DOCSLIB.ORG

Studio Dragon(253450)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Studio Dragon(253450) Studio Dragon (253450) Growth momentum remains intact • Studio Dragon reported 4Q operating profit of KRW4.6b, turning to profit y-y but missing consensus due to: 1) additional production cost to Sweet Home; and 2) the year-end bonus payment. Sales topped consensus. • The firm should produce 30 dramas this year, at least nine of which should be provided to domestic and global OTT platforms. • Its growth momentum should gain ground, supported by its: 1) diversification of sales channels, formats and genres; and 2) collaboration with multinational players. WHAT’S THE STORY? 4Q review: Studio Dragon reported 4Q sales of KRW137.7b (up 41.3% y-y) and operating profit of KRW4.6b (a y-y turn from an operating loss of KRW4b in 4Q19), the former topping and the latter missing consensus. Programing sales contracted y-y as the number of dramas produced was 1.5 less than its average, but distribution sales hit a record based on sales of The Uncanny Counter (that received good feedback), Netflix original Sweet Home, and old title sales. Nonetheless, operating profit was a bit disappointing due to: 1) additional investment during the post-production stage of Sweet Home to improve content quality; and 2) the year-end bonus payment. Global conference adds to bargaining power: The company should produce 30 dramas this year (up three y-y), at least nine of which should be provided to OTT platforms-three, each, to Tving (Korea; including Yumi's Cells), Netflix (US; g Juvenile Judgment and Love Alarm Season II), and iQIYI (China; A Falling Cohabitation). With more and more digital platforms in operation, Studio Dragon should supply more dramas to OTT platforms and diversify genres and formats. Its margin from Sweet Home turned out lower than expected as it spent more during the post- production stage of Sweet Home to improve quality. However, the margin of this drama should not be a benchmark for the dramas it will produce. Rather, thanks to the good reference from global audiences to its quality content, Studio Dragon is likely to enjoy favorable contract terms given its growing bargaining power. (Continued on the next page) 2021. 2. 5 COMPANY UPDATE Studio Dragon Maintaining BUY: The firm's earnings moved up a level last year and we believe its growth story will be endless. With the battle for content heating up among global OTT players, it is diversifying sales channels, content formats (from long- to mid-form content), and genres. Its international renown should pave the way for ASP hikes. The company is in talks with global production firms (eg, Skydance) to make ten dramas for now. The new growth opportunity should enable the firm to gain more global presence. We maintain our KRW124,000 target price (based on16x forward EV/EBITDA). Table 1. Results and forecasts (KRWb) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21E 2Q21E 3Q21E 4Q21E 2019 2020 2021E 2022E Sales 111.8 128.2 131.2 97.4 120.3 161.4 106.3 137.7 125.0 160.3 153.2 149.3 468.7 525.7 587.8 649.4 Programing 44.1 58.1 60.8 45.7 45.2 65.4 45.7 40.7 45.6 53.0 50.1 46.9 208.7 197.0 195.5 204.6 Distribution 56.2 60.3 60.0 42.8 66.9 75.7 50.9 86.3 70.4 90.0 88.9 87.7 219.3 279.7 337.0 386.0 Other 11.5 9.8 10.4 8.9 8.2 20.3 9.7 10.7 9.0 17.3 14.2 14.7 40.6 48.9 55.3 58.9 Gross profit 15.0 15.4 15.3 2.2 16.7 21.8 21.3 15.0 18.7 24.8 26.3 27.0 47.9 74.8 96.9 117.2 SG&A