Korea's CJ ENM has formed a joint venture with Japan's TBS and streaming platform U-Next Holdings to produce content based on Japanese and Korean IP. The new venture, named Studio Monowa, will bring together CJEN's strengths in K-drama and global production with TBS' expertise in discovering original IP and driving IP-related businesses and channel releases. The partnership is driven by the rapid growth of the Japanese content market, valued at around $45BN in 2023, of which original IP accounted for around $17BN. The joint venture deal was signed at the CJEN Center in Seoul by CJ ENm CEO Yoon Sang-hyun, Abe Ryujiro, TBS President & CEO of TBS, and Tsutsumi Tenshin, CEO of U-next.