2023-10-05 10:20:00
K-movies, K-dramas, and K-POP, which are now familiar to the world, have grown by overcoming internal and external crises with ‘venture spirit’. They quickly responded to technological changes such as OTT and YouTube, expanding their reach to the world. However, after COVID-19, the number of theater audiences has decreased significantly. There is also a sense of crisis that the strengthening market dominance of the giant OTT called Netflix could lead to a contraction of the content production industry.
The Kyunghyang Shinmun’s YouTube channel ‘This Kyunghyang’ news commentary content ‘Kyunghyang Seesaw (Current Affairs Sommelier)’ features books. <한류 외전>We gathered with Dr. Yunji Kim of the Export-Import Bank of Korea’s Overseas Economic Research Institute, who wrote, to hear about the crisis in the K-culture industry and the prospects for overcoming it.
Recent Korean dramas can be divided into ‘K-drama’ and ‘Korean Wave drama’. <오징어 게임>Series with a strong social nature, mainly consumed in North America and Europe, have earned the title K-drama. However, in the Asian market, romantic comedy-oriented dramas are still popular. This is called ‘Korean Wave drama’.
While dramas are still popular in the global market, the Korean theater industry and movies are showing signs of crisis. Dr. Yunji Kim explains, “Romantic comedies that were seen in theaters in the 1990s have now disappeared from theaters,” adding, “Just as Hollywood reorganized the theater industry with Marvel-type visual effects-focused movies, there is a possibility that Korean movies will also be differentiated.” .
Will the 10 million movies that were once released twice a year ever come out again? Dr. Kim said, “If you look at the 10 million movies so far, they were works that well captured the concerns and interests of the public at the time.” He added, “The recent 10 million movies <극한직업>Even if you look at it, it is a work that clearly shows the sense of self-employment.”
To achieve this, the attitude of capital invested in content is important. Rather than investing in simply following the formula of previous successful works, active investment in new attempts should be made.
Dr. Kim also warns against dependence on giant OTTs, such as Netflix, for capital investment in content. Relying on exclusive OTT could easily lead to a crisis in the industry itself. Hong Kong cinema, which had grown significantly from the late 1980s to the early 1990s, declined as investors left after the return to China. If Netflix’s capital leaves for a more ‘efficient market’, it may follow the same path.
Dr. Kim says, “In addition to growing domestic OTT, there may also be a need for changes in the way we invest in content aired on OTT.”
More details can be found through Kyunghyang Seesaw. Kyunghyang Seesaw (Current Affairs Sommelier) is Kyunghyang Shinmun’s YouTube content that selects the right news every week and provides detailed analysis and outlook.
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