Jang Kyung-ik

Jang Kyung-ik is a South Korean producer and entertainment executive. He is the founding member of Next Entertainment World (NEW) and former head of film division NEW as well as former CEO of its subsidiary Studio&NEW. In July 2024, CJ ENM has appointed Jang as CEO of its subsidiary Studio Dragon.

Jang establishing himself as a content producer in South Korea after producing major hit with the drama Descendants of the Sun, as well as film Miracle in Cell No. 7 and Train to Busan, which garnered 10 million viewers.

Early life
During his school days, Jang Kyung-ik didn't have specific dreams, but he had a deep passion for movies. He would rewatch films he liked, such as The Sound of Music and Graduation, multiple times. Instead of focusing on directors, he followed the performances of actors like Tom Hanks, Daniel Day-Lewis, and Meg Ryan.

Jang's favorite movie is Chungking Express. In his 20s, he struggled with self-image, finding his path in life, and navigating love. To cope, he took breaks from school and later enlisted in the military after receiving his mandatory military warrant. He also took a leave of absence to concentrate on exam preparation and departed Korea for language training just one semester before graduation. Feeling lost in a confusing world, he found solace in the movie Chungking Express, which provided him comfort during this challenging period.

Early career at Megabox
Jang graduated with a degree in economics and began his career as an office worker in the mobile telecommunications industry. Dissatisfied with the routine corporate environment at Shinsegi Telecommunications, he made the bold decision to leave and start his own business. After trying his hand at a web animation venture for two years, Jang realized he was seeking something more fulfilling. In early 2002, he secured a position at Megabox, where his interviewer saw his talent as a movie theater programmer. With dedication and perseverance, Jang rapidly progressed in his role, eventually leading the programming team.

As the head of Megabox's programming team, Jang Kyung-ik was responsible for tasks such as theater placement and movie purchasing. His team determined which movies will be shown at Megabox's 19 theater sites nationwide. Despite not hiring film majors, the team consists of members with movie theater experience who judge movie success based on the preferences of the general audience. They focused on capturing audience emotions by carefully examining movie titles, posters, trailers, and considering press reactions, online community responses, and preview screenings. The team acknowledged the significant influence of word-of-mouth in the film industry.

During his seven years at Megabox, Jang had the opportunity to work closely with CEO Kim Woo-taek. In his role as team leader during his second to third year, Jang Kyung-ik organized Japanese and European film festivals and launched the 'Movie On Style' brand. He actively engaged in marketing and distributing high-art films, which he found immensely enjoyable. As Jang approached his mid-30s, his love for movies grew stronger, solidifying his lifelong aspiration of a career in the film industry. When considering the idea of starting a film company, CEO Kim Woo-taek proposed that they embark on the venture together.

Establistment of Next Entertainment World (NEW)
In 2008, Jang joined Kim Woo-taek to establish Next Entertainment World (NEW), along with Kim Hyeong-cheol, Kim Jae-min, and Park Jun-kyung. Jang led the film division, Kim Hyeong-cheol oversaw investments, Kim Jae-min managed distribution, and Park Jun-kyung handled marketing. The name 'NEW' symbolized their commitment to innovation and fresh starts, mirroring the anticipation of a new year. Embracing their company name, they prioritize creativity and steer clear of outdated concepts.

Jang, along with CEO Kim Woo-taek, has fostered a 'club culture' at the company, emphasizing minimal meetings and a focus on individual responsibility and communication. The company's success in the film industry is attributed to its open communication system, where employees feel comfortable expressing opposing views regardless of their position. This spontaneous and collegiate atmosphere allows for thorough discussions and decision-making processes, prioritizing consensus over speed. NEW's approach to investing and distributing movies values collective responsibility and flexibility in handling both successes and failures. The company's unique structure, focusing solely on investment and distribution without owning multiplexes, highlights the importance of external factors in their decision-making processes.

In 2010 NEW distributed nine mid-range or low-budget films, including Poongsan and Blind. Among them, six films exceeded the break-even point. The success rate is 66.7%. This is a surprising figure, considering that only 24.6% of Korean films released last year earned profit (estimated by the Korea Film Council).

