JTBC Studios takes a more open approach as the new Studio LuluLala

Television

Published: 19 Apr. 2022, 19:04

JTBC Studios takes a more open approach as the new Studio LuluLala

From left: M.C. Kim Ki-hyeok; Park Joon-suh, the head of the production division of Studio LuluLala (SLL); Choi Jae-won, CEO of Anthology Studio; Lee Jae-kyoo, producer of Film Monster; Byun Seung-min, CEO of Climax Studio; and Choi Jae-hyeog, head of the strategy division, attend the “Let’s LuluLala” press event to introduce SLL’s vision for the future. [STUDIO LULULALA]

“Let’s LuluLala” — that's the new slogan for Studio LuluLala as it trumpets its ambition to become “the world’s leading creative studio,” announcing that it will be investing 3 trillion won ($2.4 billion) toward its content over the next three years.

JTBC Studios, cable channel JTBC’s content management affiliate, changed its company name to Studio LuluLala (SLL) at the March 31 annual shareholders meeting, symbolic of its hopes to offer more diverse content targeting a global audience.

“Lululala” in Korean is similar to the English “lalala,” a sort of phrase for when a person is feeling excited, joyful or happy.

“Although JTBC Studios was a supreme and secure company name, the decision for this change lies in our ambition to become a global top-tier production studio not limited to creating content just for the JTBC channel,” Studio LuluLala CEO Jung Kyung-moon said at a press event held at the Dongdaemun Design Plaza (DDP) in central Seoul on Tuesday. “We will become an unprecedented studio, creating an environment where a variety of creators can gather to find their own joy in working, and to expand the global fandom of K-content, crossing the boundaries of language, culture, genre and platform.”

Studio LuluLala has been expanding its territory by forming partnerships and acquiring production labels. Currently, it possesses a total of 15 production labels including Climax Studio behind Netflix Korea’s “Hellbound” (2021) and “D.P.” (2021); Drama House behind JTBC’s “SKY Castle” (2018-19) and “The World of the Married” (2019); Zium Content behind JTBC’s “Itaewon Class” (2019) and upcoming Netflix Korea’s “Money Heist: Korea – Joint Economic Area”; Film Monster behind Netflix Korea’s “All of Us Are Dead” (2022) and film “Intimate Strangers” (2018); and Hollywood studio Wiip behind the recent HBO hit “Mare of Easttown” (2021).

Logos of Studio LuluLala and its 15 acquired labels [STUDIO LULULALA]

“With over 200 creators across 15 labels, the studio has created over 300 different kinds of content, in drama series, films and variety shows,” Jung continued. “Last year alone we created 26 productions, reaping 558.8 billion won in revenue and 15 billion won in operating profit, which is more than double what the company made in 2020.”

The studio plans to release a total of 35 productions this year including “Money Heist” starring Yoo Ji-tae, Park Hae-soo and Jeon Jong-seo; “The Accidental Narco” on Netflix starring Ha Jung-woo, Hwang Jung-min and Park Hae-soo; “The Sound of Magic” on Netflix starring Ji Chang-wook and Choi Sung-eun, “Monstrous” on Tving starring Koo Kyo-hwan and Shin Hyun-been; and “Casino” on Disney+ starring Choi Min-shik, Heo Sung-tae and Kim Joo-ryung.

The company also plans to establish overseas branches in Japan and Singapore this year.

“We plan to invest 3 trillion won in our content until 2024 in production, form funds and securing our primary storytelling resources [such as intellectual property],” Jung said, “By 2024, we plan to reach an annual revenue of 2 trillion won, of which we are aiming for 40 percent to come from overseas. […] We will need to create 50 to 60 productions a year to reach our revenue goal.”

Choi Jae-hyeog, the head of the strategy division, pointed out that SLL is different from other global studios in the sense that it opts for the creative freedom and independence of its labels above anything else.

“We do not have a standardized policy or unanimous direction that we are pursuing as a studio,” Choi said. “The studio merely acts as a mother company to which it ensures the independence and autonomy of each label. Every label has a different personality and direction that it seeks, which is how the content that SLL creates can become more colorful. As a mother company, we bring these together to create synergy on matters such as marketing strategies and copyrights.”

The company is also open to the possibility of acquiring more labels in the future.

“For both local and overseas, we do not have a specific set of standards when we acquire a label,” Choi said. “It is not a matter of how successful content the studio has produced — it’s about the visions each CEO has. It’s not about changing the original goal of the label, but rather about finding one that clicks with ours, and figuring out whether or not the label can co-exist harmoniously within our ecosystem.”

“We are also forming flexible partnerships with a variety of global streaming platforms such as Netflix, Apple TV+ and HBO Max,” Byun Seung-min, CEO of Climax Studio said. “Some of the content [created from the partnerships] have already begun production. We are continuing to expand our boundaries, and more line-ups [related to partnerships with global streaming platforms] will be disclosed in the future.”

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]