Chorokbaem Launches Production Company Alliance... "Maximizing Profits by Protecting IP"

A photo of the key executives from each production company who participated in the launch ceremony of the content production company alliance, 'Creator Alliance,' on the 6th. From the left: Jeong Yong-wook, CEO of C2Media; Kim Jeong-hwan, CEO of Aurora Media; Kwon Tae-ho, Deputy Manager of Victory Contents; Ahn Hyeong-jo, CEO of Jidam Media; Kim Se-yeon, Head of Department at Chorokbaem Media; Seong Jin-woo, Executive Director at iHQ; Yoo Jeong-hwan, General Director of Drama Business Division at Studio Santa Claus; Son Gi-won, CEO of Kim Jong-hak Production; Gwak Ji-hoon, Head of Department at DK E&M. Photo by Chorokbaem Media

[Asia Economy Reporter Hyunseok Yoo] "Content intellectual property (IP) has so far inevitably belonged to online video services (OTT) and channels. However, IP should rightfully belong to the creators. This is because it enables reproduction and re-creation in various directions. The 'Creator Alliance' plans to improve the infrastructure of production companies while maximizing the profitability of content."

Kim Seyun, Head of Strategic Planning at Chorokbaem Media, said this at the launch ceremony of the content production company coalition 'Creator Alliance' held on the 6th.

The Creator Alliance includes nine domestic media production companies: Chorokbaem Media, C2 Media, Aurora Media, Victory Contents, Jidam, DK E&M, IHQ (i.e., IAHQ), Studio Santa Claus, and Kim Jonghak Production.

The alliance has a pool of about 40 writers and 12 directors. It can produce around 14 works annually. This means it instantly secures the largest drama production capacity in Korea.

Kim emphasized that the launch of the Creator Alliance can build a diverse ecosystem. He said, "Through the alliance, we plan to expand drama production capabilities, and based on solid financial strength, IP acquisition through in-house production will be maximized. It is expected to enable the establishment of an ecosystem encompassing not only planning, production, and distribution of works but also commerce, non-fungible tokens (NFT), and the metaverse." He added, "In the past, we were outsourcing production, but now we have become a production company with a brand."

Chorokbaem Media will strengthen its 'IP acquisition capabilities' by collaborating with major media companies starting from the launch of the Creator Alliance. Along with this, it plans to reorganize the media market encompassing the metaverse, NFT (non-fungible tokens), and e-commerce with strategic partners such as Lotte Home Shopping, Bithumb, Bident, Wemade, Bucket Studio, and YG Plus, in which it has made equity investments.

He explained, "Video content is necessary for visitors within the metaverse, and currently, we are receiving love calls from several companies in the NFT and metaverse sectors. The same applies to e-commerce."

Chorokbaem Media is determined to strengthen its IP-based comprehensive content business based on abundant financial resources and create a virtuous cycle structure that leads to NFT, metaverse, and e-commerce. A Chorokbaem Media official said, "To strengthen competitiveness against global OTTs, securing high-quality IP through pre-production of content is very important. The content production companies participating in this alliance will be able to secure and utilize various competitive content IPs."

Chorokbaem Media plans to develop the alliance into a 'media content production platform' not only by securing IP but also by establishing joint studios, content production equipment, and post-production graphics companies. It also expects synergy with the recently acquired broadcasting channel (K STAR). In fact, some production companies participating in the Creator Alliance plan to showcase broadcast programs through the K STAR channel.

A company official emphasized, "Since greater profits can be secured when conducting business individually, the Creator Alliance can grow into Korea's representative content production platform with many content production companies participating."