K-drama industry stands at crossroads: experts
Symbiotic relationship needed for global streaming services, Korean production bodies
The Korean drama industry stands at a critical juncture, as experts and industry leaders call for reforms focused on cultivating balanced partnerships with global streaming platforms and safeguarding Korean production companies' IP rights to preserve the nation's cultural influence.
At a forum hosted by the Korea Creative Content Agency, leading experts, including professors of media communications and heads of production studios, gathered to discuss the next phase of Korea's content industry.
Hong Seong-chang, the head of Studio S, the drama production subsidiary of SBS, emphasized the need for a symbiotic partnership between Korean studios and international streaming services.
Stressing that Korean studios should become more than mere subcontractors, he likened the ideal relationship to that between a crocodile and a plover bird -- mutually beneficial.
'The influence of investors is inevitably strong. (Global streaming services) may have requests, for example, preferring certain genres or wanting dramas to be produced in a particular creative direction," he said, during a forum held in Jung-gu, Seoul, on Thursday.
"But in truth, there's only one reason Hallyu (Korean Wave) has grown as it has: because we've consistently created content that resonates with Korean audiences. That's what allowed our shows to gain popularity globally. If we had made dramas tailored to the tastes of global viewers from the start, I don't believe Hallyu would have become what it is today," said Hong.
'This is something even global streaming services can't help but acknowledge. We understand best what makes Korean content compelling, and that's something they recognize as well. Moving forward, the ideal strategy is to establish a mutually respectful relationship -- like that of a crocodile and a plover bird.'
Amid skyrocketing production fees and fewer shows being made, partially due to Netflix's foray into the Korean drama landscape, Korea Drama Production Association Secretary-General Bae Dae-sik highlighted the industry's precarious state and the critical importance of intellectual property rights.
'The theme of this forum is the next strategy in the global streaming war, and the reason this topic emerged is because the (Korean) drama industry is on the verge of collapse," said Bae.
"When producing Netflix originals, handing over IP ownership to Netflix is not something that should be taken lightly. Without retaining IP, hits like 'Squid Game' or 'When Life Gives You Tangerines' end up benefiting Netflix far more than us," said Bae, stressing that the new administration must develop concrete policies and systems to ensure production companies can retain IP.
Bae also proposed the establishment of a dedicated professional institution focused exclusively on broadcasting and video content promotion, separate from the current KOCCA. Pointing out that the Korean drama industry's annual production budget —estimated at around 3 trillion won ($2.1 billion) — far exceeds that of the film sector, which has its own institution, he stressed the urgent need for specialized institutional support to help the crumbling industry.
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