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Eye on 2024: Korea
30 November 2023
Korean authorities are doing everything they can to protect and promote K-content. Our New Year watch list includes the new US$776-million fund, which kicks off in 2024 along with benefits of the peace accord signed between SK Telecom and Netflix.
▶ Asia's formats biz today is nowhere near the volume of its heyday in 2017/8. As 2023 closes, it looks like the drop from last year will be about 20%. But that’s not the whole story.
Last year this time we said format adaptations in Asia in 2023 would not return to highs of first half 2017, when the region had 285 formats on air/commissioned. And we were right. As we head to the end of the year, we’re at 150. December, may end at 160, 165 tops. At 160, that’s 21.5% down on the 204 recorded for full year 2022.
But the numbers game is only one part of Asia’s format story. The genre mix has changed as well, and along with it investment and overall value. While Asia builds its premium story-telling muscle, scripted formats will continue to fast track output.
If India leads, scripted adaptations are happening across the region, some breaking new ground. In early November, for example, NBCUniversal Formats’ first ever scripted/telenovela deal for Thailand premiered on One 31 HD free-TV broadcast channel. Telemundo’s original 140+ episode Latin drama, El Cuerpo del Deseo, was reformatted to the 24-episode prime time show, Second Chance, for Thailand. This is the first time the series is being re-made in Asia.
There were other firsts as the year drew to a close, including the first version of NBCUniversal’s Suits in Mongolia and the first versions of Nippon TV’s Mother and Woman – My Life for My Children, both greenlit by Saudi media group, MBC. The deal gives Nippon its first Arabic adaptations.
Meanwhile, production alliances are burgeoning. In November, regional streamer Viu and Philippines’ programmer ABS-CBN announced a Philippines’ version of 2018 Korean romcom, What’s Wrong with Secretary Kim. The series releases in 2024.
A Thai version of What’s Wrong with Secretary Kim is also on the way at...
Korean authorities are doing everything they can to protect and promote K-content. Our New Year watch list includes the new US$776-million fund, which kicks off in 2024 along with benefits of the peace accord signed between SK Telecom and Netflix.
▶ Asia's formats biz today is nowhere near the volume of its heyday in 2017/8. As 2023 closes, it looks like the drop from last year will be about 20%. But that’s not the whole story.
Last year this time we said format adaptations in Asia in 2023 would not return to highs of first half 2017, when the region had 285 formats on air/commissioned. And we were right. As we head to the end of the year, we’re at 150. December, may end at 160, 165 tops. At 160, that’s 21.5% down on the 204 recorded for full year 2022.
But the numbers game is only one part of Asia’s format story. The genre mix has changed as well, and along with it investment and overall value. While Asia builds its premium story-telling muscle, scripted formats will continue to fast track output.
If India leads, scripted adaptations are happening across the region, some breaking new ground. In early November, for example, NBCUniversal Formats’ first ever scripted/telenovela deal for Thailand premiered on One 31 HD free-TV broadcast channel. Telemundo’s original 140+ episode Latin drama, El Cuerpo del Deseo, was reformatted to the 24-episode prime time show, Second Chance, for Thailand. This is the first time the series is being re-made in Asia.
There were other firsts as the year drew to a close, including the first version of NBCUniversal’s Suits in Mongolia and the first versions of Nippon TV’s Mother and Woman – My Life for My Children, both greenlit by Saudi media group, MBC. The deal gives Nippon its first Arabic adaptations.
Meanwhile, production alliances are burgeoning. In November, regional streamer Viu and Philippines’ programmer ABS-CBN announced a Philippines’ version of 2018 Korean romcom, What’s Wrong with Secretary Kim. The series releases in 2024.
A Thai version of What’s Wrong with Secretary Kim is also on the way at Thai-Korean JV, True CJ Creations. The series is one of three that kicked off production in Nov 2023. The others are versions of thrillers Happiness and Mouse.
The new titles are part of a growing stream of adaptations from the seven-year-old joint venture. Black Dog: Being A Teacher premiered as Thank You Teacher in June this year, and will be followed in 2024 by romcoms Familiar Wife, Start Up and Emergency Couple and legal thriller, Lawless Lawyer.
CJ ENM-linked ventures elsewhere in the region are spreading their wings. Out of Hong Kong, CJ ENM Hong Kong has started filming its first Mandarin remake, the US$3-million Breeze by the Sea, off the coast of Taiwan. The 12-episode drama, adapted from 2018 Korean series Top Star U Back, is slated for release in Q4 2024.
What do we think is most likely to happen in 2024? India will continue to be Asia’s top formats market. Vietnam may catch up or even overtake India in volume terms. Thailand, consistently among the top three markets in Asia, will hold its spot. Will volume be up? We’re not very hopeful. Will value be up? Maybe.
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