Despite Global Success of K-Dramas, Structural Weakness Remains... Without IP, Profits Flow Abroad

Changseong Park of SLL: "Production and Distribution Initiative Moving Overseas"
"Participation in Local Production Is Essential... Long-Term Rights Strategy Needed"

"The structure in which the global success of K-content does not return to the domestic production ecosystem is expanding."

Changseong Park, Head of Content Business Division at SLL, made this diagnosis of the current state of the K-drama and K-variety show industries during his keynote speech at 'Content IP Market 2025' held at COEX on the 25th. He pointed out that while there have been a series of hit titles, the initiative in production and distribution is shifting to overseas platforms, narrowing the scope available to Korean production companies.

As a representative example, he cited the Netflix animated film "K-Pop Demon Hunters." Although it achieved global box office success with Korean themes, the production, distribution, and intellectual property (IP) rights do not belong to a Korean company. Park stated, "The more the name 'K' becomes known, the more difficult it is for production companies that do not own the IP to expand their achievements into an industry."

Changes in the domestic production environment are intensifying these structural disadvantages. In this year's broadcast market assessment, the Korea Communications Commission pointed out the decline of the advertising market and the decrease in production demand. There are also claims that rising production costs are making it difficult for mid-sized and small production companies to build self-sustaining investment structures. These changes are also affecting the spread of the Korean Wave.

Park divided the development of the Korean Wave into three stages. The first stage focused on the export of broadcast programs; the second stage involved simultaneous global releases of Korean productions through global OTT platforms; and now, the third stage has begun in earnest, where Korean stories are produced locally overseas. The problem, he explained, is that if Korean production companies fail to secure IP at this stage, their share will shrink even further.

In response, SLL has strengthened its expansion strategy based on its own IP over the past few years. By securing remake contracts for production IPs such as "Strong Girl Do Bong Soon," "Reborn Rich," and "Doctor Cha," the company has proven its competitiveness in overseas markets. The American production company wiip, which SLL acquired, has also established itself as a bridgehead for entering the English-speaking market.

Park argued that policy support is essential for this to lead to a greater transformation. He noted that while support has so far focused on exports, exhibitions, and overseas business, what is needed going forward is structural support encompassing everything from local production to IP acquisition.

He said, "For K-dramas to maintain their global competitiveness, production companies need to participate in local markets while retaining IP rights," adding, "The more the industrial structure is shaken, the more important a long-term rights strategy becomes."