The world's largest streaming entertainment service Netflix is reported to have signed long terms contracts with two Korean drama production companies which are the Studio Dragon and Jcontentree. This will make South Korean television production gain more international attraction in the global market.
Both the contracts were signed in the month of November with undisclosed sums. It said that for the next three years the contract will bring about 40 Korean dramas to the streaming content provider.
Netflix's participation reflects a growing global desire for K-drama. The first Korean Netflix original series was "Kingdom" which premiered last January 2019 became a big hit for its production company Astory.
The drama "Kingdom" is a historical supernatural thriller. The story centers on the deceased king rise and a mysterious plague begins to spread. So, the prince must face a new breed of enemies to save the kingdom and his people. The drama also deals with class inequality, political struggles, and zombies. It is reported that a second season is scheduled to be on air in March 2020 as a Netflix original.
There are a lot more deals that are in store for the Korean drama genre. According to some sources, the company Studio Dragon is planning to put up a major overseas expansion by setting up a base in the US.
They are also talking about remakes of some of its biggest Korean hits with a range of other US distribution firms. On the other hand, new members in the online streaming site, such as Apple, Disney, and HBO, are expected to make more original content and are also aiming at Asian markets.
All of this means good news ahead for Korean production houses.
Studio Dragon is a South Korean production company and is considered as the largest scripted television production, marketing, and distribution under the CJ ENM Group division. CJ ENM Group is the owner of different various film and music assets, operating 17 TV channels, including tvN, Mnet, and OCN, as well as cineplexes.
In a press conference Nextflix said that as part of the three years partnership of Netflix and Studio Dragon in 2020, Studio Dragon and its great team of creators will produce original series that will be available to Netflix members all over the world. And they added that Netflix will also receive distribution rights to other select Studio Dragon titles.
Netflix has already streamed some of the Studio Dragon hits like," "Stranger," "Mr. Sunshine," "Memories of the Alhambra," "Romance is A Bonus Book," and "Arthdal Chronicles." Last August, it has premiered the Netflix original series, "Love Alarm,"
Under its new contract, Jcontentree will be releasing an increased number of dramas to supply to the streaming company Netflix.
Jcontentree official told Asia Times that they made a contract with Netflix to provide supply six to eight dramas yearly for a total of 22 to 23 dramas in three years from May 2020 to May 2023. They also stated that they will only broadcast them via JTBC, a cable channel in Korea, and only Netflix will have overseas broadcasting rights.
The official also declared, "We are also discussing the production of Netflix original dramas."
