Chorokbaem Media Signs Exclusive Domestic Service Contract for Drama 'Eoneu Nal' with Coupang Play

[Asia Economy Reporter Yoo Hyun-seok] Chorokbaem Media announced on the 21st that it has signed an exclusive domestic licensing agreement with the video streaming service (OTT) Coupang Play.

The contract is for the self-preproduced drama "One Day (working title)," which began production last month. The work is a tentpole series consisting of a total of 8 episodes.

Based on the British BBC's "Criminal Justice," "One Day" is considered the most anticipated work in the second half of 2021, featuring an unprecedented casting of South Korea's top two actors, Kim Soo-hyun and Cha Seung-won. Chorokbaem Media, The Studio M, and Gold Medalist are co-producing the drama.

Chorokbaem Media's supply contract with Coupang Play is regarded as a significant achievement as it is the "first contract for a self-preproduced drama aimed at OTT." In line with the booming domestic OTT content market, this represents a new business model that moves beyond the legacy platform-focused outsourcing production to producing its own dramas, securing IP, and expanding revenue through OTT sales.

According to the Korea Creative Content Agency, domestic and international OTT companies are aggressively investing in and securing content within the Korean market. At the same time, the status of small and medium-sized domestic drama production companies is also rising compared to the past.

Coupang officially launched "Coupang Play" in December last year and entered the OTT market, focusing on content investment. This year, it announced a massive investment plan and is accelerating its efforts in this business.

Through "One Day (working title)," Chorokbaem Media has established a new business model by owning the drama's IP (copyright) and directly leading OTT sales, and has finalized the domestic licensing agreement with "Coupang Play."