Choi_Jin-hee_(entrepreneur)

Choi Jin-hee (entrepreneur)

Choi Jin-hee (entrepreneur)

South Korean television producer (born 1968)

In this Korean name, the family name is Choi.

Choi Jin-hee (Korean: 최진희; Hanja: 崔珍熙; Born November 9, 1968) is a South Korean television producer and businesswoman. Choi Jin-hee is the chief executive officer at Imaginus, a content production company that she established in December 2021.[3] Choi also serves as the Executive Advisor of Myriagon Studio, subsidiaries of Aniplex, since June 2023.[4]

Quick Facts Born, Other names ...

In 2012, Choi began her career as producer in CJ E&M's drama business division. She then served as the first CEO of Studio Dragon from May 2016 to July 2020.[5][6] During her tenure, Choi ranked 14th in 2019 Forbes Korea 65 Powerful Female CEOs.[7] In the same year she was selected as the winner of the CEO Leadership Award in the 2019 Media Management Award by The Media Future Research Institute.[8] After leaving Studio Dragon, she was promoted to the role of Director of Film and Drama Business at CJ ENM, where she served from July 2020 to November 2021.[9]

Education

Choi Jin-hee was born on October 4, 1968. She enrolled in the Department of French Language and Literature at Sungshin Women's University, graduating with a B.A. in French Literature from the College of Humanities.[1] Later, she received a master's degree in advertising marketing from INSEEC Business School in France.[2]

Career

Early career

In 1993, Choi started working at Dentsu, Young and Rubicam Korea (DYR Korea),[lower-alpha 1] where she was involved in advertising production. She later moved to Daewoo Video Business Division, where Choi took charge of foreign films import.[10]

After joining On-Media, Choi assumed the role of the head of the content acquisition team.[10] On October 31, 2010, she was promoted to an executive position as the Film Business Manager.[11][12] In 2011, On-Media was acquired by CJ E&M, marking the beginning of Choi's career within CJ Group.[13][14] On October 17, 2012, Choi was further promoted to the position of Head of CJ E&M Channel 1.[15] Later, on January 28, 2013, she was elevated to the position of Managing Director (Sangmu).[16] Her most recent role was as the head of CJ E&M's Content Business Department and Drama Business Department, where she was well-known as an executive producer for notable dramas such as Misaeng and Oh My Ghost.[5]

Studio Dragon

Choi was appointed as Chief executive officer when Studio Dragon was founded on May 3, 2016, as a spin-off from CJ E&M's Drama Business Department. Studio Dragon was created with a focus on drama planning, production, and distribution. Unlike many production companies that rely on broadcasting companies, Studio Dragon independently plans and produces its own works by analyzing market demands and target audiences.[17]

Under Choi's leadership, Studio Dragon had a strategic focus on mergers and acquisitions, particularly targeting television drama production companies associated with successful drama writers. Culture Depot, where writer Park Ji-eun belongs, which had been acquired by CJ E&M in January 2016, was reorganized as a subsidiary of Studio Dragon. In May 2016, Studio Dragon further expanded its portfolio through equity swaps with Hwa&Dam Pictures, renowned for writer Kim Eun-sook, Additionally, in September 2016, Studio Dragon engaged in equity swaps with KPJ, well-known for writers Kim Young-hyun and Park Sang-yeon.[10][18][19]

In September 2016, Choi on behalf of Studio Dragon signed a memorandum of understanding (MOU) with Warner Bros.'s DramaFever. During the Broadcast World Wide Convention (BCWW) opening ceremony in Seoul, Craig Hunegs, the president of business and strategy at Warner Bros., revealed that the two companies would also be exploring the potential for remaking existing films and TV shows under their co-production agreement.[20]

Under Choi's leadership, Studio Dragon successfully transitioned into a listed company. On November 24, 2017, Studio Dragon conducted an initial public offering (IPO) and became a publicly traded entity on the KOSDAQ.[21][22] Preceding the IPO, on November 9, 2017, Choi held a press conference in Yeouido, Seoul, during which she said, "Through listing on KOSDAQ, we will solidify our position as number one in domestic market share by 2020 and continue to grow overseas sales to become a major global studio." She also emphasized that a stable profit structure was established based on original intellectual property rights (IP). In the past, IP ownership was owned by broadcasting companies, but Studio Dragon directly owns the IP based on its excellent creator planning ability.[23] Choi also set a goal to increase Studio Dragon's domestic drama market share to 40% by 2020 and increasing overseas sales by an average of 30% per year.[10]

By early 2018, Studio Dragon had emerged as the leading South Korean TV drama production company, commanding approximately 20% of the market share in terms of the number of TV dramas broadcast in 2017.[19] Studio Dragon records a high profit margin of 60% on average.[10]

