Resurrected Japanese production and distribution company Cine Quanon explained the company’s Asia-focused strategy today.
Rechristened J Cine Quanon Inc (JCQN), signifying the takeover by Jacke Group last September, the company will shift its focus to the Korean and rapidly growing Chinese market. As new principals, CEO Chung Kwang Jin, chairman Yoichi Tsuchiya, and managing director Shoji Udagawa were on hand to outline the company’s goal of setting “a new benchmark in East Asia.”
Jacke acquired Cine Quanon’s library of 70 foreign and domestic titles with details finalized at the end of January. With startup capital of $120,000 JCQN aims to monetise and build on the library through VOD, sequels and remake rights.
Among library titles are Korean hits Shiri and JSA, Edward Yang’s A Brighter Summer Day, English-language acquisitions The Game Of Their Lives and UK drama Boy A starring Andrew Garfield. Domestic distribution titles and in-house productions include Hula Girls, the Pacchigi! films and several Hirokazu Kore-eda films such as Nobody Knows.
As reported on ScreenDaily, Cine Quanon’s founder and former CEO Lee Bong Ou filed for bankruptcy protection in January 2010. The company had amassed $56.9m (Y4.73b) in debt due to underperforming film fund productions and a faltering exhibition arm.
Lee will have no connection to the new company. “We’ve taken on the CQN library but Mr. Lee will continue to deal with the former company’s creditors,” explained Chung.
JCQN looks to produce one feature film a year, with a focus on China and Korea co-productions. TV and mobile contents are also part of the business model. “China and Asia will be the biggest film market in the future,” said Chung, who like Lee is Japan-born of Korean ancestry.
There may also be tie-ups with Korean TV giant KBS and the three other major networks to co-produce dramas. Megahit series Iris found great popularity in the territory with storylines and locations set in Japan.
Asked whether JCQN would continue acquisitions of foreign films, Udagawa responded “It’s possible we’ll pick up a few specialized titles this year.” CQN was one of a string of distributor bankruptcies in 2009 and 2010, leaving overseas sellers often unable to make deals in Japan.
Founded in 1992, Jacke Group specializes in M&A deals and has interests in TV shopping, advertising, publishing and cosmetics.