costs 4.0 4.6 4.4 6.2 5.1 4.9 5.3 10.4 5.5 5.6 5.9 11.2 19.2 25.7 28.1 30.3 Operating profit 11.0 10.8 10.9 -4.0 11.6 16.9 16.0 4.6 13.3 19.2 20.4 15.9 28.7 49.1 68.8 86.9 Non-operating profit 2.1 1.1 2.2 -1.1 0.4 0.3 -0.8 -7.5 1.1 0.5 1.0 0.7 4.3 -7.6 3.4 4.4 Pre-tax profit 13.2 11.9 13.1 -5.1 12.0 17.2 15.2 -2.9 14.4 19.7 21.4 16.6 33.1 41.5 72.1 91.2 Net profit (controlling) 9.2 7.3 11.5 -1.6 8.5 13.4 10.6 -2.8 11.4 15.6 16.9 13.1 26.4 29.7 57.0 72.1 Gross margin 13.4 12.0 11.7 2.2 13.8 13.5 20.0 10.9 15.0 15.5 17.2 18.1 10.2 14.2 16.5 18.0 Operating margin 9.9 8.4 8.3 -4.1 9.7 10.4 15.1 3.3 10.6 12.0 13.3 10.6 6.1 9.3 11.7 13.4 Net margin (controlling) 8.2 5.7 8.8 -1.7 7.1 8.3 10.0 -2.1 9.1 9.7 11.0 8.8 5.6 5.6 9.7 11.1 Chg (% y-y) Sales 40.0 72.6 6.0 -4.2 7.6 25.9 -19.0 41.3 3.9 -0.7 44.2 8.4 23.5 12.2 11.8 10.5 Programing 8.4 70.5 24.4 -16.1 2.5 12.6 -24.9 -10.9 0.8 -18.9 9.7 15.1 17.2 -5.6 -0.7 4.7 Distribution 75.1 109.2 -5.4 13.3 19.1 25.5 -15.2 101.6 5.2 19.0 74.7 1.7 35.3 27.6 20.5 14.5 Other 63.1 -14.1 -9.0 -6.7 -29.2 107.1 -6.4 20.2 10.6 -15.0 46.7 37.7 3.0 20.4 13.1 6.5 Gross profit 9.9 45.1 -38.4 -66.2 11.1 41.7 39.2 585.3 12.5 13.7 23.7 80.2 -13.8 56.2 29.6 20.9 SG&A costs 33.1 40.2 31.0 2.7 28.4 5.8 21.3 67.6 6.9 14.6 11.5 7.4 22.4 34.0 9.5 7.8 Turned Turned Operating profit 3.5 47.3 -49.2 5.5 56.3 46.8 14.2 14.0 27.3 244.4 -28.1 71.1 40.0 26.3 neg pos Turned Turned Remained To turn To turn Turned To turn Non-operating profit 1,160.7 -71.7 290.9 -79.7 -69.4 157.8 50.2 -24.3 30.3 neg neg neg pos pos neg pos Turned Remained To turn Pre-tax profit 22.2 7.6 -40.8 -9.2 44.5 16.2 19.9 14.7 40.8 -27.5 25.4 73.6 26.5 neg neg pos Turned Remained To turn Net profit (controlling) 17.2 -17.4 -33.5 -7.3 82.1 -8.0 33.1 16.5 59.5 -26.3 12.3 92.1 26.5 neg neg pos Gross margin -3.7 -2.3 -8.4 -4.1 0.4 1.5 8.4 8.7 1.1 2.0 -2.8 7.2 -4.4 4.0 2.3 1.6 Operating margin -3.5 -1.4 -9.0 -4.6 -0.2 2.0 6.8 7.5 1.0 1.5 -1.8 7.3 -4.4 3.2 2.4 1.7 Net margin (controlling) -1.6 -6.2 -5.2 -3.4 -1.1 2.6 1.2 -0.4 2.0 1.4 1.1 10.9 -3.8 0.0 4.1 1.4 Source: Company data, Samsung Securities Samsung Securities (Korea) 2 www.samsungpop.com 2021. 2. 5 COMPANY UPDATE Studio Dragon Chart 1. Quarterly sales and operating margin Chart 2. Sales: Domestic and overseas (KRWb) (%) (KRWb) (%) Sales (LHS) Operating margin (RHS) Domestic (LHS) Overseas (LHS) 200 20 100 90 15.1 Overseas portion (RHS) 13.3 12.0 16 80 85 160 10.6 9.9 9.7 10.4 10.6 12 84.0 8.4 8.3 82.8 83.8 83.0 82.8 80 120 60 8 79.6 3.3 78.9 78.5 75 80 4 40 75.9 73.1 74.1 70 -4.1 0 40 20 70.0 (4) 65 0 (8) 0 60 1Q19 1Q19 2Q19 1Q20 3Q19 2Q19 1Q20 3Q19 4Q19 4Q19 2Q20 3Q20 2Q20 3Q20 4Q20 4Q20 1Q21E 1Q21E 2Q21E 3Q21E 2Q21E 3Q21E 4Q21E 4Q21E Source: Company data, Samsung Securities Source: Company data, Samsung Securities Chart 3. Quarterly gross margin and SG&A costs-to-sales ratio Chart 4. Annual gross margin and SG&A costs-to-sales ratio (%) 97.8 (%) (%) (%) 100 86.6 88.0 88.3 86.2 86.5 89.1 85.0 15 100 89.8 85.8 15 80.0 84.5 82.8 81.9 83.6 85.4 83.5 82.0 80 12 80 12 7.6 7.5 60 6.4 9 60 9 5.0 4.2 4.4 3.9 4.9 4.9 4.8 4.7 40 3.6 3.6 3.3 3.0 3.5 6 40 4.1 4.1 6 20 3 20 3 0 0 0 0 2017 2018 2019 2020 2021E 2022E 1Q19 2Q19 1Q20 3Q19 4Q19 2Q20 3Q20 4Q20 1Q21E 2Q21E 3Q21E 4Q21E Gross margin (LHS) Gross margin (LHS) SG&A cost-to-sales ratio (RHS) SG&A cost-to-sales ratio (RHS) Source: Company data, Samsung Securities Source: Company data, Samsung Securities Samsung Securities (Korea) 3 www.samsungpop.com 2021.
