If you are someone who loves binging shows on Netflix, then one thing is for sure - You haven't missed out on watching 'Squid Game'. Since its release last year, the South Korean drama has captured the interest of audiences globally. Within days of its release, the intense thriller was one of the most-watched shows on the streaming giant Netflix. Korean dramas or K-Dramas have caught fire across the globe, with plenty of their dramas revolving around a variety of genres. For instance, if you type 'South Korea' into any OTT platform, you will be presented with amazing amounts of content and unlimited South Korean TV dramas that you can browse through. So what is really driving the popularity of South Korean content?
The content industry is gaining recognition as a promising new sector, boosting growth in the national economy. Korea Creative Content Agency (KOCCA) is a South Korean government agency that aids in the promotion of creative companies by providing support and policies in the areas of broadcasting, animation, cartoons, music, and much more. KOCCA's main aim is to introduce Korean content to the world, such as Korean Dramas (K-Dramas), Korean Music (K-Pop), Korean Fashion, Korean Games, Korean Animation, etc. The agency engages in the distribution, creative production, fostering companies, and providing financial support among many others for these content. The agency is also actively working with startups to introduce new and innovative technologies that can help enhance the reach of Korean content to the world.
Now with all things Korean - drama, music, and cinema going global, it is believed that the reason behind the content gaining momentum is the competence of the Korean industry in studying and understanding what people have liked in the past, along with the ability to track trends in the market.
Talking about the same, Joseph Lee, Zookiz Co. Ltd, said: "We all know that there are many hidden gems on multiple platforms other than just 'Squid Games'. The success is mainly due to its unique content, the uniqueness drives more attention, and we are always committed to listening to the feedback provided by the audience, and applying that idea to our content story."
"For example, the story and script for K-dramas are coded according to the people's reactions. We integrate this idea to reason our storyline, so people are more engaged and interested in the story. I believe this dynamic has been able to allure a larger view audience nationwide. So, if we have a new plan or idea, even if it is very innovative, we use KOCCA as a gateway to create new content," Lee added.
KOCCA also administered a support system that reflects the shift in the global distribution channel to an online format. Additionally, since post-production is a crucial element, KOCCA has provided ungrudging cross-sector support for all phases of production, from planning to production. In the global streaming era, the primary focus of local content creators has been reaching global audiences. And to meet their needs, the agency has carried out different programmes to assist creators and production companies to enter the global market.
Now with streaming platforms getting involved in content production, intellectual property (IP) has become a more complex issue. The main questions arise on which parties - creators, production companies, or investing streaming platforms - are entitled to claim copyright. So, if you have a good IP, it can be applied to different content like games, series, or films. Production companies and creators can maximise the return on their IP by financing projects without streaming platforms' investment, which will also leave them with greater bargaining power in the long run. Now to make content, a lot of money is required. To help creators get enough budget, KOCCA has provided various aids to fund them.
One of its related programmes is to assess the financial value of given content before production, by reviewing factors like scripts, actors, and producers. The production companies then can use the same assessment to appeal to their investors.
KOCCA intends to increase its support for new content production that can be serviced through Korean OTT platforms. Additionally, the agency will also help in content creation, and production of short- and mid-form content that has been designed specifically for digital media. In addition, KOCCA will continue to invest in the development of new entertainment formats using AI, VR, and AR technologies to enhance audiovisual experiences.