[Asia Economy Reporter Hyunseok Yoo] Genie Music is showing strong performance. It appears that the news of KT’s recently established content-specialized company, KT Studio Genie, which is based on 13 million media subscribers, aiming to grow into a 'content giant' with over 1,000 original intellectual properties (IP) and more than 100 drama IPs by 2023, has influenced the stock price.
As of 1:55 PM on the 23rd, Genie Music was trading at 6,240 KRW, up 4.87% (290 KRW) compared to the previous trading day.
On the same day, KT held a press conference at its headquarters in Gwanghwamun, Seoul, where it announced the group’s media and content strategy centered on this plan. KT Studio Genie is a content-specialized company newly established by KT in January, consolidating the group’s media content capabilities and covering investment, planning, production, and distribution.
KT’s content business operates in a virtuous cycle centered on KT Studio Genie, which acts as the holding company, along with StoryWiz (original IP), SkyTV (channel), paid broadcasting platforms (Olleh TV, Skylife), OTT (Season), and distribution (KTH).
KT Studio Genie produces competitive content by utilizing the original IP assets owned by StoryWiz and distributes it through the group’s media platforms such as SkyTV’s live channels, Olleh TV, and Skylife. Subsequently, follow-up rights are distributed domestically and internationally through KTH and Season, and additional content value can be created through Genie Music and others.
KT has not denied that it will be the domestic partner for Disney+ (OTT). It stated that it is discussing partnerships in content investment and global distribution.
Kang Gukhyeon, President of KT Customer Division, said, “There is no official business partner contracted with Disney yet, so it is difficult to speak officially,” but added, “We are discussing cooperative relationships in various fields.” He continued, “The head of Disney’s Asia division is a Korean-American, and we have had many conversations.”
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