Rising Value of K-Content with Popularity of Woo Young-woo and Squid Game... 22 Billion Won Exported at MIPCOM, the World's Largest Market

Export Achievement of $16.64 Million at MIPCOM 2022 in France
Exploring New Entry into Middle East and North Africa at Dubai International Content Market

The booth view of Korean companies participating in MIPCOM 2022, the world's largest broadcasting and video content market held in Cannes, France, from the 17th to the 20th of last month. Photo by the Ministry of Culture, Sports and Tourism

[Asia Economy Reporter Kim Heeyoon] The global popularity of K-content, which has taken the world by storm, is leading to increased market value. On the 21st, the Ministry of Culture, Sports and Tourism and the Korea Creative Content Agency announced that Korean companies participating in 'MIPCOM 2022,' the world's largest broadcasting and video content market held in Cannes, France from October 17 to 20 last month, achieved export results worth approximately 16.64 million USD (about 22.05 billion KRW), more than double compared to the previous year.

This is analyzed as domestic content such as 'Squid Game' and 'Extraordinary Attorney Woo' gaining high popularity in the global market, resulting in simultaneous growth in brand competitiveness and export performance.

'MIPCOM' (Marche International des Programmes de Communication) is the world's largest broadcasting market, attended annually by more than 10,000 broadcasting and video content industry professionals. This year, marking its 38th edition, the event hosted 321 broadcasting and video content companies and 10,896 industry professionals from 108 countries worldwide, along with 3,100 buyers, conducting various consultations including export contracts and remake productions.

Korea participated with a record high of over 300 people. Seventeen domestic companies including broadcasters, production, and distribution companies showcased 63 contents, achieving export results of 16,641,800 USD. This represents a 105.9% increase from the previous year, more than doubling the results.

This figure also surpasses the 15,893,543 USD recorded in 2019 before the COVID-19 pandemic. A Ministry of Culture, Sports and Tourism official explained, "The brand competitiveness of Hallyu content (K-content), which has grown into a mainstream in the global content market, has translated into export performance."

In particular, this year, various genre works including entertainment formats and dramas signed export contracts with North American and European markets (such as Italy and T?rkiye). 'King of Mask Singer' (MBC) was additionally sold to South Africa and has been sold in 55 countries worldwide to date. The entertainment format 'Battle in the Box' (Something Special), which aired on MBN last year, signed an option contract with Germany's Tresor TV, granting rights to produce and sell the format program to broadcasters. The drama 'The Youngest Son of a Chaebol Family' (SLL) secured contracts with global OTT platforms, dramas 'Train' and 'Ghost Doctor' (both CJ E&M) with the UK, and the documentary 'The Snake That Swallowed the Light' (EBS) with the United States.

Special screening of "Extraordinary Attorney Woo" held at MIPCOM 2022. Photo by Ministry of Culture, Sports and Tourism

At this year's MIPCOM, a special screening of 'Extraordinary Attorney Woo' was held for local industry professionals. Lee Sang-baek, CEO of the production company AStory, who participated as a speaker at the screening, said, "We have received remake proposals from several countries through participation in MIPCOM," adding, "We plan to create new works going forward."

The Ministry of Culture, Sports and Tourism and the Korea Creative Content Agency will participate in the 'Dubai International Content Market (DICM) 2022' on the 23rd and 24th to support the domestic content industry's entry into the Middle East and North Africa markets. On the opening day, the 23rd, a screening introducing Hallyu content will be held to promote sales activation in the Middle East and North Africa (MENA) region.

At the Korean joint pavilion, operated for the first time at this Dubai market, five broadcasting content companies will showcase 12 contents including 'Monday to Sunday' (CJ E&M), 'Green Mothers' Club' (SLL), 'Brain Cooperation' (KBS Media), and 'Ssalna Idol' (PH E&M).

Park Yong-cheol, Director of the Media Policy Bureau at the Ministry of Culture, Sports and Tourism, said, "We are witnessing that 'content is the key battleground' through the global popularity and export performance of Hallyu content," adding, "The Ministry plans to expand the support budget for the broadcasting and video content industry to 122.8 billion KRW next year, 2.5 times more than this year, and actively support the overseas expansion of our content to continuously drive the popularity of Hallyu content."