CJ CGV and OTT platform Watcha sign agreement on mutual cooperation

CJ CGV CEO Choi Byung-hwan (left) and Watcha CEO Park Tae-hoon pose for the camera after signing a memorandum of understanding on Monday. [WATCHA]

Korea’s No. 1 multiplex chain CJ CGV and local over-the-top (OTT) platform Watcha have joined hands on Monday to enhance customers' film experience, Watcha announced on Tuesday.

The two held a signing ceremony on Monday at CJ CGV headquarters in Yongsan District, central Seoul, where Watcha CEO Park Tae-hoon and CJ CGV CEO Choi Byung-hwan signed a memorandum of understanding, promising mutual cooperation.

Through its movie recommendation service, Watcha owns a vast amount of personal data collected from user’s ratings while the nation's largest multiplex cinema chain operator CJ CGV has a stable infrastructure and theater screening platform.

By combining each other’s strengths, the two companies plan to integrate their customers' data to analyze and expand their business areas and collaborate with each other’s online and offline platforms.

"We expect this agreement with CJ CGV will create a synergy effect for both companies," CEO Park said. "We will do our best to provide new and differentiated experiences to our customers through Wacha's business strategy and big data technology."

BY KIM YEON-AH [kim.yeonah@joongang.co.kr]