Competition to secure successful content IP fierce among Korean production companies

Production companies are in heated competition to secure the IP rights to successful existing works after the success of "Marry My Husband." Courtesy of tvN and Naver

Korean production companies are increasingly turning to proven hits in the form of original intellectual property (IP) to ensure box office success.

With a noticeable reduction in the number of productions and a downturn in the domestic drama market, the hunt for bankable source material has led to a war over IP.

They are competing to secure well-crafted original works, particularly those with established fandoms, to adapt into dramas, an approach to secure a safeguard against financial flops.

Webtoons and web novels, in particular, have become hot commodities, seen as having high potential for hit adaptations due to their novel content and built-in audiences.

Industry insiders have noted that the unique and innovative material found in webtoons and web novels meets the needs of drama production companies, which has led to a heightened preference for webtoon IPs.

While the drama "Arthdal Chronicles" may not have been a runaway success, its adaptation demonstrates the ability of IP to transcend genres, expanding into other forms of media like gaming and sparking intense competition for ownership of popular IP.

The economic impact of these adaptations is significant. For instance, following the drama adaptation of the webtoon "Marry My Husband," the original work's total sales jumped by 17.1 times, according to the Naver Webtoon. This illustrates how the success of a drama can have a profound effect on the source material's popularity and sales.

The presence of a fandom has become a pivotal factor in the utilization of IP. Popular webtoons and web novels with loyal fan bases translate naturally into drama viewership, as fans of the original works eagerly tune in to see their favorite stories come to life on screen.

A poster of "A Killer Paradox"/Courtesy of Netflix

The preference for webtoon IPs has increased further with the steady release of works like Netflix's "A Killer Paradox" and the webtoon "Pyramid Game."

However, this focus on securing IP has led to a relative decline in interest in developing original works, potentially impacting emerging writers and directors by reducing their opportunities. In the past, platforms such as one-act plays allowed new talent to showcase their abilities, but such opportunities are now scarce. Some broadcasters are attempting to counteract this by introducing projects that feature award-winning works from competitors, providing a platform for new voices.

The reliance on webtoon and web novel-based content continues to grow, raising concerns about the potential decrease in opportunities for new talent. As the industry leans heavily on adaptations, the question arises: what is the future for original storytelling?

While the current trend of adapting established IP has proven financially beneficial for production companies and has brought increased attention to the original works, it also poses challenges for the cultivation of new talent and original content. As the IP war rages on, the industry must balance the safety of proven hits with the need to foster innovation and creativity.

This article from the Hankook Ilbo, a sister publication of The Korea Times, was translated by generative AI and edited by staff members of The Korea Times.