Korean content companies look beyond box office to IP rights

Korean content companies are expanding their revenue streams by looking beyond box office success to intellectual property (IP) rights, as evidenced by the success of the 2013 hit film Miracle in Cell No. 7. This film, which drew over 12 million viewers, has since generated income through a remake of a remake in Indonesia, and now marks a new trend as the rights to a sequel created outside of Korea are being resold to a third country.

NEW, the media company behind the original film, has announced that 2nd Miracle in Cell No. 7 will be remade for the Philippine market with a release date set for December 25. This is the first time rights to a sequel created entirely outside of Korea have been resold to a third country, allowing the original Korean rights holder to collect additional royalties without having to write or film the sequel in Korea.

The first Philippine version of Miracle in Cell No. 7 earned more than 1.1 billion won ($8.2 million) at the local box office in 2019, demonstrating the potential for these IP rights to generate significant revenue.

Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.