Kingdom’s AStory gains stock momentum with new K-drama “Jirisan”

2020.09.23 12:30:41 | 2020.09.23 14:58:19

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AStory, a Kosdaq-listed drama producer behind “Kingdom” and “My First First Love” sponsored by Netflix, has gained upward momentum for its stock, with the release of next show “Jirisan” starring well-known Korean stars Jeon Ji-hyun and Joo Ji-hoon.

Expectations for another blockbuster K-drama fueled AStory shares in the last month. Its stock gained 26.6 percent from Aug. 21 to Sept. 21, according to the Korea Exchange on Tuesday. As of 11:47 a.m. on Wednesday, AStory rose 0.58 percent to 8,660 won.

AStory debuted on the nation’s secondary Kosdaq market in July 2019. It produced Netflix’s mega-hit zombie thriller “Kingdom” that was popular both in Korea and overseas, as well as famous K-drama series including “Signal” and “100 Days My Prince” among others.

The content maker has a vast pool of talented directors and writers who have produced and written a number of hit dramas including director Lee Young-hwa and writer Kim Eun-hee. DB Financial Investment analyst Shin Eun-jung said that Kingdom 2 released earlier this year gained huge popularity outside Korea, and the company also plans to launch games utilizing its intellectual property.

The company announced last Tuesday that it signed a 20.8 billion won ($17.9 million) worth contract to supply “Jirisan” with Studio Dragon, a drama production unit under CJ ENM. “Jirisan” that are starred by Jeon Ji-hyun, star of film “My Sassy Girl” and drama “My Love from the Star,” and Joo Ji-hoon, star of “Kingdom” began shooting last Friday and will be aired on tvN in the second half of next year.

AStory also has been extending its cooperation with overseas streaming giants. It produced and aired “Shall We Fall in Love” in China after receiving investments from Tencent.

Lee Hwa-jung, an analyst from NH Investment Securities, said “Kingdom” ranked ninth on Netflix in the United States when the country was under nationwide Covid-19 lockdown, and the global success would strengthen the company’s bargaining power in the mid to long term.

By Kim Jung-beom and Choi Mira

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