Load more

Recommended publications
  • Cj Enm(035760
    August 9, 2018 Result Comment CJ ENM (035760 KS) Decent performance 2Q consolidated operating profit in line at W79.2bn BUY (re-initiate) 3Q consolidated operating profit estimated at W86bn; earnings to stay solid Price (Aug. 8) W236,200 Target Price W270,000 Re-initiate coverage on CJ ENM with a BUY rating and a target price of % variance 14.3% W270,000 HeeJin Park ☎ (82-2) 3772-1562 2Q consolidated operating profit in line at W79.2bn [email protected] CJ ENM posted its first results after the merger on July 1. Consolidated operating profit came in at W79.2bn in 2Q, meeting our forecast of W79.3bn. SeJong Hong ☎ (82-2) 3772-1584 The E&M division delivered solid earnings with sales up 9.2% YoY and operating [email protected] profit up 25% YoY. Broadcasting exceeded expectations with operating profit increasing 22% YoY to W29.2bn. Ad sales growth of 10.2 YoY also turned out better than expected. Music and cinema showed mixed results. The music division KOSPI 2,301.45p posted sales of W66.5bn (+41.1% YoY) and operating profit of W4.2bn (+114% KOSDAQ 783.81p YoY) on strengthening IP (intellectual property) business. By contrast, the Market Cap. W5,179.0bn/ US4,543.0mn cinema/performance division remained in the red with an operating loss of Par Value W5,000 W3.9bn due to stagnant growth of moviegoers and weak line-up. The commerce division (CJ O shopping) registered standalone operating profit of W40.3bn and Outstanding Shares 21.9mn consolidated W33.9bn.
    [Show full text]
  • To Higher Heights
    Experience Korea Experience Courtesy of CJ ENM ⓒ To Higher Heights K-drama’s Global Boom Falling For Hallyu Whether by choice or quarantine due to The dramas “Autumn in My Heart” (2000) and COVID-19, homebodies worldwide are discovering “Winter Sonata” (2003) were the initial triggers of gems of Korean dramas, especially on Netflix. From Hallyu, or the Korean Wave. The success formula for “Crash Landing on You” to the “Reply” series, works K-dramas at the time was simply romance; doctors feature themes of warm romance to preternatural fell in love in a medical drama while lawyers did fantasy and gripping crime thrillers, and are apparently in a legal drama. Bae Yong-joon, the lead actor in good enough to make international viewers overlook “Winter Sonata,” grew so popular in East Asia that the nuisance of subtitles. Many K-dramas have also he became the first Korean celebrity to be featured inspired remakes around the world, signaling even in the textbooks of Taiwan and Japan. His nickname grander prospects for the industry. “Yonsama” earned from his Japanese fans cemented his overwhelming popularity. A decade after “Autumn” 30 Experience Korea Experience was broadcast in Korea, the Chinese remake “Fall in Love (一不小心 上你)” came out in 2011. Another K-drama,爱 “I’m Sorry, I Love You” (2004), spurred a Chinese remake as a film and a Japanese one as a series. “Temptation to Go Home (回 家的誘惑),” the 2011 Chinese remake of the 2008 K-drama “Temptation of Wife” (2008), starred Korean actress Choo Ja-hyun as the lead in her China debut.
