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Adam Steinman, Vice President of Format Development at Warner Bros., had long anticipated the growth of Korean content. He has shown great interest, having closely followed numerous hits over the past five years. He sensed the potential for success in the ability to consistently maintain quality while producing many works. He was captivated by the original settings and ideas, as well as the narratives and styles that share common denominators. He believes these appeal globally and continues to watch all popular content without fail.

He would never miss the International Broadcasting & Video Content Market (BCWW), Asia's largest broadcasting and video market, hosted by the Ministry of Culture, Sports and Tourism and organized by the Korea Creative Content Agency. This year, 183 companies from 34 countries and 688 buyers participated, trading IP worth approximately $47 million (about 64.4 billion KRW). Vice President Steinman focused on scouting promising formats to follow hits like "King of Mask Singer" and "I Can See Your Voice." He aims to purchase remake rights and localize them to create new success models.

After touring domestic company booths, he said, "Korean content now tackles themes that were previously overlooked, broadening empathy with global audiences," adding, "It seems they have learned how to gain greater attention. They create powerful storylines and characters reflecting the spirit of the times with low budgets, producing excellent results. Now, they are on par with major global production companies."

On the 31st, citizens are visiting booths related to the drama Extraordinary Attorney Woo at the international broadcasting and video market 'BCWW (BroadCast WorldWide) 2022' held at Dongdaemun Design Plaza in Seoul. Photo by Mun Ho-nam munonam@

Below is a Q&A with Vice President Steinman.

- Last year, Korean content achieved monumental success in the global market. Do you think this momentum has continued into the first half of this year?

"Absolutely. Korean dramas, music, webtoons, and other fields have enjoyed high popularity. Broadcasters and online video services (OTT) have been eager buyers. Some dramas and variety shows are even considered more competitive than local popular content in North America. ENA’s ‘Extraordinary Attorney Woo’ is a prime example. It gained popularity belatedly and recorded performance comparable to Netflix’s ‘Squid Game.’"

- Which Korean content caught your attention the most in the first half of the year?

"For dramas, ‘Extraordinary Attorney Woo’ and SBS’s ‘Taxi Driver’ stood out, and for variety shows, CJ ENM’s ‘My Boyfriend Is Better.’ ‘Extraordinary Attorney Woo’ shares many success factors with ABC’s remake ‘The Good Doctor,’ which is based on the KBS drama of the same name. It respectfully handles disabilities such as Asperger’s syndrome and savant syndrome. The story warmly conveys the protagonist’s full life and diverse charms, giving viewers special meaning through overcoming numerous barriers. ‘Taxi Driver’ excellently addresses realistic issues like bullying and voice phishing within an everyday story framework. As the producer of ABC’s dating show ‘The Bachelor,’ I found ‘My Boyfriend Is Better’ particularly interesting. I watch almost all Korean content. Recently, I have been paying attention to KBS’s ‘When the Camellia Blooms’ and ‘Doctor Prisoner.’ Warner Bros. operates 22 production companies in countries including the U.S., France, Spain, Australia, and New Zealand. We seriously consider which countries would be successful for remakes."

On the 31st, citizens are touring booths at the international broadcasting video market 'BCWW (BroadCast WorldWide) 2022' held at Dongdaemun Design Plaza in Seoul. Photo by Moon Honam munonam@

- One reason global OTT platforms like Netflix and Disney+ are interested in Korean content is its relatively low production cost. Do you foresee any changes to this low-cost, high-efficiency trend?

"The global economy continues to stagnate. Inflation and various lockdown measures mean low-cost content will dominate. The value of OTT and related stocks on Nasdaq has also dropped significantly. Large OTTs like Netflix may drastically reduce the number of original series they produce. They are likely to carefully analyze which content was effective and produce tailored works. They might even consider broadcasting dramas through major networks. This is good news for the Korean content industry, which has relatively low production costs. Global OTTs will likely pursue more content. The form this takes may focus more on purchasing broadcasting rights, like with ‘Extraordinary Attorney Woo,’ rather than full production funding or co-productions. Korean producers will welcome this. They will look to AStory, which secured IP while gaining global popularity through Netflix, as a model case."

- Last year, securing IP was a hot topic in the Korean content market. When it became known that Netflix acquired the ‘Squid Game’ IP, criticism arose even in the National Assembly.

"Honestly, I don’t understand why it became a controversy. Netflix secured the ‘Squid Game’ IP by fully funding production. The production company Siren Pictures did not initially prioritize Netflix. They approached several broadcasters but did not get the desired response. Desperate, they turned to Netflix. Some changes in rights distribution may be necessary, but the argument that the IP should remain because it was made in Korea is unreasonable. If anyone still opposes, I hope they consider how much Netflix’s support in production, promotion, and marketing contributed to the success of ‘Squid Game.’"

On the 31st, citizens are touring booths at the international broadcasting video market 'BCWW (BroadCast WorldWide) 2022' held at Dongdaemun Design Plaza in Seoul. Photo by Honam Moon munonam@

- The Ministry of Culture, Sports and Tourism plans to increase support for OTT-specialized content production by 33.8 billion KRW to 45.4 billion KRW next year. Do you expect this to lead to the co-growth of domestic producers and OTT platforms?

"I believe it will strengthen fundamentals through mandatory first domestic airing and IP acquisition. Producing more content will also help activate the global market. In North America, governments and local authorities support broadcasters like TBS extensively. Since conditions differ, simple comparisons are impossible. In Korea, where dramas and variety shows are highly competitive, OTT support can have greater impact. In fact, the most needed support for content activation is tax incentives. In the U.S., states like Georgia, California, and New York offer exceptional conditions to attract production companies. Korea definitely needs this as well."

- The globalization of Korean dramas still heavily depends on Netflix. Do you foresee any changes in this trend?

"Certainly. The era when Netflix dominated the OTT industry is over. Large corporations are entering the global market and demonstrating sufficient competitiveness. Korean OTT Tving is raising its profile through a strategic partnership with Paramount. Collaborations with various OTTs like HBO Max can further expand its presence. Cooperation among OTT platforms will become inevitable. The days when a single OTT spent $12 billion (16.464 trillion KRW) annually are over."

- You are overseeing the remakes of tvN’s ‘I Can See Your Voice’ and JTBC’s ‘Sky Castle.’ What aspects did you judge would resonate in the global market?

"‘I Can See Your Voice’ has a fresh format idea and has gained great popularity in Australia and the Netherlands. ‘Sky Castle’ compellingly addresses issues like wealth disparity, class tension, and honor embedded in university entrance exams. It contains universal values that many can relate to. Korean producers skillfully explore familiar themes such as family, love, and aging. The program I recently watched with the most immersion is KBS’s ‘The Restaurant That Forgot Orders.’ It impressively conveys that life after a dementia diagnosis can still be meaningful and precious through a restaurant run by a person with mild dementia who takes orders and serves. I would love to remake it if given the opportunity."