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Senin, 06 Desember 2021 11:05:00

Spackman Entertainment Group Successfully Completes the Disposal of Zip Cinema Co., Ltd. for S$19.8 Million

Following the disposal, the Group intends to strategically diversify into the production and financing of Korean drama and US movies

SINGAPORE - 6 December 2021 - Spackman Entertainment Group Limited (the "Group"), one of Korea's leading entertainment production groups, wishes to announce that it has successfully completed the disposal of its subsidiary Zip Cinema Co., Ltd. for S$19.8 million (the "Disposal").

Following the Disposal, the Group intends to strategically diversify into the production and financing of Korean drama and US movies, which are potentially more profitable than Korean films due to a wider international audience base.

Recent well-known Korean drama productions such as Netflix's most-watched show ever[1], SQUID GAME (2021) starring rising international Korean star Wi Ha-jun of the Group's associated company Spackman Media Group Limited ("SMGL"), MY NAME (2021) which is gaining traction following the success of SQUID GAME, and Netflix's latest Korean blockbuster hit show HELLBOUND (2021), serve as exemplary projects that attract huge viewership not only in the US, but globally. 

In terms of the North American film sector, demand for Korean productions has been burgeoning recently. Oscar-winning Korean film PARASITE (2019) and Oscar-nominated Korean film MINARI (2020) are examples of critically acclaimed films that have captured the hearts of US film critics and international audiences.

Mr. Na Kyoungwon, Executive Director, Chief Operating Officer and President of the Group, said, "Ever since the beginning of the pandemic, there have been many significant changes and developments in regards to how, where and who consumes Korean entertainment content. Korean content is increasingly becoming global, and we feel the need to make significant changes in our overall business model in order to capitalize on this changing landscape. The sale of one of our main production labels and the new focus on K-dramas and international films signal a new start for our Group."

Leveraging on the popularity and globalization of Korean content, the Disposal will provide the Group with the capital support to look for opportunities to develop, produce and invest into film and drama projects targeted at international audiences. (*).