Game Companies Turning to Dramas and Movies
Ranked No.1 on Major OTT Services, Gaining Global Popularity
One Step Closer to Becoming a Comprehensive Content Company
Accelerating Expansion Through Securing Domestic Game Company IPs
[Asia Economy Reporter Seungjin Lee] The domestic gaming industry, which has embarked on strengthening its entertainment business, has begun to show results. The strategy of expanding beyond the boundaries of games for survival has paid off.
Com2uS's Value Rises with the Popularity of 'The Youngest Son of a Conglomerate Family'
According to the gaming industry on the 29th, Com2uS's media content subsidiary Wysiwyg Studios, which produced and invested in the drama 'The Youngest Son of a Conglomerate Family' produced by RaemongRaein, recorded its highest viewership rating of 14.9% on the 27th.
The drama is also receiving a hot global response. Since the 23rd, it has ranked first among Korean TV dramas on the online video service (OTT) Netflix, and on the 27th, it topped the charts in Korea on Disney+. On Rakuten Viki, a US OTT platform providing Asian content, it ranked first in over 50 countries including the United States, Canada, and Brazil.
Due to the drama's success, Wysiwyg Studios' stock price rose more than 10%, from 17,400 won on the 18th to 20,450 won on the 28th. RaemongRaein also surged over 40% in ten days, from 23,300 won on the 18th to 34,800 won on the 28th.
Wysiwyg Studios was acquired by Com2uS in 2021 with the goal of becoming a comprehensive content company. Com2uS Chairman Song Byung-jun concurrently serves as chairman of Wysiwyg Studios and is focusing on expanding its scope through securing various intellectual properties (IP). Wysiwyg Studios has secured competitiveness in films, dramas, and performances through several subsidiaries including RaemongRaein, Urban Works, Gold Frame, and AtoZ Entertainment.
Com2uS recently acquired approximately 990,000 shares of SM Entertainment, securing a 4.2% stake. Com2uS plans to maximize the value of each company by creating business synergies through future discussions based on this investment.
Game Companies Turning Their Eyes to Films, Dramas, and Performances
Domestic game companies are recently focusing on strengthening their entertainment business capabilities. The growth potential is limited by relying solely on games as a source of revenue, and with the metaverse (expanded virtual world) market expected to grow, the possession of diverse IPs is judged to determine success or failure in the market.
Nexon recently became the largest shareholder of the US film company AGBO. AGBO, founded by the Russo brothers who directed the movie 'Avengers' and producer Mike Larocca, has made investments totaling 500 million dollars (approximately 670 billion won). Currently, Nexon holds a 49.21% stake in AGBO, becoming the largest shareholder.
Nexon has also made strategic investments in US toy and game company Hasbro and Japan's Konami Holdings, which owns entertainment subsidiaries. Last month, Nexon selected director Jang Hang-jun's film 'Rebound' as its first investment project and entered film production.
At a press conference on the 8th, Lee Jung-heon, CEO of Nexon Korea, emphasized the importance of securing IP, stating, "In the future, for a game company to survive, having IP is essential," and added, "The definition of IP is not just game titles but storytelling that can be games, webtoons, videos, etc."
NCSoft is leading the Korean Wave by operating the global fandom platform 'Universe.' Launched in 2021, Universe quickly gained popularity by providing the fastest access to artists' news and exclusive content. It currently serves 233 countries, with cumulative downloads of 24 million, a maximum monthly active user (MAU) count of about 4.4 million, and 89% of users being overseas.
As of September, Universe features 40 participating artists including Kang Daniel, Monsta X, and WJSN. Universe has released over 6,000 original contents including music videos (MVs), photo shoots, radio shows, and variety programs.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
