Korean Content Studios Entering the US Market
Korean Culture's Popularity Sharply Rising in the Us
Recently, Mobile Research Open Poll 'US Content Trend Report 2021' conducted an online survey of 2,000 men and women living in the US. As a result, 32.4% of respondents indicated they had consumed Korean content in the previous three months, and 65.1% stated their positive interest in Korean culture had increased since they encountered Korean content.
As if to demonstrate the popularity of Korean culture in the United States, JTBC Studios, one of South Korea’s well-known entertainment companies, stated on the 1st that it will buy Wiip, an American content producer, and join the U.S. market.
Photo source: The Korean Herald
JTBC Studio Acquires Wiip, and is Set to Launch in the United States.
The previous day, JTBC Studio, which has been investing in Wiip since the first part of last year, inked an acquisition deal with Wiip. CAA (Creative Artists Agency), the largest U.S. artist agency, will continue to be a major shareholder in Wiip when the contract is completed. Wiip is a content production firm formed in 2018 by Paul Lee, the former president of ABC Network and Studio and the founder of BBC America.
JTBC Studio and Wiip will continue to collaborate in a variety of areas, including IP remake, co-production, and distribution expansion. "The United States is the most competitive region for global content production and securing," said Kim Si-kyu, CEO of JTBC Studio. "This arrangement is significant simply because it provides a path for JTBC Studio to enter."
The purchase of Wiip by JTBC follows a similar agreement between Studio Dragon and Apple Plus, as well as Skydance Media of California. They will also create content for distribution in the United States.
Paul Lee, the CEO of Wiip said "I am very happy that JTBC Studio highly appreciated Wiip's creative ability and made a big investment," he said. "We expect to carry out many projects together on the world stage and attract the best talent at the same time."
Based on its entry into the U.S. market, JTBC Studio is planning to expand its scope to Japan and Southeast Asia.