By Helen Coster

(Reuters) –ViacomCBS Inc has signed a content partnership arrangement with Seoul-based CJ ENM. This agreement marks the Asia debut of the U.S. Paramount+ streaming platform.

Co-productions will be made for films and original series, as well as content licensing and distribution on ViacomCBS (NASDAQ)’ and CJ ENM streaming services.

ViacomCBS’ Paramount+ streaming service will be launched in South Korea by ViacomCBS as part of the agreement. It will also launch in 2022 in an exclusive bundle that includes TVING and CJ ENM.

Industry leaders look beyond the United States to find growth as the U.S. streaming market becomes saturated. ViacomCBS relies on partnerships to help it grow.

South Korea, Asia’s fourth-largest economy, has established itself as a global entertainment hub with its vibrant pop-culture, including the seven-member boy band BTS and movies such as Oscar winners “Parasite,” and “Minari.”

Globally, the hit Netflix series from South Korea called “Squid Game”, has been viewed over a billion times.

ViacomCBS (NASDAQ:) and Comcast Corp(NASDAQ:] announced that they would be launching SkyShowtime Europe in August. The streaming service brings content from Nickelodeon.com, Paramount+. SkyShowtime will also feature original material from Sky. They are teaming up against heavyweights Netflix, Disney+ and Disney+. SkyShowtime is available in Europe’s smaller markets, including Spain, Portugal and the Nordic countries. It will also be broadcast in Central and Eastern Europe. ViacomCBS earlier announced in July that Sky would distribute Paramount+ streaming in European larger markets. It is part of a plan to increase Paramount+’s reach into 45 European markets by 2022.