Korean content companies look beyond box office to IP rights
Korean intellectual properties (IP) are increasingly generating revenue not just from the original films or shows, but from secondary markets years after their initial release. A clear example of this trend is "Miracle in Cell No. 7," a 2013 Korean hit film that drew over 12 million viewers. The movie is now making money through a remake of a remake. On Tuesday, NEW, the media company behind the…
Korean content companies are exploring new revenue streams beyond traditional box office earnings by securing intellectual property (IP) rights in secondary markets. The case of Miracle in Cell No. 7, a 2013 hit film, exemplifies this trend. After garnering over 12 million viewers, the film's rights holder, NEW, announced plans to remake a sequel for the Philippine market.
This marks a first, as rights to a sequel originally created outside Korea have been resold to a third country. The deal allows NEW to collect additional royalties without the need to produce or write the sequel in Korea. Miracle in Cell No. 7 has already been remade in Indonesia, Turkey, and the Philippines, with the Philippine version earning more than 1.1 billion won ($8.2 million) at the local box office in 2019. Lee Jung-ha, head of NEW's subsidiary Content Panda, hailed the movie as a "massive cash cow."
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- Korean content companies look beyond box office to IP rights koreatimes.co.kr
