa aims to combine CJ ENM’s expertise in K-drama production with TBS’s original IP development and U-Next’s streaming capabilities. The partnership seeks to cover all aspects of the content business, from initial development to global distribution and additional revenue streams.
Under the partnership agreement, CJ ENM will oversee content planning and artistic direction, TBS will source Japanese intellectual properties and manage channel releases, while U-Next, which boasts over 5 million subscribers and a library of more than 440,000 titles, will handle the distribution of StudioMonowa’s original content on its platform.
“Our collaboration with leading content companies from Korea and Japan will introduce hit content aimed at both Asia and the global market,” stated Yoon Sang-hyun, CEO of CJ ENM. “By creating an innovative partnership that merges K-content’s strategic planning with global production expertise, we are committed to becoming a leading global premium IP studio.”
The name StudioMonowa is derived from the Japanese words “mono” (story) and “wa” (harmony), symbolizing a space where Korean and Japanese content creates new value. Projects will be managed based on lifetime value, with returns anticipated through multiple stages of a property’s commercial life rather than just upon release.
The origins of this partnership date back to April 2025, when Lee Jay-hyun, chair of CJ Group, met with TBS leadership, including chair Sasaki Takashi and CEO Abe Ryujiro, in Japan to discuss collaboration. These discussions eventually led to the establishment of the joint venture.
CJ ENM has a proven track record in Japan, with notable projects like the Japanese remake of Amazon’s original series “Marry My Husband,” which led Google Japan’s “Year in Search 2025” for dramas, and the co-production “Love is for the Dogs” with TBS through Studio Dragon.
“We are excited to launch StudioMonowa with CJ ENM, a globally recognized hitmaker, and U-Next Holdings, which is actively expanding original content production and global reach,” expressed Abe. “The combination of CJ ENM’s renowned production DNA, TBS’s creative expertise, and U-Next Holdings’ extensive platform reach will allow us to present groundbreaking content that captivates global audiences.”
TBS, through its production house The Seven, is responsible for popular titles like “Vivant,” “MIU404,” and “Alice in Borderland.” The broadcaster has prioritized working with international partners in its TBS Group Medium-term Business Plan 2026 and holds a strategic investment in Legendary Entertainment.
“We are pleased to establish StudioMonowa with CJ ENM, a leader in Korean entertainment, and TBS, a staple of the Japanese drama industry,” said Tsutsumi Tenshin, CEO of U-Next. “By merging CJ ENM’s global planning, TBS’s drama production skills, and U-Next’s platform expertise, we aim to create new hits that will travel globally from Japan.”
The Japanese content IP market, which includes IP development, video production, streaming, and spin-off businesses, was valued at approximately KRW67 trillion ($45.3 billion) in 2023. The streaming segment alone has been expanding at an annual rate of 20.5%, as noted in a Roland Berger workshop document cited by the companies. U-Next has experienced consistent revenue growth for the past nine years.
