The Korean animation industry has become a red ocean as companies compete fiercely with similar strategies specializing in infants and toddlers or toy sales. The purpose of this study is to analyze the value innovation of CJ ENM’s , a latecomer in the animation industry, to create a blue ocean and achieve remarkable results in various fields. Unlike the existing works in the animation market, succeeded in expanding the audience by providing new value to viewers through a bold expansion of genre (horror) and a story and content-oriented OSMU utilizing digital platforms. As a result, has recorded the highest viewership rating ever in the nation’s leading animation channel, “Tooniverse,” and recorded sales of KRW 13 billion in two years after the official airing. This study grasped the core value factors of the domestic animation industry and analyzed the contents of value innovation that led to the success of .