As the influence of K-content rapidly expands, related startups are moving to conquer global fandoms.
According to the Korea Creative Content Agency, the domestic content market size is expected to grow from 137 trillion won in 2021 to 148 trillion won in 2022, and the K-content export volume is also expected to increase from approximately 12.4 billion dollars in 2021 to 13.3 billion dollars in 2022.
Amidst this shift in content industry trends in line with the era of multi-media and multi-channel, domestic content companies are developing new success formulas based on the powerful scalability and fandom of IP. By expanding existing IPs into diverse media, including games, dramas, films, and performances, they are strengthening their presence in overseas markets beyond Korea and providing differentiated content experiences to global fans.
In this way, IP utilization through content diversification is also being maximized. In particular, the success of IPs adapted into films is steadily increasing the number of cases where original IPs are making a comeback. Kakao Entertainment announced that after the airing of the tvN Monday-Tuesday drama "Seonjae and Run Away," both the original web novel and webtoon recorded their highest sales ever. The original work of "Moving," which aired on OTT last year, also successfully reversed its trend, with average daily sales on Kakao Page and Kakao Webtoon increasing 12-fold and 8-fold, respectively, compared to before the airing.
Kakao Entertainment plans to actively expand into global markets, leveraging its secured IP. Next year, a drama based on the Kakao webtoon "Aquaman" will premiere on Fuji TV in Japan, and a drama based on the webtoon "Itaewon Class" will air on HBO in Taiwan. Furthermore, with platforms like "Tapas" and "Radish" in North America, approximately 6,700 works have been exported internationally.
◆ IPX , a business development utilizing character IP targeting the MZ generation
IPX is expanding its IP business leveraging characters with a strong fan base among Korea's MZ generation. Leveraging the global IP business know-how and creative capabilities accumulated through the growth of global IPs like LINE FRIENDS, BT21, and TRUZ, IPX aims to expand and support IP businesses for established characters in Korea into global markets.
IPX recently announced the launch of a global IP business for the popular character "Dino Tang," popular among Korea's MZ generation. Going forward, the company plans to expand its IP business to include a more diverse product lineup, retail, licensing and collaborations with renowned brands, and content creation, expanding the Dino Tang IP beyond Korea to Japan and the Greater China region, and grow it into a global IP.
In addition, the company is developing a global business utilizing promising domestic IPs such as Mo Nam-hee, Sealook, and Shinbi Apartment, and is expanding its IP business expertise by providing diverse IP experiences to domestic and international fans of all ages.
◆ Expanding its content lineup by securing a global fandom, The Origin
Diorigin, a comprehensive content IP holding startup, is developing a business that maximizes the IP value chain based on a transmedia strategy. Recently, Diorigin officially launched the mobile game "I Solo Level Up," based on the IP of the popular web novel and webtoon "I Solo Level Up Returnee," in 175 countries worldwide.
This project is notable for leveraging The Origin's game publishing system to successfully gamify an existing IP. The project focused on maximizing the value of the IP by reimagining its core elements—the worldview, characters, story, and art—for gaming purposes, with proven global marketability. The Origin was responsible for the entire operation process, from launch to completion.
The combination of the popularity of the Solo Max Level Returner IP, which is gaining popularity in global markets like Korea and Japan, and the immersive game content is expected to provide a more diverse and engaging experience for both domestic and international users. Going forward, The Origin plans to leverage its IP planning and commercialization capabilities to secure a solid global fanbase, significantly expand its content lineup, and accelerate the expansion of its IP-based business.
Furthermore, Diorigene plans to continue expanding its IP business and production partnership network to secure global success. Recently, the company partnered with STUDIO X+U on a "Mr. Smile (Heo Gwang-han) character spin-off IP development project for the mystery thriller drama "No Way Out: The Roulette." The project aims to expand into various media, including webtoons and web novels, to provide a differentiated content experience.
Nexon Takes on Global Strategy by Leveraging IP
Nexon is pursuing a strategy of expanding its representative IPs, such as Dungeon & Fighter and MapleStory, in various ways and discovering new IPs to become a global gaming company.
For example, 'MapleStory' is focusing on providing continuous enjoyment of 'Maple Life' by strengthening user touchpoints in all areas such as music, webtoons, goods, and pop-up stores as well as the play experience through various IP expansions.
In addition, the expansion of the 'Dungeon & Fighter' franchise worldview will be in full swing, and various genres of games such as 'First Berserker: Kazan' and 'Project Overkill' will be introduced. In September, at the 'Tokyo Game Show 2024' held in Chiba, Japan, a dedicated booth for 'First Berserker: Kazan' was operated, providing a public demonstration opportunity for local visitors and securing overseas users. In addition, Nexon Games is accelerating the expansion of the 'Dungeon & Fighter Universe' by confirming the official name of the open world action RPG 'Project DW' currently in development as 'Dungeon & Fighter: Arad'.
◆ Millie's Library: Providing a new reading content experience and accelerating global expansion
Reading platform Milli's Library is focusing on securing original IP and strengthening content competitiveness through its own publishing platform, 'Milliroad.'
Milliroad, a participatory publishing platform, allows anyone to freely write and share works of all genres, from diaries and essays to novels, poetry, and self-help books. To date, approximately 4,500 works have been published. Milli's Library pre-releases content with potential for commercial success from Milliroad as e-books, and then supports the publication of these works in print formats to reach a wider readership.
A prime example of a successful work is Kim Hye-jeong's "The Lost and Found Has Returned." This work began as a serialized work on Milliroad, and has since gone on to become an e-book, a paperback, and even the first pop-up store for an original IP from Milli's Library. In June of this year, the company signed a copyright agreement with a domestic production company to develop the IP into a stage production. In July, the company also signed an export agreement with a Turkish publisher, marking its global expansion.
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