{"id":2200008,"date":"2023-02-07T08:51:00","date_gmt":"2023-02-07T08:51:00","guid":{"rendered":"https:\/\/www.nknews.org\/koreapro\/?p=2200008"},"modified":"2023-04-05T16:09:48","modified_gmt":"2023-04-05T07:09:48","slug":"why-2023-could-be-an-inflection-point-for-south-koreas-content-industry","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/02\/why-2023-could-be-an-inflection-point-for-south-koreas-content-industry\/","title":{"rendered":"Why 2023 could be an inflection point for South Korea\u2019s content industry"},"content":{"rendered":"

Korean television and film content has exploded in recent years, and as the country emerges from the COVID-19 pandemic, 2023 is shaping up to be a complex year for Korean media as the industry undergoes major changes.<\/span><\/p>\n

The decade started off with a bang when Bong Joon-ho’s \u201c<\/span>Parasite<\/span><\/a>\u201d won Best Picture at the Academy Awards in 2020, and \u201c<\/span>Squid Game<\/span><\/a>\u201d became a global phenomenon in 2021, clocking up <\/span>1.65 billion hours<\/span><\/a> of viewing in 28 days after its release on Netflix. In 2022, diverse South Korean content resonated with audiences overseas, such as \u201c<\/span>All of Us Are Dead<\/span><\/a>\u201d and \u201c<\/span>The Extraordinary Attorney Woo<\/span><\/a>.\u201d<\/span><\/p>\n

Netflix has been at the vanguard of pushing Korean content on streaming platforms, and other services have been playing catchup, producing so much content that the market risks becoming oversaturated.<\/span><\/p>\n

The rise of these streaming platforms has touched nearly everything in the industry, expanding the types of television being produced and the topics they address while drawing new players into an increasingly crowded market.<\/span><\/p>\n

Whether this relentless streaming growth can continue and how the film industry will respond as it pursues a post-COVID recovery stand out as key questions for South Korea in the year ahead.<\/span><\/p>\n

NETFLIX LEADS THE WAY<\/b><\/p>\n

Netflix stated in its 2023 <\/span>Korean Content launch<\/span><\/a> that 60% of its subscribers consumed Korean content in 2022, justifying its <\/span>decision<\/span><\/a> to invest $700 million in such content between 2015 and 2020 and a further $500 million in 2021 alone.<\/span><\/p>\n

Following the success of the historical zombie series \u201c<\/span>Kingdom<\/span><\/a>,\u201d which ushered in prestige miniseries content in Korea, the streamer\u2019s approach has been to lure subscribers both in and out of Korea. This was exemplified in 2021 with \u201c<\/span>D.P.<\/span><\/a>,\u201d which drew much attention in the South for its unflinching and brutal depiction of military service.\u00a0<\/span><\/p>\n

COVID-19 forced people to stay at home and thereby expedited changes in the industry, placing studios on the back foot. CJ ENM, for instance, started heavily <\/span>investing<\/span><\/a> in content for its streaming service Tving. By contrast, domestic broadcasters announced in April 2022 that they would <\/span>invest<\/span><\/a> some $2.3 billion (3 trillion won) in traditional TV series and films rather than focusing more on streaming.<\/span><\/p>\n

Many other streaming services have entered the market for Korean content, including Apple TV, Amazon Prime, Disney Plus, Waave, Coupang Play and Watcha, but competition is so hot that the amount of content being produced is fast becoming unsustainable. <\/span>Netflix alone has 34 Korean titles in its 2023 slate<\/span><\/a>, including Kim Tae-joon\u2019s film \u201c<\/span>Unlocked<\/span><\/a>,\u201d about an office worker who loses her smartphone, exposing her personal information.\u00a0<\/span><\/p>\n

EVOLVING INDUSTRY<\/b><\/p>\n

One result of the Korean content explosion is that it has put the local entertainment industry in flux, eroding distinctions between film and miniseries and creating new opportunities for artists.<\/span><\/p>\n

Many directors and actors are migrating over to streaming services, for instance. In 2023, South Korean filmmakers will direct over a dozen miniseries. This includes \u201c<\/span>Mask Girl<\/span><\/a>\u201d by Kim Young-soon and \u201c<\/span>Moving<\/span><\/a>\u201d by Park In-jae.\u00a0<\/span><\/p>\n

Many of these are based on digital comic-book-like animated stories, called webtoons, which are now a significant content source for Korean dramas. Two of Korea\u2019s largest internet conglomerates and webtoon publishers,\u00a0 Kakao and Naver, are now involved in the content business. Kakao formed Kakao Entertainment in 2021 and recently <\/span>secured<\/span><\/a> close to $1 billion (1.2 trillion won) in investment, while Naver has increasingly <\/span>partnered<\/span><\/a> with CJ Group starting in 2020.\u00a0<\/span><\/p>\n

Securing intellectual property (IP) has also become a significant priority for many streaming services and production companies. It\u2019s why Astory, the company behind \u201cThe Extraordinary Attorney Woo,\u201d <\/span>rejected<\/span><\/a> Netflix\u2019s offer to produce the project, having learned from producing content with the streamer on \u201cKingdom\u201d that they lose rights to the IP in doing so.<\/span><\/p>\n

The popularity of streaming services has contributed to the transformation of Korea\u2019s celebrity as well. Netflix\u2019s \u201c<\/span>All of Us Are Dead<\/span><\/a>,\u201d which has been popular with younger viewers and logged <\/span>474.2 million hours<\/span><\/a> viewed in its first four weeks, turned its young cast into global stars almost overnight.\u00a0<\/span><\/p>\n

