The price of Korean tv-series are leaping thanks to Chinese OTT platforms
China's OTT is outstanding in the rapidly growing global online video subscription (OTT) economic sector. Three major Chinese OTT firms, Tencent Video, iQiyi, and Youku, have more than 300 million subscribers in the domestic market alone, according to FIPP, a global media network group. In other words, China accounts for 30% of the world's 1 billion OTT subscribers. With global conglomerates such as Alibaba and Tencent, they are expanding their business internationally.
Tencent Video was ranked third in the world's OTT subscription economy market, followed by iQiyi and Youku. Each has a subscription base of more than 100 million people. iQiyi, also known as China's Google, has recently focused on the Korean content market. This service's development history is related to ‘commerce’ and the’ Korean Wave industry’.
Photo source: iQiyi
Korea's <Descendants of the Sun> was aired alone in iQiyi, taking in at least 35 billion won in revenues, and related products not available in Korea were purchased and sold in iQiyi Mall. iQiyi is scrambling to purchase rights to Korean dramas, buoyed by the massive success of <Descendants of the Sun>.
iQiyi acquired the international copyright(license) to <Jirisan MT.Jiri> early last year, which is scheduled to be published in the second half of this year. The drama, which stars Jeon Ji-hyun and Ju Ji-hoon and was written by Kim Eun-hee of <Kingdom> and directed by Lee Eung-bok of <Descendants of the Sun> and <Sweet Home>, attracted attention even before it was released. <My Roommate is a Gumiho>, iQiyi's first Korean original work, will be released soon. According to the industry, iQiyi's emphasis on Korean dramas is to hit overseas markets, such as Southeast Asia and the Middle East, where the Korean Wave is gaining traction, rather than the domestic market. Official services in 11 languages, including Korean, are already available in iQiyi. iQiyi reaffirmed its entrance into the global market and revealed its strategic planning, including the establishment of teams in Asia, including Korea and Japan, at Asia's leading content industry conference last year. "The frightening thing about China's OTT is that it understands fandom," an industry insider said. "It remains to be seen if Chinese content will thrive in the Korean and global markets, but with strong domestic and resources, competition in the OTT market will be fiercer", added.
Article source: https://www.hankyung.com/economy/article/2021021337447