"Government Support Crucial to Prevent a Second 'Jiwoo School' Incident"

'Jigeum Uri Hakgyoneun' Producer Park Cheolsu, Film Monster CEO
Proposes 'Challenge' as a Key to Sustainable Growth at Content Industry Forum
Also Emphasizes the Need for Tax Reductions and Credits Comparable to IT and Manufacturing Sectors

The Netflix drama "All of Us Are Dead" is often misunderstood as riding the wave of the zombie genre's popularity. The original webtoon of the same name has been serialized since 2009. Park Cheol-su, CEO of Film Monster, purchased the adaptation rights in 2015?before the filming of the movie "Train to Busan" (2016), which marked the starting point of the domestic zombie craze, was even completed. People around him discouraged the move, saying there had been no successful cases. There were also concerns about adapting a webtoon into a video format. However, Park had a different perspective. He believed that global hits like "28 Days Later" (2002), "Dawn of the Dead" (2004), and "World War Z" (2013) had proven the genre's mass appeal. He was confident that by establishing a unique thematic consciousness and infusing it with domestic sensibilities, it would resonate well.

At the content industry forum hosted by the Korea Creative Content Agency on the 28th, Park presented "challenge" as the key to the sustained growth of Korean dramas. It was not about a frontal breakthrough but an attempt to increase the possibility through thorough preparation. From the planning stage, he aimed to reduce risks through rigorous verification. He explained, "Unlike typical disasters, zombies are multiple in nature. There is considerable room to expand or reinterpret the story," adding, "They evoke a living, breathing, evolving fear that enables dynamic direction." He continued, "The depiction of immature teenagers coping with disaster within the confined space of a school had rarely been portrayed before," and said, "I was confident it could be drawn as a fresh and differentiated story."

It was foresight. Despite the flood of zombie content, "All of Us Are Dead" captivated global viewers with its unique charm. It became the most popular Netflix content in fifty-eight countries, including the United States and the United Kingdom. It was watched for a total of 560.77 million hours. Only four other works have been broadcast more: "Squid Game" (1.65045 billion hours), "Bridgerton Season 1" (625.49 million hours), "Money Heist Part 4" (619.01 million hours), and "Stranger Things Season 3" (582.10 million hours).

The purchase of webtoon original rights, once a concern, has now become common. With the establishment of online video services (OTT), the value of intellectual property (IP) has surged. As freedom of expression has expanded and reasonable production budgets have been supported, everyone is eager to find new stories. Some producers are preparing large-scale projects considering easier global entry. Park said, "Excellent content like 'Parasite,' 'Squid Game,' and 'Hellbound' has attracted worldwide attention and even elevated the nation's prestige," adding, "it has created stable employment and led the industry to become a high value-added sector."

Despite the steep growth, the production environment has not improved much. In particular, investment incentives such as tax reductions or credits are minimal. Only up to 10% of production costs (for small and medium enterprises) can be deducted from corporate tax. For large companies, it's 3%, and for mid-sized companies, 7%. In advanced countries like the United States, France, and Canada, the deduction rates range from 20% to 35%. Australia offers up to 40%. The deduction requirements generally involve producing a certain percentage domestically.

Park emphasized, "Now is the time for the government to take on the challenge," and urged, "The government should lead the activation of investment in K-content production with tax reductions and credits at the level of the IT or manufacturing sectors." He added, "If related budgets are expanded and international competitiveness is strengthened, it will establish itself as a key government industry alongside semiconductors, future cars, and biohealth."