The most awaited drama of 2021 <Cliffhanger> made an exclusive contract with iQIYI
The most anticipated Korean drama of 2021 <Cliffhanger> is being released worldwide via global OTT platform iQIYI.
<Cliffhanger> is a mystery genre drama which is written by ‘Kim Eun Hee’, the writer of <Kingdom>, and produced by ‘Lee Eung Bok’, the director of <Goblin>, <Descendants of the Sun>. Also, the work is receiving more attention both in Korea and overseas as it stars ‘Gianna Jun’ from <My Love Who Came From the Stars> and ‘Ju Ji Hoon’ from <Kingdom> as the main protagonist.
The overall production cost of <Cliffhanger> is estimated at USD 29 million(USD 1.4 million per episode). Approximately 65 percent of the overall expense is guaranteed to be covered under the domestic broadcasting rights deal.
The exclusive deal with iQIYI seems to result in at least 40 percent return on investment (ROI) due to the fact that iQIYI is likely to have supported a higher cost of production than Netflix, which is considered to offer 80 percent of the overall cost of production in the overseas broadcasting contract.
Moreover, providing that this contract is dedicated to overseas broadcasting rights excluding China, the ROI of “Jiri Mountain” has a high possibility to increase when the contract for the broadcasting rights in China is concluded.
Through this contract, we can realize that new competitors have emerged in the distribution rights for overseas broadcasting of Asian content, which was primarily on Netflix till now. Also, at the same time, it shows that the form of overseas broadcasting rights transactions can be further fragmented and specialized.