In the past, young performers relied on roles in independent films before headlining a significant production, but in the Netflix era, streaming services and social networking sites, chiefly Instagram, have upended this system.<\/span><\/p>\n

Meanwhile, streaming services have enabled artists to increasingly explore new themes and subjects.<\/span><\/p>\n

The success of \u201c<\/span>The Extraordinary Attorney Woo<\/span><\/a>,\u201d starring Park Eun-bin, was telling. That the show\u2019s treatment of autism and social isolation resonated with so many people and illustrated how viewers have been searching for different shows with different kinds of characters.\u00a0<\/span><\/p>\n

Netflix also sees potential in science fiction, a genre that has enjoyed only mixed commercial and critical success outside the Bong Joon-ho films \u201c<\/span>The Host<\/span><\/a>\u201d (2006) and \u201c<\/span>Snowpiercer<\/span><\/a>\u201d (2013).<\/span><\/p>\n

The series \u201c<\/span>Black Knight<\/span><\/a>\u201d featuring Kim Woo-bin, set in a world where pollution has killed almost the entire population, is one of its eagerly-anticipated productions of 2023, and it too is based on a webtoon (\u201cTaekbaegisa\u201d).<\/span><\/p>\n

\"\"

Posters for 6\/45, Unlocked, The Night Owl and Smugglers | Image: Courtesy of Cinnamon and Sidus, Netflix, and NEW<\/em><\/p><\/div>\n

COMING TO THEATERS<\/b><\/p>\n

The pandemic and the rise of streaming services have also had a major impact on the film industry, which is still looking to bounce back now that South Korea has eased its COVID-19 controls.<\/span><\/p>\n

The industry saw an <\/span>improvement<\/span><\/a> in 2022 compared to 2021. Over <\/span>112 million tickets<\/span><\/a> were purchased last year, an on-year increase of 86%. <\/span>Admissions<\/span><\/a> to Korean films in particular rose to 62.79 million from 44.67 million in 2021.\u00a0<\/span><\/p>\n

But total tickets sold surpassed 200 million per year between 2013 and 2019, and it\u2019s clear the industry has yet to recover fully.\u00a0<\/span><\/p>\n

Audiences are now very selective in their choices, mainly because ticket prices increased significantly during the pandemic. The <\/span>average ticket price<\/span><\/a> in 2020 was 11,000 won, or about $9, but it had risen to 14,000 won ($11) by 2022. Meanwhile, streaming services have become more affordable.\u00a0<\/span><\/p>\n

Still, films like the period thriller \u201c<\/span>The Night Owl<\/span><\/a>\u201d and the comedy \u201c<\/span>6\/45<\/span><\/a>\u201d set in the Demilitarized Zone (DMZ) broke even despite not being based on existing IP.<\/span><\/p>\n

Going into 2023, much of what made 2022 a testing period will continue. Ryoo Seung-wan\u2019s \u201c<\/span>Smugglers<\/span><\/a>,\u201d set in the 1970s featuring Kim Hye-soo, will be released in the summer and Kang Jae-kyu\u2019s \u201c<\/span>Road to Boston<\/span><\/a>,\u201d about Korean athletes running in the Boston Marathon in 1947, will hit screens in September in time for Chuseok.\u00a0<\/span><\/p>\n

Many of the films hitting cinemas in 2023 are features initially scheduled for release earlier in the pandemic. Last year, there were around 80 films awaiting release. With investors seeking a return on their investment, the movies will either have to be released at some point or find a home on streaming platforms.\u00a0<\/span><\/p>\n

Other releases this year include Kim Sung-soo\u2019s \u201c<\/span>Seoul Spring<\/span><\/a>,\u201d about the protests that took place in the late 1970s, Kim Tae-yong\u2019s sci-fi fantasy adventure \u201c<\/span>Wonderland<\/span><\/a>\u201d centering on characters who meet via artificial intelligence, Kim Yong-hwa\u2019s \u201c<\/span>The Moon<\/span><\/a>\u201d about a man trapped in outer space and Choi Dong-hoon\u2019s Alienoid Part 2. Again, lots of science fiction.\u00a0<\/span><\/p>\n

Also worthy of note is Kim Jee-woon\u2019s \u201c<\/span>Cobweb<\/span><\/a>,\u201d starring Song Kang-ho of \u201cParasite\u201d fame as a filmmaker seeking to reshoot his latest film in the 1970s, when the government heavily censored entertainment.\u00a0<\/span><\/p>\n

The feature could premiere at the Cannes Film Festival in May, particularly given that Song won Best Actor last year for his role in \u201cBrokers\u201d and Kim was invited to Cannes before \u201cThe Good, The Bad, The Weird, A Bittersweet Life.\u201d<\/span><\/p>\n

All in all, there will be no shortage of Korean content in 2023 to entertain viewers both at home and abroad. Mirroring the changes in the broader ecosystem as Hollywood struggles to adjust post-pandemic, the South Korean entertainment industry will continue to undergo a transformation as studios and streaming services find a way to coexist.<\/span><\/p>\n

Edited by Bryan Betts and John Lee<\/span><\/i><\/p>\n

Business & Economy<\/span><\/a>Culture & Society<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

Korean television and film content has exploded in recent years, and as the country emerges from the COVID-19 pandemic, 2023 is shaping up to be a complex year for Korean media as the industry undergoes major changes. 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