[Focus] "Opportunity Opens" K-Variety Shows Soar Overseas via OTT

Changes in the OTT Extended Content Market
Major Shift of K-Variety Star Directors
"Unique Content Will Captivate Overseas Viewers"

(From left) Jeong Jong-yeon, Park Jin-kyung, Kwon Hae-bom, Kim Tae-ho / Photo by CJ ENM, Kakao TV, MBC

[Asia Economy Reporter Lee Isul] "K-content is spreading worldwide, and I believe K-variety shows have a great chance of gaining popularity overseas as well. Could 2022 be a year of tectonic shifts? We never know when the door of opportunity that's currently open might suddenly slam shut. (laughs) I'm thinking that we should do it while we still can."

On the 28th, PD Jeong Jong-yeon said this in a video interview with Asia Economy. Emphasizing the considerable strengths of K-variety shows in the global market, he cited examples such as 'King of Mask Singer' and 'Grandpas Over Flowers,' whose formats have been exported, as well as the recently released and hugely popular 'Solo Hell.'

The content market has changed since the pandemic. Now, people can watch movies and dramas at home without going to theaters or sitting in front of the TV at the original broadcast time. The change came unexpectedly. Although it was a predicted shift, who could have imagined it would happen so quickly?

These changes occurred in just two years. The market trend shifted, and Over-The-Top (OTT) platforms beamed with joy. As theaters froze, producers and creators naturally turned to OTT. Capital and manpower knocked on the door all at once, and it opened.

'Squid Game,' released on Netflix on September 17 last year, is regarded as the content that led this change. It recorded over 1.65 billion hours of viewing time within four weeks of release, achieving the highest global success. Lee Jung-jae became the first Korean actor to win the Best Actor award at the Screen Actors Guild (SAG) Awards, and Jung Ho-yeon won Best Actress.

The elevated status and interest in K-content have energized the production market. Domestic and international OTT platforms have aggressively invested in production budgets and are enthusiastically creating various content, including movies, dramas, and variety shows.

The content market has undergone intensive development. So many contents have been produced that some say the market is saturated. Amid this atmosphere, viewers' standards for good and entertaining content have also risen.

Changes in K-variety show production personnel have been detected in the broadcasting industry. There has been a movement of individuals establishing independent studios to produce and release variety shows on OTT platforms, and famous star PDs from terrestrial and cable broadcasters have also moved to OTT companies.

Photo by Netflix

Park Jin-kyung CP, who directed 'My Little Television' at MBC, moved to KakaoTV and made the 'Ants Keep Going Ttuntun' series a hit. Thanks to its popularity, it was produced up to season 5 and was praised as well-made web content.

Park CP told this publication, "Korean variety shows have the strength of being unique. Some say they were influenced by Japan, but there are indigenous points that were created spontaneously. Because the domestic variety market is fierce, all sorts of topics are intensely competed over. This leads to very unusual topics that make you think, 'Are they really making a program on this subject?' I believe overseas viewers will find these aspects distinctive. Especially with the recent lowering of barriers to K-content, these strengths will appeal and attract interest."

Park Jin-kyung CP plans to release content expanding the 'Ttuntun' IP (intellectual property) next year and is also planning a program targeting East Asia.

Similarly, PD Kwon Hae-bom, who moved from MBC to KakaoTV, described the market change as "a period of transformation." He said, "'Squid Game's success made me feel that K-content appeals not only domestically but also globally. Variety shows are not at the center of this, but through various platforms, K-variety shows might also enter the global market." He added, "I want to plan global-related content as well. I don't think it's just a dream."

PD Hyun Jeong-wan, who directed the variety show 'Game of Blood' co-produced by MBC and Wavve, said, "An unusual TF team was formed within MBC. Writers and schedulers shared tasks and helped by analyzing various indicators, which was a refreshing experience."

The unprecedented collaboration between terrestrial broadcasters and OTT brought meaningful results. 'Game of Blood,' for which MBC secured overseas rights, signed format option contracts with the Bunny J Group for nine European countries: Germany, France, Italy, Finland, Norway, Denmark, Sweden, Belgium, and the Netherlands. The share of new Wavve subscriptions driven by the show reached about 16%, and viewing time increased more than 2.5 times.

Photo by TVING

Photo by Netflix

PD Kim Tae-ho, who directed 'Infinite Challenge' and 'Hangout with Yoo,' also resigned from MBC. His first content was 'Seoul Check-in,' featuring singer Lee Hyori, released on the native OTT platform TVING. It was the first pilot variety show and was released on January 29, just before the Lunar New Year holiday, gaining great popularity.

Interest in 'Seoul Check-in' surged, with the combined number of paid subscribers increasing more than threefold on days 2-3 compared to the release day, and the viewing UV showed a growth rate twice as fast as TVING's top hits 'Transit Love' and 'Work Later, Drink Now,' leading to confirmation of a regular season.

Jeong Jong-yeon PD of CJ ENM, who formed a massive fanbase with popular tvN variety shows like 'The Genius' and 'Great Escape,' led 'High School Mystery Club' up to season 2 on TVING. He said, "'King of Mask Singer' and 'Grandpas Over Flowers' exported their formats overseas. Although very different programs emerged, it is meaningful. Recently, 'Solo Hell' has also done well, so I am paying attention. As a director, I hope to have the opportunity to present content to overseas viewers."

PD Jeong stated he will actively take on challenges in the changing content market. "I want to take on new challenges this year, and I think it will be a year of various considerations. It seems 2022 will be a year of planning and exploration."