The Ministry of Culture, Sports and Tourism (Minister Hwang Hee) and the Korea Creative Content Agency (KOCCA) (President Jo Hyun-rae) said that they produced an interview video with a local media company in the US and released it on YouTube at the US Business Center to help K-contents advance into the North American market.
The American Business Center of the KOCCA has produced a total of 18 videos under the theme of ‘Business Strategy for Korean Contents to Enter the North American Market’.
In the videos, Adam Steinman, vice president of Warner Bros., Sebastian Lee, CEO of Enter Media Contents, Park Geun-hee, CEO of KOCOWA talked with KOCCA’s U.S. Business Center Director Joo Seong-ho on the U.S. broadcasting video content market trends and local expansion strategies.
In particular, KOCCA plans to deliver practical information and know-how to content companies and creators wishing to advance into North America, such as examining the change in status in the US following the success of K-contents worldwide, and examining the change in the topography of the US broadcast video content market due to the rapid growth of OTT.
In the interview video released this time, Vice President Adam Steinman of Warner Bros highly praised K-content's performance last year, and as a strategy for success in the US market in the future, he selected original setting and idea, global and Korean narrative and style, and the development of a format in consideration of global business development.
In addition, Vice President Adam Steinman said, "We are actively looking for another K-format in 2022 to follow the popular remakes of <The King of Mask Singer> and <I Can See Your Voice> in the United States in 2022." He also expressed interest and expectations for the K-contents.
CEO Sebastian Lee of Enter Media Contents, who served as a co-lead producer of Apple TV+'s original drama <Pachinko> and a senior producer of ABC's <Good Doctor>, talks about the elements that domestic content companies need to penetrate the US market.
In addition, he said, “In the United States, as the topography is changing, such as mergers and acquisitions between production companies are actively taking place, writers, actors, and directors from various languages and cultures are entering the US market. It can be a good opportunity for Korean content companies and creators.”
CEO Park Kun-hee of KOCOWA, which provides streaming service for Korean broadcast video content in the Americas and is evaluated as the Korean version of Netflix, explained KOCOWA's strategy to enter the US market.
In particular, Park said, "Unlike other OTT platforms, KOCOWA's 'non-exclusive content strategy', which does not provide original exclusive content such as <Running Man> and <I Live Alone> from the three terrestrial broadcasters, but also allows viewing on Hulu and Comcast, allowed us to quickly enter the US market."
He said, “More than 90% of KOCOWA’s total subscribers in the U.S. are not Koreans, but local Americans, and of these, less than 10% are Asians, so we can see the growth potential of K-contents.” .
The interview video of ‘Business Strategy for Entering the North American Market of Korean Content’ can be viewed by anyone on YouTube (KOCCA USA) of the Korea Creative Content Agency.