Challenge of K-Content for Bollywood
Kakao will start a competition targeted at the 1.4 billion Indian market, concentrating on Korean intellectual property (Kakao is one of Korea's biggest IT company). Since the second half of the year, Kakao Entertainment, which is in control of the webtoon industry, has set a target of supplying webtoon intellectual property (IP) to the Indian market in earnest and is speeding up preparation work. Webcomics in Korea has already been fully proven as a viable IP in global.
With a population of about 1.4 billion people, India is not only the world's largest market, but also the fastest growing content market in the last five years. India's content market is expected to reach USD40.7 billion this year, according to the Kocca (Korea Creative Content Agency). Because of increased wireless Internet penetration and increased investment in content creation, a 10.14 percent average annual growth rate was predicted by 2024.
Kakao Entertainment has long been interested in the Indian industry. India, where the cartoon and webtoon markets have yet to take off, was a strong contender. For entering Indian market, last year, Kakao Entertainment acquired 'Kross Pictures.
KrossPictures is the only South Korean company that has succeeded in the Indian market. They created an Indian remake of ‘Miss Granny’ and launched ‘Kross Komics’ first webtoon site. In India, Kakao Entertainment is considering rebranding its webtoon platform as a "Kakao" brand and supplying webtoon IPs focused on "Kross Komics."
Photo Source: Google
Photo Source: Google
Kross Pictures is the only South Korean company that has succeeded in the Indian market. They created an Indian remake of ‘Miss Granny’ and launched ‘Kross Komics’ first webtoon site. In India, Kakao Entertainment is considering rebranding its webtoon platform as a "Kakao" brand and supplying webtoon IPs focused on "Kross Komics."
The world's largest film market, Bollywood, is in India, and the use of related IPs is possible. Bollywood content can be webtoonized, similar to the recent partnership with DC Comics in the United States, and Korean content can be turned into a Bollywood film.
Beyond India, Kakao Entertainment plans to expand into Europe this year. Kakao Entertainment has become possible in all genres of industry, including webtoons, dramas, movies, and music production. The 8,500 IPs owned by Kakao Entertainment are the company's main business products.
“Although the value of webtoons and web novels was small, their value would double as they spread to global regions across different formats such as movies and dramas," a Kakao official said.
Article Source: https://www.asiae.co.kr/article/2021050708074822656