Top executives at Korea's CJ ENM have said they will keep their annual content spending at 1 trillion won ($750 million), but acknowledge that new business models are needed to weather the industry's economic headwinds.

“Despite the growing uncertainty in the film industry, we will continue to support creators and make their imaginations come to life and shine,” said Yoon Sang-hyun, CEO of CJ ENM, at an event held during the Busan International Film Festival (BIFF).

Those attending the event included TVING CEO Choi Ju-hui, Studio Dragon CEO Jang Kyung-ik, CJ's Business Innovation Office Chief Lee Dong-hyun, CGV Domestic Business Division Head Cho Jin-ho and Content Distribution SVP Seo Jang-ho.

While the media conglomerate's executives stressed that they are all taking a cautious approach in their respective industries, many emphasized that they have already tried and tested innovative ways to reach a larger audience and increase profits.