    [Show full text]
  • UC San Diego UC San Diego Electronic Theses and Dissertations
    UC San Diego UC San Diego Electronic Theses and Dissertations Title Romancing race and gender : intermarriage and the making of a 'modern subjectivity' in colonial Korea, 1910-1945 Permalink https://escholarship.org/uc/item/9qf7j1gq Author Kim, Su Yun Publication Date 2009 Peer reviewed|Thesis/dissertation eScholarship.org Powered by the California Digital Library University of California UNIVERSITY OF CALIFORNIA, SAN DIEGO Romancing Race and Gender: Intermarriage and the Making of a ‘Modern Subjectivity’ in Colonial Korea, 1910-1945 A dissertation submitted in partial satisfaction of the requirements for the degree Doctor of Philosophy in Literature by Su Yun Kim Committee in charge: Professor Lisa Yoneyama, Chair Professor Takashi Fujitani Professor Jin-kyung Lee Professor Lisa Lowe Professor Yingjin Zhang 2009 Copyright Su Yun Kim, 2009 All rights reserved The Dissertation of Su Yun Kim is approved, and it is acceptable in quality and form for publication on microfilm and electronically: Chair University of California, San Diego 2009 iii TABLE OF CONTENTS Signature Page…………………………………………………………………...……… iii Table of Contents………………………………………………………………………... iv List of Figures ……………………………………………….……………………...……. v List of Tables …………………………………….……………….………………...…... vi Preface …………………………………………….…………………………..……….. vii Acknowledgements …………………………….……………………………..………. viii Vita ………………………………………..……………………………………….……. xi Abstract…………………………………………………………………………………. xii INTRODUCTION: Coupling Colonizer and Colonized……………….………….…….. 1 CHAPTER 1: Promotion of
    [Show full text]
  • Birth and Evolution of Korean Reality Show Formats
    Georgia State University ScholarWorks @ Georgia State University Film, Media & Theatre Dissertations School of Film, Media & Theatre Spring 5-6-2019 Dynamics of a Periphery TV Industry: Birth and Evolution of Korean Reality Show Formats Soo keung Jung [email protected] Follow this and additional works at: https://scholarworks.gsu.edu/fmt_dissertations Recommended Citation Jung, Soo keung, "Dynamics of a Periphery TV Industry: Birth and Evolution of Korean Reality Show Formats." Dissertation, Georgia State University, 2019. https://scholarworks.gsu.edu/fmt_dissertations/7 This Dissertation is brought to you for free and open access by the School of Film, Media & Theatre at ScholarWorks @ Georgia State University. It has been accepted for inclusion in Film, Media & Theatre Dissertations by an authorized administrator of ScholarWorks @ Georgia State University. For more information, please contact [email protected]. DYNAMICS OF A PERIPHERY TV INDUSTRY: BIRTH AND EVOLUTION OF KOREAN REALITY SHOW FORMATS by SOOKEUNG JUNG Under the Direction of Ethan Tussey and Sharon Shahaf, PhD ABSTRACT Television format, a tradable program package, has allowed Korean television the new opportunity to be recognized globally. The booming transnational production of Korean reality formats have transformed the production culture, aesthetics and structure of the local television. This study, using a historical and practical approach to the evolution of the Korean reality formats, examines the dynamic relations between producer, industry and text in the
    [Show full text]
  • Studio Dragon(253450.KQ)
    Studio Dragon (253450.KQ) Growing into global titan Company Comment │Apr 29, 2019 Despite the absence of new tent-pole dramas in 1Q19, an improvement in the overall quality of Studio Dragon’s drama productions translated into strong overseas sales and higher ad rates for its captive channels. While the launch of multi-season dramas is to create a short-term cost burden, the move should Buy (maintain) benefit the firm over the mid/long term, backed by the expansion of the global OTT market. Given these positives, we continue to offer the play as TP W135,000 (maintain) our top pick for the content sector. CP (19/04/26) W89,900 Sector Entertainment Kospi/Kosdaq 2,179.31 / 741.00 Market cap (common) US$2,175.84mn Outstanding shares (common) 28.1mn Production capacity strengthening 52W high (’18/07/12) W119,800 The broadcasting of low-cost but high-margin productions (eg, romance dramas) low (’18/05/08) W79,600 usually concentrates in 1Q, as the quarter is a low season for TV ads. But, Average trading value (60D) US$12.42mn Dividend yield (2019E) 0.00% despite the absence new tent-pole dramas in 1Q19 (a factor that dampened the Foreign ownership 3.5% firm’s share price), we note that ad rates for Studio Dragon’s captive channels (such as tvN) increased, which implies that the company’s improved production Major Shareholders CJ ENM & 3 others 74.4% capacity has bolstered the competitiveness of its captive channels. Share perf 3M 6M 12M The firm’s improved production capacity is also translating into higher sales.
