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IT giants bet on series, movies for ears
By Kwak Yeon-soo
The popularity of audiobook-style content has surged in recent years amid fierce competition between streaming services, with Gen Z and Millennials as its leading consumers.
The medium resonates with the younger generation who are accustomed to multitasking. Unlike video content that requires visual focus, audio dramas can be listened to while working or studying.
Also, these generations' love for nostalgia may explain the sharp increase in audio content, specifically audio dramas and pictureless movies. According to Spotify's Culture Next Report 2022, more than 73 percent of Gen Z respondents said they like retro products or content.
"Developments in technology, such as smartphones and smart speakers, have helped contribute to the recent rebirth of audio content. The so-called 'video call fatigue' during the COVID-19 pandemic also led to the audio content boom," said Kim Chi-ho, a professor at the Department of Culture Contents at Hanyang University.
According to Statista, the size of the local audio content market is expected to increase more than fourfold in 2024 ($91.6 million) compared to 2019 ($21 million). Goldman Sachs predicted that the size of the global audio content market will likely reach $7.53 billion in 2030, compared to $2.2 billion in 2019.
Nowadays, a lot of big brands are starting to utilize this content format.
The number of monthly users of Naver's audio streaming platform, Audio Clip, jumped 93 percent in May compared to a year ago.
During the first year of the pandemic in 2020, the company released three audio cinema products ― "Man and Woman," "My Heart is Beating" and "Falling Asleep Beside You." Last year, it made quite a splash with the audio series, "Floor." All featured several big-name actors voicing the characters.
This year, Naver is preparing to release an audio drama called "Far East" (working title), a spy thriller by filmmaker Kwak Kyung-taek, who is well known for the action noir movie, "Friend" (2001).
"It might sound grandiose to say that audio content is going mainstream. But it is certainly on an upward trend," an official at Naver's Audio Clip said. "To compete in a crowded market of music streaming services, we have been searching for something new and found potential for genuine newness in audio dramas and movies."
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| Seen above is filmmaker Kwak Kyung-taek, who will direct his first audio drama, "Far East" (working title), a spy thriller starring actors Kim Kang-woo, Yoo Jae-myung and Kwak Dong-yeon. Courtesy of Naver Vibe |
The official explained that audio production is cheaper than making films or TV dramas. A film or television series can require a months-long commitment, but audio content can be recorded in just a couple of days.
"There are many practical benefits for content creators. The production cost is much lower than making a film and we can try various experiments. Audio content is approachable as it can be listened to anywhere and can excite the senses," he said.
Meanwhile, Kakao Entertainment has been cashing in on acquiring the intellectual property (IP) rights of audio dramas based on popular webtoons and web novels that have been offered on its platforms. For instance, "Business Proposal" and "What It Means to Be You" all surpassed 1 million views.
In May, it released a new audio-drama series, "I Want to Do It, Even If It Hurts," featuring actor Lee Joon-ki and Apink's Park Cho-rong as voice leads.
The next couple of years will prove to be a watershed moment for the audio content business, according to industry watchers.
"We are trying to build on existing IP across our lines of business, adapting popular web novels and webtoons in the form of audio content as well as live-action series and films. We will continue to add audio narration to our proven stories and curate the broadest collection of audio dramas appropriate for all audiences in the market," a Kakao Entertainment official said.
Partnerships between audio book publishers and entertainment firms are also foreseeable.
In February of this year, audio book publisher Welaa announced a collaborative project with CJ ENM to produce 23 audio dramas. The projects include audio-drama series by "Hometown Cha-Cha-Cha" writer Shin Ha-eun and "Black Dog: Being A Teacher" writer Park Ju-yeon.
Actors who participated in the audio-drama series agreed that audio is one of the most immersive media format that powerfully connects listeners to the story. Sounds prompt listeners to imagine and create their own images as the tale unfolds.
"Self-expression is the core component of how Gen Z and Millennials navigate the world. Film and TV, as powerful and moving as they are, can be quite passive, whereas audio triggers imagination and stimulates creativity. There's an engagement there that has to happen for the story to work," said veteran actor Kang Shin-il.
"Audio-drama series kind of bring listeners halfway into the story, and their imagination has to fill the rest. It was a new and exciting experience to take part in it," actress Moon Chae-won said of voice acting in "Floor."
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