According to media reports, in June 2018, Studio Dragon entered into a licensing agreement with Netflix for the distribution of their tentpole work, Mr. Sunshine, a historical drama comprising 24 episodes. This deal held great significance for the studio as it represented their first exclusive distribution arrangement.[24][25] The licensing fee for the series amounted to ₩28 billion, which equated to 70% of the production cost of Mr. Sunshine, estimated at ₩43 billion.[10] In the end of the year, Studio Dragon became a subsidiaries of CJ ENM after their previous parent company, CJ E&M, was merged into CJ ENM.[14]

In March, 28, Choi announced Studio Dragon acquisition of a full equity stake (200,000 shares) in GTist, a drama production company owned by Noh Hee-kyung, Kim Kyu-tae, and Hong Jong-chan, for KRW 25 billion in cash. Noh Hee-kyung made her debut in 1995 and has long career as drama writer, with notable works including Worlds Within, That Winter, the Wind Blows, It's Okay, That's Love, Dear My Friends, and Live. Director Kim Kyu-tae has collaborated with writer Noh Hee-kyung in many projects such as Worlds Within, That Winter, the Wind Blows, It's Okay, That's Love, and Live. Meanwhile Director Hong Jong-chan has directed dramas such as Doctor Stranger, Dear My Friends, and Her Private Life.[26]

Through acquisition of Culture Depot, Hwa&Dam Pictures, KPJ, and GTist, Studio Dragon have recruited many talents, reaching 183 people as of the second quarter of 2019.[10][18] In September, Choi announced that Studio Dragon has acquired an about 20% equity share in Movierock, a movie production company. Founded in 2012, Movierock (CEO Kim Jae-joong) is a domestic film production company that is recognized for its excellent planning and production ability by successively releasing films such as Thread of Lies, Midnight Runners, Be With You, Innocent Witness, and Tune in for Love.[27]

In November 2019, Studio Dragon and Netflix signed a production and distribution agreement. The three-year agreement, effective in 2020, involved Studio Dragon creating original series that would be globally distributed by Netflix on its platform. Additionally, Netflix acquired distribution rights to certain titles from Studio Dragon that were not included in the partnership. The deal followed pre-existing ties between CJ, Studio Dragon, and Netflix, resulting in the streaming of series such as Stranger, Mr. Sunshine, Memories of the Alhambra, Romance Is A Bonus Book, and Arthdal Chronicles.[28][29][30]

In December 2019, Choi announced that Studio Dragon had successfully acquired a 19% stake in Merrycow Creative, a production company owned by Song Jae-jung [ko] who wrote Memories of the Alhambra and Nine.[31]

Choi's leadership played a pivotal role in Studio Dragon sales growth from ₩200 million in 2016 to ₩4.7 billion by the end of 2019.[32] As part of 2020 executive reshuffle, CJ Group made an announcement on December 30, 2019, promoting 58 individuals, including Choi Jin-hee. In this reshuffle, Choi, previously serving as executive vice president, was promoted to vice chairman rank. Choi's was the first female executive to achieve such a rank through internal promotion within CJ Group.[33][34][35]

On July 16, 2020, CJ ENM announced leadership changes at Studio Dragon. Choi was promoted as the director of the newly established Film and Drama Division at CJ ENM. Kang Cheol-gu, the Management Planning Director of Studio Dragon, and Kim Young-gyu, the First Production Director of Studio Dragon, were selected as the new co-CEOs of Studio Dragon, taking over Choi's previous position.[9][36]

On August 31 of the same year, Choi exercised options on 21,840 shares of Studio Dragon stock at an exercise price of ₩27,500 per share. With a closing price of ₩82,100 on September 8, it appeared that a 200% valuation return was achieved. Studio Dragon had granted Choi 72,800 shares as stock options for being the first CEO of Studio Dragon in 2016. The first time Choi exercised stock options was in August 2019, when she exercised options for 21,840 shares. Therefore, a total of 43,680 stock options had been exercised so far, leaving 29,120 shares unexercised. Through this stock option exercise, Choi earned a market profit of ₩2.4 billion. Considering the remaining shares, the value of Choi's stake in Studio Dragon amounted to ₩6 billion.[37]

Imaginus

In November 2021, Choi departed from her position in CJ ENM before the end of her term, which was originally scheduled to conclude in March 2022.[10] Following her departure, Choi establish a new company called Imaginus (이매지너스) on December 15, 2021. Imaginus operates as a comprehensive content production company. Initially capitalized at ₩10 million,[38] Imaginus attracted investment of ₩50 billion from J&Private Equity (J&PE) on December 8. According to an industry official, J&PE's investment in Imaginus was made at a corporate value of around ₩200 billion. It is said that the follow-up investment aims to increase the corporate value to ₩1 trillion.[39][40]

In August 2022, Choi was recognized as one of "Korea's 100 female startup leaders" by Hankyung Geeks and Startup Alliance. The selection was based on factors such as cumulative investment amount, experience, and industry. The list showcased the top female startup representatives in 10 different industries, including Education, Fashion & Beauty, E-commerce, Finance & Insurance, Healthcare, Living & Space, Food Tech, Content & Social, Leisure & Travel, and Advertising & Marketing. Choi, representing Imaginus, ranked first in the Content & Social category and 9th overall.[3][41]

