Korean Drama: IP Ownership Drives Production Company Global Expansion
Korean drama production has evolved from a broadcaster-led model to an IP-driven global business, with production companies increasingly managing financing and rights. The shift was accelerated by global OTT platforms requiring full delivery before release, establishing pre-production as the industry standard. This change creates both new commercial opportunities and financial risks for production companies, pushing them towards international co-production and globally oriented growth models as exemplified by AnotherStory's launch.
Key Takeaways
- Korean content exports reached $14.1 billion in 2024, with broadcasting contributing $1.25 billion.
- Global OTT platforms' demand for full delivery established pre-production as the industry standard, replacing the old model of writing while airing.
- Production companies now increasingly own or co-own IP, taking on financing risk that previously resided with broadcasters.
- AnotherStory, founded by 20-year industry veteran HeeKyoung Yun, focuses on international co-production and global partnerships.
- The KoREA Creative Content Agency (KOCCA) supports production entities securing IP rights as part of their business strategy.
Why It Matters
The shift in Korean drama production moves significant control and risk from broadcasters to production companies. This forces production houses to build stronger IP portfolios and secure diverse financing for global distribution, raising their strategic importance in the content supply chain. For investors and platforms, this means engaging directly with production companies as primary rights holders, demanding more sophisticated deal structures. Monitor how IP ownership concentration affects content diversity and the emergence of new, globally-oriented studios beyond traditional broadcaster ties.
Read full article at koreatechdesk.com
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