South Korean dramas face rising costs as streaming giants dominate



Analysis South Korean dramas face rising costs as streaming giants dominate OTT platforms attract top talent and funding, sidelining domestic broadcasters and reducing content diversity Lina ParkOctober 4, 2024 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON An illustration of a person choosing which show to watch on a streaming platform \| Image: Korea Pro Even before Netflix’s global hit “Squid Game,” South Korean dramas (K-dramas) had been enhancing the country’s cultural influence internationally. However, despite their rising popularity, the industry has faced a sharp production decline, sparking concerns about its sustainability. Media experts warn that the rigidity of drama production and the disruptive influence of over-the-top (OTT) platforms — media services that deliver content directly over the internet — could lead to further instability in the industry. PRODUCTION DECLINE IN 2023 In 2023, the K-drama production sector experienced a downturn, reversing years of growth. According to the Korean Drama Production Association, 141 dramas were © Korea Risk Group. All rights reserved. No part of this content may be reproduced, distributed, or used for commercial purposes without prior written permission from Korea Risk Group. LATEST ANALYSIS 01Why South Korea cannot rebalance growth without stronger regional clusters 02Samsung, SK Hynix rejection exposes South Korea’s chip-grid financing problem 03Trump’s Cheongung social media post tests Seoul’s refusal to arm to Ukraine 04Lee Jae Myung risks public trust as South Korea rewires its justice system 05South Korea turns to Central Asia as Iran war tests its energy resilience 06Houthi seizure of Mokha sharpens South Korea’s Hormuz deployment dilemma 07Japan’s stronger yen may cut Korea’s import bill while raising funding costs 08South Korea leans on Europe as Hormuz deployment choices grow narrower

Analysis

South Korean dramas face rising costs as streaming giants dominate

OTT platforms attract top talent and funding, sidelining domestic broadcasters and reducing content diversity

Lina ParkOctober 4, 2024

South Korean dramas face rising costs as streaming giants dominate

An illustration of a person choosing which show to watch on a streaming platform | Image: Korea Pro

Even before Netflix’s global hit “Squid Game,” South Korean dramas (K-dramas) had been enhancing the country’s cultural influence internationally. However, despite their rising popularity, the industry has faced a sharp production decline, sparking concerns about its sustainability.

Media experts warn that the rigidity of drama production and the disruptive influence of over-the-top (OTT) platforms — media services that deliver content directly over the internet — could lead to further instability in the industry.

PRODUCTION DECLINE IN 2023

In 2023, the K-drama production sector experienced a downturn, reversing years of growth. According to the Korean Drama Production Association, 141 dramas were

South Korean dramas face rising costs as streaming giants dominate

LATEST ANALYSIS

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Lina Park