#SHOWBIZ: South Korean TV drama production at risk of collapse, warn industry groups

Seoul - Twelve South Korean industry groups have warned the government that the production of Korean television dramas, or K-dramas, risks collapsing. They made the plea on Wednesday, November 4, citing the decline in K-drama output. According to the Korea Drama Production Association, the number of K-dramas produced dropped by around 30 percent from 141 titles in 2022 to 98 in 2023.

The groups, representing various professionals in the industry, pointed to three domestic broadcast networks reducing their drama output from 91 titles in 2012 to just 32 in 2023. They also noted that some channels have ceased airing weekday dramas altogether. The slump in production, they said, was primarily due to rising production costs.

The industry groups highlighted competition from well-funded global streaming platforms, broadcasters' reduced investment capabilities, and difficulties in securing intellectual property rights as factors contributing to the decline. Moreover, they argued that advertising revenue alone is no longer sufficient to cover production costs, leading broadcasters to decide that cutting output is the rational choice.

The groups criticized the government's 2027 draft budget, which plans to cut the culture ministry's broadcast-video funding by 4.5 billion won (approximately RM14 million). They expressed concern over this decision, which they believe will exacerbate the already precarious situation of the K-drama industry.