South Korea’s telecommunication giant KT Corp. is opting open platform and networking with partners from various areas in contents to achieve its goal of building a content library with more than 1,000 original content intellectual properties (IP) and 100 dramas to become a high-tech soft power.

“We are seeking for a ‘win-win’ business model in which we share intellectual properties with various partners in an open environment” instead of fully owning or controlling original IPs through equity investment and M&As, said Yoon Yong-pil, a co-CEO of KT Studio Genie.

Through open partnership with various parties like content creation and production companies, the company aims to “secure 1,000 or more original content and 100 drama content by the end of 2023 to service at both TV and streaming platforms,” said co-CEO Kim Chul-yeon.

KT Studio Genie, newly launched in March, serves as KT’s media business control tower. It manages KT’s media content value chain ranging from the company’s web comic unit KT Story Wiz to broadcasting platforms including Sky TV, Sky Life and Olleh TV and streaming service Seezen. It also runs an IP distribution unit KTH to sell its content to global partners and introduce overseas content to Korea.

KT Studio Genie has created three executive producer positions that supervise a whole process ranging from planning a project to financing, production and distribution.

But the company will rely on not only own producers but invite creative products from outside through IP rights- and profit-sharing partnerships. This is a different approach from Netflix that buys IP rights from producers or Naver and Kakao who have been vying fiercely in acquisitions of content providers.

“Our strategy is to strengthen collaboration with our partners in an open ecosystem,” said Yoon, adding that it is in talks with Studio 329 to share IP rights of the upcoming content “Crime Puzzle.”

“Crime Puzzle” is KT’s first drama series that will be released in October or November. It is being produced by Studio 329, the producer of Netflix’ Korean original series “Extracurricular.” Yoon Kye-sang and Ko Ah-sung will play the lead characters for the psychologic thriller.

Once it obtains enough content via Story Wiz, it will collaborate with the “Metaverse One Team,” a team that KT created with nine virtual reality (VR) and content companies to cooperate in metaverse technology. “Studio Genie will focus on developing stories and characters to create a concept that people can immerge and relate to,” said Kim.

By Lee Seung-yoon and Choi Mira

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]