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Even just before Korean content, such as Korean movies, continued to work in the global market, major investment distributors in Korea have been knocking on the door of overseas markets with their own global strategies. Now that the possibility of the content industry has also been confirmed through the COVID-19 Pandemic, each company's strategies are more prominent.

As the number of confirmed COVID-19 patients in Korea dropped sharply and social distancing has been eased, the Korean film industry also began to quickly change its attitude. It's because the signs of a revival of the theater district were also clear while we could feel that filmmakers around the world became more interested in Korean content than ever before with 2 Korean films winning the competition sections at Cannes timely. 

Showbox Global Strategy, a Virtuous Cycle model Centered on Creators 

Since 2 or 3 years ago, the top five major investment distributors in Korea have been trying to target overseas markets as the solutions to break through the COVID-19 Pandemic era, and they have been paying off one by one. Showbox tried to preoccupy the issue by publishing the fact to the media faster than anyone else this year. In April, Showbox informed the attraction of investment of 140 billion won to MCG (Maum Capital Group), a U.S. investment company based in Silicon Valley, and held Media Day in June to announce its specific global strategies. 

There were two main points. One was to create a virtuous circle of a business model centered on creators, and the other was to open a new paradigm for content distribution by actively utilizing the metaverse technologies. On Media Day at the time, Kim Dosoo, CEO of Showbox, said, "We are going to create a collaborative group consisting of directors, writers, and planning producers to build ideas with creators all the time. These opportunities are open to all creators," stressing a kind of partnership. 

Although it does not have a multiplex theater or a huge distribution network, Showbox has many original movie and drama IPs such as The Host, The Thieves, Assassination, A Taxi Driver, and Itaewon Class. Based on the assets, they're planning to expand to 'Super IP' by combining it with metaverse technologies such as Web 3.0, NFT (Non-Fungible Token), etc. Although metaverse technologies are still at a stage where only their possibility is expected, it is highly likely to utilize networking of major MCG shareholders such as MCG Chairman Koo Bonwoong, Netscape founder Marc Lowell Andreessen, and Yahoo founder Jerry Yang. 

CJ ENM, Focusing on Overseas Market Bases 

CJ ENM, which has the largest multiplex and distribution network in Korea, seems to be focusing on establishing bases in overseas markets, targeting Hollywood studios and production companies. At the end of last year, CJ ENM acquired 'Endeavor Content,' a film production studio in the United States, and immediately signed a content production and investment partnership with Paramount. 

Although Endeavor Content is not a big studio or production company, it has produced a large number of great movies and dramas such as La La Land and Killing Eve. Endeavor Content's collaboration with Paramount, which holds Mission Impossible series, Transformers series, and popular TV series like CSI series, can be a bridgehead to advance to the Korean market for Hollywood producers as well as CJ ENM. Tving, an OTT platform affiliated with CJ ENM, already has the Paramount Special Hall. Paramount also seems to be expanding its cooperation by investing in Director Lee Joonik's first OTT entry, Yonder. 

Prior to that, CJ ENM participated in the investment in a stake in Hollywood production company Skydance Media in 2020 and agreed to produce a remake of Sunny with Universal Studios and Extreme Job with Heartbeat. Director Bong Joonho's PARASITE is also being produced as an HBO drama series and is preparing for a remake of Byun Sunghyun's The Merciless with Pathé. According to a CJ ENM official, more than 15 movies and dramas are being planned and produced in the U.S., including the aforementioned works. It can be seen as strengthening the structure of content reproduction and overseas distribution by using its own IP. 

Lotte Cultureworks, Expand Its Business Through Consortium 

Lotte Group, which has the second-largest theater chain and distribution network in Korea, plans to utilize the IPs of its companies and partners through a kind of consortium and further expand its theater chain to major overseas countries. Chairperson Shin Dongbin, who returned to management in 2018, began to take care of overseas business expansion himself, and in the same year, 'Lotte Shopping Cinema Business Headquarters' created an independent corporation called Lotte Cultureworks. In other words, Lotte announced its commitment to the content business. 

Until the end of this year, Lotte Cultureworks is aggressively expanding the number of theaters in Southeast Asian countries. Although it has not yet been visualized, OTT platform business is also working behind the scenes. Especially the company plans to utilize its IP and participating countries' IPs through 'Global Gate Consortium,' which has been formed with major production companies from 13 foreign countries such as the U.S., France, Italy, Japan, and the Philippines. The consortium includes major production and distribution companies such as Lionsgate (USA, UK), TF1 (France), Televisa (Mexico), and KADOKAWA (Japan). Lotte's films Scandal Makers and Midnight Runners were exported through Lionsgate, and the Argentine film No Kids is undergoing a Korean remake centered on Lotte Cultureworks. 

NEW, Expanding Overseas with Major Content Remakes 

NEW, an investment distributor operating a theater chain called Cine Q, signed an equity investment contract with Library Pictures International (LPI) last year, a U.S. content investment company. By securing stable resources, it is possible to provide more diverse opportunities to Korean creators. In fact, at the Cannes Film Market this year, we could see cases of LPI's investment in the films planned and developed by NEW.  

Apart from it, NEW's major content is steadily entering overseas markets. The movie The Villainess is being developed as an Amazon TV series, and Miracle in Cell No.7 is being prepared for a remake in Spain. A BL drama, Blooming, was released to the world earlier this year through iQIYI and NBC Universal Entertainment Japan. Meanwhile, NEW signed a partnership with VFX's engine, which has meta-human technology, in August last year. Unlike other investment distributors, NEW is also actively interested in investing in video technology. 

Megabox Plus M, Showing Off Its Presence at Overseas Market with The Roundup and Hunt 

Megabox Plus M, which set the milestone of surpassing 10 million viewers for the first time since the COVID-19 Pandemic with The Roundup, was first invited to the official category of the Festival de Cannes this year with Director Lee Jungjae's Hunt, showing its presence to the overseas market. 

Last year, Contentree Joongang Corp., the parent company of Megabox Plus M, acquired wiip, an American content production company, and set up a bridgehead for overseas expansion. The acquisition happened in the form in which JTBC Studios America corporation was established in LA and 80% of its stake was purchased through the corporation. According to a Megabox official, they have several films and dramas that are planning joint content using their IP, and original content is also being developed through the U.S. corporation.