In March 2023, Choi prepared to sign a strategic partnership between Imaginus and Myriagon Studio. Myriagon Studio, formerly known as Origamix Partners Inc, is a management company led by Shinsuke Sato, renowned for his original Netflix series Alice In Borderland. The rebranding took place following the acquisition of Origamix Partners Inc by Aniplex, a subsidiary of Sony Music Entertainment Japan. Starting from June 1, 2023, Choi appointed as Executive Advisor at Myriagon Studio in order to help establish a formidable Asian premium production network.[4][42][43]

In the summer of 2023, Choi collaborated with Hwang Ji-young and Kim Hee-won to establish Studio Abit. Hwang Ji-young is a renowned entertainment show director, recognized for her work on MBC's I Live Alone from 2017 to 2021, which earned her accolades such as the 2018 Korean Broadcasting Awards Producer Award and the 2020 MBC Special Achievement Award. Her last MBC project was With the Silk of Dohpo Flying in Denmark. Hwang oversees the entertainment department at Studio Abit, while director Kim Hee-won, known for directing Little Women and Vincenzo, oversees the drama department.[44][45][46]

Studio Abit was established as a joint venture between Imaginus and Innocean, an advertising production house affiliated with Hyundai Motor.[38] The studio's primary focus is to create relatable and enjoyable commercial content, including entertainment shows, dramas, and films. Leveraging the expertise of talented creators, Studio Abit aims to accelerate production and deliver high-quality projects. The signing ceremony for Studio Abit took place on August 7 at Innocean's Seoul headquarters, with key executives in attendance, including Innocean CEO Lee Yong-woo, Imaginus CEO Choi Jin-hee, and Studio Abit CEO Hwang Ji-young.[38][47]

In March 2024, Ryu Hyung-jin, the vice president of Imaginus, shared details about ten labels under Imaginus and their respective leaders in an exclusive interview with Cine21. The labels included Studio Sot (스튜디오 솥), led by the Hong Sisters; Showrunners (쇼러너스), which housed directors Jang Young-woo [ko], Kim Hee-won, Choi Jeong-gyu, Song Kyung-hwa, and other creators; Director Park Jun-hwa [ko]'s Studio Aljja (스튜디오 알짜), specializing in romantic comedies; Studio AA (스튜디오 AA), co-led by Gang Dong-won; and Trii Studio (트리 스튜디오), led by producer Kim Jin-yi, Lee Na-jeong, and Lee Yoon-jung. Two established production houses, H House (에이치 하우스), led by director Kim Hong-seon [ko], known for the mystery genre, and About Film (어바웃 필름), led by Kim Seong-hwan, the production company behind Extreme Job, also joined Imaginus as labels.[48][49][50] Completing the roster, Imaginus had three labels remaining: Studio PIC (스튜디오 PIC), Hips (힙즈), and Sunny Park (써니파크).[51]

Imaginus has several upcoming projects in the pipeline. One of them is Cinderella at Two in the Morning, a drama based on a webtoon of the same name, was selected by KOCCA in April 2023 as one of the 27 projects to receive support from the '2023 Online Video Service (OTT) Specialized Content Production Support Project'. Studio Aljja is currently working on this project.[52][53] In development is melodrama Polaris, which is being produced by Showrunner and Studio AA.[48][54] Prior to that, in March 2023, it was reported that director Kim Hee-won and writer Jeong Seo-kyeong, who previously collaborated on Little Woman, joined forces again for Polaris. Jun Ji-hyun being offered the female lead role opposite Gang Dong-won.[55][56] Additionally, Trii Studio label is preparing for romantic comedy Can This Love Be Translated? created by the writer team led by the Hong sisters at Studio Sot,[50] and directed by Yoo Young-eun.[57][58]

On March 21, 2024, Imaginus' Choi and Adam Burke, the Director of the Los Angeles Tourism Office, signed a memorandum of understanding (MoU). Their collaboration aims to produce a Korean drama set in Los Angeles and promote the city as a global tourism destination. This agreement establishes a three-year business partnership, marking the first time a U.S. city tourism office has entered into a content production MoU.[59]

Filmography

CJ E&M/CJ ENM

More information Year, Title ...

Studio Dragon

More information Year, Title ...

Imaginus

More information Year, Title ...

Accolades

Awards and nominations

More information Award ceremony, Year ...

Listicles

More information Publisher, Year ...

Notes

    1. A joint venture company of Doosan Group subsidiary Oricom, Japan's Dentsu, and USA-based Young and Rubicam. Dissolved in 2003.
    2. Media Management Award was organized by The Media Future Research Institute.
    3. Business People (www.businesspeople.co.kr), a recruitment portal for experienced executives and professionals
    4. Overall
    5. Content and Social Category

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