In 2012, the company had a major impact with the release of hit films like Unbowed, All About My Wife, The Grand Heist, and Pietà. These movies exceeded expectations in the third quarter of 2012, defying market predictions. Director Chung Ji-young's comeback film after a 13-year break, Unbowed, produced and distributed by Aura Pictures, had a modest budget of ₩1.5 billion, including marketing and production costs. Director Chung thanked the actors for their commitment to the project despite receiving minimal pay. The film received a 13-minute ovation at its premiere at the 2011 Busan International Film Festival. The movie was released on January 18, 2012, during the Lunar New Year holiday. Initially, it was shown on 245 screens, the second lowest among the films released that day. However, its popularity grew, and the number of screens increased to 456 by January 24, before dropping to 389 the next day. By January 26, the film had attracted 1.4 million viewers, mainly due to positive word of mouth, making it an unexpected box office hit. According to the Korean Film Council (KOFIC), Unbowed was the third most-watched film in South Korea in the first quarter of 2012, with a total of 3.4 million viewers.

All About My Wife, released after the success of Architecture Architecture 101, was not anticipated to perform well at the box office. Surprisingly, during its opening weekend from May 18 to 20, the film surpassed expectations by selling 594,195 tickets. It secured the top position at the local box office, holding surpassing Hollywood blockbusters such as The Avengers and Men in Black 3.

In just 19 days after its release, The Grand Heist captured an audience of 4 million viewers, making it the seventh Korean film in 2012 to achieve this milestone. The movie's total admissions reached slightly over 4.9 million. In its first week, the film ranked second at the box office, grossing ₩9,615,802,659. Over five weeks, it amassed a domestic total of ₩33,693,067,319, establishing itself as a standout among other summer hits like The Amazing Spider-Man, The Last Night, The Dark Knight Rises, and The Thieves.

Pietà, directed by Kim Ki-duk, emerged as an unexpected success. It premiered on September 4, 2012, at the 69th Venice International Film Festival, where it won the prestigious Golden Lion. This marked the first time a Korean film had claimed the top prize at one of the major international film festivals—Venice, Cannes and Berlin. Following its festival acclaim, Pieta was released theatrically in South Korea on September 6, 2012. The film's distribution rights were secured by 20 countries, including Italy, Germany, Russia, Norway, Turkey, Hong Kong, and Greece. Notably, Drafthouse Films an independent distributor, handled the North American theatrical release of Pietà.

Building on its success in 2012, NEW continued to captivate audiences in 2013 with hits like Miracle in Cell No. 7. The film quickly gained popularity, attracting 4.6 million admissions and earning over US$30 million within the first two weeks of its release. Despite facing competition from The Berlin File, the film saw a 15% increase in audience numbers in its third week, with seat bookings reaching an impressive 75.8%. Within just 32 days, the film achieved a significant milestone by becoming the eighth film in Korean cinema history to surpass 10 million ticket sales. This was remarkable considering the film's modest budget and break-even point of 1.7 million admissions, making it the most profitable among all films that reached the 10 million mark. Continuing its success, the film surpassed 12 million viewers within 46 days of its release. By March 15, 2013, 52 days after its premiere, ticket sales reached 12.32 million, securing its position as the seventh highest grossing Korean film of all time.

NEW outperformed competitors like CJ E&M, Showbox, and Lotte, claiming the top spot in terms of audience with successful films like Miracle in Cell No. 7, Hide and Seek (5.6 Million viewers), and New World (4.68 Million viewers).

The Attorney marked director Yang Woo-suk's directorial debut and was the third work by withUs Film. The film drew inspiration from the real-life Burim case that unfolded in 1981 during the authoritarian Chun Doo-hwan regime. It follows the transformative journey of Song Woo-seok, portrayed by Song Kang-ho, a struggling tax lawyer who faces five intense trials and forms significant relationships along the way. The concept for the movie was conceived by Choi Jae-won (withUs Film CEO) and Yang Woo-suk around early May 2012.

In 2013, NEW's performance was highlighted by its successful acquisition of the distribution rights for the film The Attorney. The film was inspired by the real-life Burim case from 1981 during the Chun Doo-hwan regime. Starring Song Kang-ho as Song Woo-seok, a tax lawyer navigating five intense trials, the film explores his transformative journey and significant relationships. The idea for the movie was developed by Choi Jae-won (withUs Film CEO) and Yang Woo-suk in May 2012. The Attorney marked director Yang Woo-suk's directorial debut and was the third work by withUs Film. CJ and Showbox had expressed interest in distributing the film, However, Jang and NEW's CEO Kim Woo-taek intervened, and personally contacted Choi Jae-won. Eventually, withUs Film and NEW signed an investment and distribution agreement. The Attorney, with a production cost of ₩7.5 billion, was a huge success, selling over 11 million tickets and earning ₩82.9 billion. It is currently the 15th highest-selling Korean film of all time and was the second highest-grossing Korean film in 2013.

