K-dramas, Killer Content for Streaming Platforms
According to Flix Patrol, which provides daily VOD charts for 297 streaming platforms, K-dramas(Korean Scripted TV shows) have swept more than half of the top 10 most-viewed shows in Netflix in Vietnam and Japan, as well as in Malaysia, Hong Kong, Thailand, and the Philippines.
If OTT wants to target the Asian market, K-dramas are the “killer content”. Due to this situation, the status of Korean drama production has also changed. It is growing into a “Golden Goose” that creates economic value by taking advantage of intellectual property rights (IP).
The rising value of Korean Productions is starting from now. Not only Netflix but also Disney + and even Apple TV+ are kicking off their spurs to enter the Asian Market. It seems like many domestic OTTs are also likely to get in the “Content Acquisition War” to make the competition even more intense. Especially, Malaysia’s iflix, and Hong Kong's Viu, have grown with K-drama content.
In the end, the killer content is bound to be K-dramas, and furthermore, many experts are saying that an original K-drama or an exclusive contract with productions are needed for differentiation. Also, recently there are moves in China toward the acquisition of K-dramas. Enormous profits are expected to be generated from Youku, iQIYI, Tencent Video, etc., as they start buying K-content. In the first half of this year, iQIYI purchased the broadcasting rights to “Backstreet Rookie” and “Dinner Mate,” and recently purchased “Cliff-hanger”, which is scheduled to air in 2021, for about USD 20M.
source: Viu, Netflix
Experts analyzed that K-dramas have a competitive advantage compared to other global content due to its “Originality”, “High-Quality”. Also, they add that “K-dramas are the one and only content that can arouse sympathy in various Asian cultures.”
From now on, Korean Content, especially K-dramas are expected to gain more competitiveness and by collaborating with various players in the Global Media Entertainment industry, they will open up multiple opportunities in the new Media Content Market.