[Click eStock] “Studio Dragon Focuses on Works Based on Webtoon IP”

[Asia Economy Reporter Koo Eun-mo] This year, there is an analysis that Studio Dragon's works based on webtoon intellectual property (IP) should be closely watched.

Last year, Studio Dragon completed production of 28 dramas (24 captive, 2 terrestrial, 2 Netflix originals). Among these, the number of dramas based on webtoon IP expanded to a total of 5 titles (Memorist, Lugal, The Uncanny Counter, True Beauty, Sweet Home).

The Netflix original drama Sweet Home is a co-production with Studio N, a subsidiary of Naver Webtoon, directed by Studio Dragon's PD Lee Eung-bok, with a production budget of 30 billion KRW (3 billion KRW per episode). Sweet Home was released on Netflix on December 18 last year, and as of week 52 in 2020, it ranked 3rd in the Netflix TV show global rankings, achieving the highest Netflix success among Korean dramas to date.

Park Sung-ho, a researcher at Yuanta Securities, stated in a report on the 5th, "Since the original webtoon Sweet Home was one of Naver Webtoon's top popular works in overseas markets, there was some prior recognition of the work. The combination of the original's fresh material and solid storyline is evaluated to have enabled its global success." He added, "Although the production of Sweet Home Season 2 is not yet confirmed, expectations for adopting a seasonal format are rising as it is a work with proven popularity."

Cooperation with Naver is also being strengthened. In the process of share exchange with CJ Group affiliates from October to November last year, Naver secured a 6.3% stake in Studio Dragon through a stock contribution method, and Dragon acquired a 0.3% stake in Naver. Researcher Park explained, "The expected effects of the Naver-Dragon share exchange include expanding premium content production using Naver Webtoon IP, digital content production, and cooperation in global drama production and distribution." He further stated, "As cooperation between the two companies strengthens for producing dramas targeting the global market, if Dragon takes charge of producing digital content optimized for TVING and Naver platforms as part of the Naver-CJ Group collaboration, the utilization of webtoon IP could be strongly considered."

Meanwhile, among Studio Dragon's lineup this year, at least 4 works are expected to be based on webtoon IP (Navillera, Love Alarm Season 2, Island, and Doom at Your Service). Among these, Island and Doom at Your Service are based on Naver Webtoon IP. Island is being prepared as a major drama for the second half of the year, and Doom at Your Service is planned to be produced as an original drama for iQIYI, which is evolving from a Chinese OTT to a global OTT platform.

This content was produced with the assistance of AI translation services.