After 2013, 2014 was a period of recession for New. The ambitiously released Sea Fog and the action film Big Match failed commercially. Jang saw this as a period of downturn and reorganized the organization.

2016 marked NEW's biggest boom since its inception. The drama business sector saw significant success in the first half of the year, with Descendants of the Sun becoming a massive hit, surpassing 38% in viewership ratings. The film business sector also saw significant success, with Train to Busan becoming a massive hit after premiering in the Midnight Screenings section of the 2016 Cannes Film Festival on May 13. It became the first Korean film of 2016 to surpass 10 million theatergoers on August 7, breaking audience records. The film's success continued at the box office, grossing $80.5 million in South Korea, $2.2 million in the United States and Canada, and $15.8 million in other territories. The cumulative worldwide gross reached an impressive $98.5 million, compared to its budget of $8.5 million.

The film, directed by Yeon Sang-ho, is built upon an original story conceived by Park Joo-suk. It features a talented cast including Gong Yoo, Jung Yu-mi, Ma Dong-seok, Kim Su-an, Choi Woo-shik, Ahn So-hee and Kim Eui-sung. The majority of the story unfolds on a KTX train journey from Seoul to Busan where a sudden zombie apocalypse erupts in the country, jeopardizing the safety of the passengers.

Studio&NEW
Studio&NEW (스튜디오앤뉴) was established in September 2016 with the objective of delivering high-quality content in the movie and drama sectors, drawing upon the production capabilities demonstrated in Descendants of the Sun. In the year-end of 2016, Jang Kyung-ik was appointed as CEO of Studio&NEW. Effectively from June 28, 2017, NEW (Next Entertainment World, CEO Kim Woo-taek) appointed Park Jun-kyung to assume the role of CEO for the NEW Film Division.

In 2017, CEO Jang Kyung-ik unveiled Studio&NEW's drama lineup and made an official announcement about signing a memorandum of understanding (MOU) with the broadcaster JTBC.

Filming for The Great Battle commenced on August 23, 2017, and concluded on January 24, 2018. Due to limited available information about the actual battle, director Lee Kwang-sik had to extensively study approximately 100 publications from Japan and China. He also expanded his research to gather more details about Yang Manchun, whose information was similarly scarce. Due to a lack of sources, the director just referenced sources he had and filled the gaps with cinematic imagination.

The film had its premiere in South Korea on September 19, 2018, with age 12-rating. The film was released alongside Fengshui, The Negotiation, and The Nun, considered the most competitive week on Korean Box Office in 2018. The Great Battle, which invested 15 billion won in net production costs, barely passed the break-even point. It recorded 4.52 million viewers as of September 30. It was also released in North America on September 21, 2018. By September 21, the film had secured distribution deals in more than 32 countries, with release dates scheduled for October 2018 in the United Kingdom, Vietnam, Australia, New Zealand, Taiwan, and Singapore. It was released on V.O.D on October 24, 2018.

In January 2018, Studio&NEW attracted Series A worth 34.3 billion won from KT Skylife and others. It was also expanding its business area to include Actor management. In early September 2019, Studio&NEW attracted Series B investment worth 22 billion won through common stock issuance. The cumulative investment amount is 56.3 billion won.

On January 9, 2019, NEW (Next Entertainment World/Chairman Kim Woo-taek), appointed Jang Kyung-ik, the CEO of Studio&NEW, as the new CEO of its film division. From February 1, CEO Jang Kyung-ik served as the head of the film division and CEO of Studio&NEW simultaneously.

In November 2020, Studio&NEW and Geumwol, film production company owned by Park Hoon-jung, signed an equity investment contract.

On April 29, 2021, Studio&NEW (CEO Jang Kyung-ik) announced that it has entered into a long-term content partnership with Disney and will continue to showcase content produced by Studio&NEW through Disney+ in the future.

In August 2023, Studio&NEW decided to close its actor management business to focus on content planning and production. Consequently, employees and actors belonging to the management business division received support in finding a new home.

From January to April 2024, Jang served as Studio&NEW Content Strategy CEO. In May he served as advisor of Studio&NEW. In July 2024, CJ ENM has appointed Jang as CEO of its subsidiary Studio Dragon.