SEOUL -- Paramount Pictures will collaborate with South Korean media powerhouse CJ ENM to develop seven scripted series and movies over the next two years, the U.S. film production and distribution company said Thursday.

The deal was announced the same day as the launch of the Paramount+ service on CJ ENM's streaming platform, TVing. This marks the first time Paramount+ has streamed in Asia.

At a news conference in Seoul, a Paramount+ executive in charge of Asia said the region has the potential to drive the future of the streaming market. South Korea in particular is a vibrant market with a globally recognized content production and streaming industry, said the executive.

CJ ENM's empire spans film distribution and a media production subsidiary that produces K-dramas. About 400 Paramount titles will be available on TVing.

The co-produced drama series and movies will stream on TVing in South Korea, and globally through Paramount's on-demand platform.

The streaming market has become a highly competitive arena where Netflix and Disney have established a head start. Apple has joined the fray with its own original content. As a relative latecomer, Paramount looks to gain leverage in the market through its partnership with CJ ENM, which owns a vast library of K-content.