K-productions are riding high on studios that have them covered, start to finish

Industry

Published: 13 Jun. 2022, 19:06 Updated: 13 Jun. 2022, 19:43

K-productions are riding high on studios that have them covered, start to finish

From left to right, movies and dramas produced by Studio LuluLala (SLL): "The Roundup," "My Liberation Notes" and "D.P." [SLL]

Korean films and dramas are riding high, and pushing them higher are the large-scale production studios that control everything from the genesis of a story to its distribution on the global stage.

Leading this trend is Studio LuluLala (SLL), the production company behind the 2021 Netflix hits "Hellbound" and "D.P." The company updated its name in March from JTBC Studios, with the aim of becoming "a global top-tier production company."

Whereas in the past, video content was produced by smaller production studios and distributed by television broadcasters, content companies are now acquiring story-writing companies and production studios to oversee everything from beginning to the end, much like what's happening in Hollywood.

SLL, which strengthened its content production capabilities by acquiring film production companies Perfect Storm Film and BA Entertainment in 2019, has become one of the largest content companies in Korea, with 15 production companies under its helm.

Last year in particular, SLL produced 26 works including hits such as the Netflix series "Hell" and "D.P." "The Roundup," which became the first local movie to sell over 10 million tickets since the Covid-19 pandemic, and popular JTBC drama "My Liberation Notes" are also works from production companies under SLL.

"SLL has gone beyond just being a studio that only makes dramas broadcast on the JTBC channel," SLL CEO Chung Kyung-moon said during a press conference in April. “We will jump forward to become a studio that can stand shoulder to shoulder with major Hollywood studios.”

From left to right, movies produced by Kakao Entertainment: "Broker" and "Hunt." [KAKAO ENTERTAINMENT]

Another major player is Kakao Entertainment.

Kakao Entertainment, which was created through the merger of Kakao Page and Kakao M last year, has grown into a comprehensive entertainment company that encompasses webtoons, web novels, music, music distribution, management, content production and distribution.

With its own share of multiple production companies under its arm, Kakao Entertainment plans to create synergy through collaboration between subsidiaries. For example, SBS drama "Business Proposal," which was popular earlier this year, was produced by Kakao Entertainment subsidiary Cross Pictures, based on the Kakao Page webtoon and web novel of the same name. The original soundtrack album was also produced by Kakao Entertainment’s music label.

Two films that received high honors from the Cannes Film Festival this year were also made by Kakao subsidiaries.

Korean films enjoyed more of the spotlight again this year. Auteur Park Chan-wook won Best Director for "Decision to Leave," actor Song Kang-ho received Best Actor for his performance in "Broker" and "Hunt" was invited to the non-competitive section while "Next Sohee" was screened as the closing film of the Critic's Week.

"Broker" and "Hunt" were made by Kakao subsidiaries Zip Productions and Sanai Pictures. Kakao Entertainment, which entered the content industry by acquiring and merging production companies two years ago, is also preparing to release other works such as "Night Trip" starring Ha Jung-woo and Kim Nam-gil, and "Game Match," in which Lee Byung-hun and Yoo Ah-in join as rivals in the game of Go.

The spread of the large studio model started in 2016 when CJ E&M split its drama division and newly established Studio Dragon. The fact that K-content was sold worldwide through streaming services, which grew rapidly during the Covid-19 pandemic, accelerated the establishment of large studio systems.

"As works such as 'Parasite' and 'Squid Game' have become popular overseas, entertainment is starting to be recognized as an industry where you can make money," said a spokesperson from a movie production company.

The advantage of the studio system is that it reliably supports the production of high-quality content based on capital.

“In the past, creators were subordinated to those with distribution channels such as broadcasters,” said Kim Seong-soo, a culture critic. “But after the advent of streaming services, various platforms now compete to secure well-made content and the business has become a world led by talented creators.

“In the future, the studio system will play a big role in making K-content more deeply rooted across the globe,” Kim continued.

“Many production companies that are still independent want to enter into a studio system for more stable creative activities,” an official from a production company belonging to a large studio said.

However, there is a possibility that latecomers will be excluded as many of the production companies that are attracting attention in the industry have already been incorporated into large studios.

“Producers who have already made box office hits will benefit from this system, but I am concerned that IP holders outside of the system or new producers with no experience will have fewer opportunities to be discovered,” said another official from a film production company.

BY NAM SOO-HYOUN [lim.jeongwon@joongang.co.kr]