StoryWiz Lays 'Golden Eggs' with Web Novels
Targeting the Korean Content Market with Web Novels as Original IP
Investing 10 Billion Won to Create a Collective Creation System
[Asia Economy Reporter Koo Chae-eun] StoryWiz, a 100% subsidiary of KT, is strengthening its content competitiveness by investing 10 billion KRW to secure web novel IP (intellectual property).
On the 13th, Jeon Dae-jin, CEO of StoryWiz, held a business briefing and stated, "We will strive to enhance KT Group's corporate value by adding StoryWiz's creativity to the capabilities KT Group possesses." As the parent company KT aims to become a platform company, the plan is to build a content value chain from 'IP acquisition → production → distribution' to create synergy with KT. StoryWiz was established in February this year by spinning off KT's web novel business sector and is a content-specialized company based on web novels and webtoons.
First, StoryWiz will focus on securing original IP by discovering web novel writers. To build a production system that includes investment, distribution support, and nurturing, it will initially invest 10 billion KRW. A Hollywood-style collective creation system will also be introduced in the web novel field. By subdividing elements necessary for web novel creation such as data analysis, planning, writing, and proofreading into teams, they plan to plan and produce super IPs that can be adapted into webtoons, dramas, and movies. This will serve as KT Group's original video IP supply base.
Hot Picks Today
As Samsung Falters, Chinese DRAM Surges: CXMT Returns to Profit in Just One Year
- "Most Americans Didn't Want This"... Americans Lose 60 Trillion Won to Soaring Fuel Costs
- Is China's Economic Recovery Stalling?... Both Production and Consumption Sluggish in April
- Samsung Union Member Sparks Controversy With Telegram Post: "Let's Push KOSPI Down to 5,000"
- "Why Make Things Like This?" Foreign Media Highlights Bizarre Phenomenon Spreading in Korea
Affiliated studios and writer groups will be able to focus solely on creative activities, with KT infrastructure supporting management consulting, distribution agency, nurturing programs, and global expansion. The author serialization function of the currently operating web novel serialization platform 'Blyse' will also be enhanced. The creative support fund system will be restructured to introduce specialized contests and feedback systems. In addition, distribution agency services for small agencies and startups, as well as direct contracts with writers and super IP contracts, will be intensively increased to expand both the quantity and quality of distributed works. Overseas expansion is actively being pursued in the US, Japan, France, Thailand, Indonesia, and other countries. CEO Jeon Dae-jin said, "We plan to further expand the global distribution business area," adding, "Along with the growth of the web novel and webtoon markets, we will continuously consider how to lead KT Group's media and content industry as a content-specialized company."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