    [Show full text]
  • The Dramatization of the Diary of Anne Frank and Its Influence on American Cultural Perceptions
    GOOD AT HEART: THE DRAMATIZATION OF THE DIARY OF ANNE FRANK AND ITS INFLUENCE ON AMERICAN CULTURAL PERCEPTIONS A thesis submitted to Kent State University in partial fulfillment of the requirements for the degree of Master of Arts by Whitney Lewis Stalnaker May, 2016 © Copyright All rights reserved Except for previously published materials Thesis written by Whitney Lewis Stalnaker B.S., Glenville State College, 2011 M.A., Kent State University, 2016 Approved by Dr. Richard Steigmann-Gall , Advisor Dr. Kenneth Bindas , Chair, Department of History Dr. James Blank , Dean, College of Arts and Sciences TABLE OF CONTENTS TABLE OF CONTENTS ............................................................................................................... iii PREFACE ........................................................................................................................................v ACKNOWLEDGMENTS ............................................................................................................. ix INTRODUCTION ...........................................................................................................................1 Historiography ...............................................................................................................5 Methodology ..................................................................................................................9 Why This Play? ............................................................................................................12 CHAPTERS
    [Show full text]
  • The Literature of Kita Morio DISSERTATION Presented In
    Insignificance Given Meaning: The Literature of Kita Morio DISSERTATION Presented in Partial Fulfillment of the Requirements for the Degree Doctor of Philosophy in the Graduate School of The Ohio State University By Masako Inamoto Graduate Program in East Asian Languages and Literatures The Ohio State University 2010 Dissertation Committee: Professor Richard Edgar Torrance Professor Naomi Fukumori Professor Shelley Fenno Quinn Copyright by Masako Inamoto 2010 Abstract Kita Morio (1927-), also known as his literary persona Dokutoru Manbô, is one of the most popular and prolific postwar writers in Japan. He is also one of the few Japanese writers who have simultaneously and successfully produced humorous, comical fiction and essays as well as serious literary works. He has worked in a variety of genres. For example, The House of Nire (Nireke no hitobito), his most prominent work, is a long family saga informed by history and Dr. Manbô at Sea (Dokutoru Manbô kôkaiki) is a humorous travelogue. He has also produced in other genres such as children‟s stories and science fiction. This study provides an introduction to Kita Morio‟s fiction and essays, in particular, his versatile writing styles. Also, through the examination of Kita‟s representative works in each genre, the study examines some overarching traits in his writing. For this reason, I have approached his large body of works by according a chapter to each genre. Chapter one provides a biographical overview of Kita Morio‟s life up to the present. The chapter also gives a brief biographical sketch of Kita‟s father, Saitô Mokichi (1882-1953), who is one of the most prominent tanka poets in modern times.
    [Show full text]
  • " Why Won't You Just Read It?": Comic Books and Community in the 1950S
    DOCUMENT RESUME ED 387 852 CS 509 070 AUTHOR Adler-Kassner, Linda TITLE "Why Won't You Just Read It?": Comic Books and Community in the 1950s. PUB DATE Aug 95 NOTE 35p.; Paper presented at the Annual Meeting of the Association for Education in Journalism and Mass Communication (78th, Washington, DC, August 9-12, 1995). Comic book story appended may not reproduce well. PUB TYPE Historical Materials (060) Speeches/Conference Papers (150) EDRS PRICE MFOI/PCO2 Plus Postage. DESCRIPTORS *Audience Response; Case Studies; *Childhood Interests; *Comics (Publications); Communication Research; *Cultural Context; Media Research; *Popular Culture; *Reading Material Selection; Recreational Reading IDENTIFIERS Communication Context; Cultural Studies; Discourse Communities; *E C Comics; Historical Background; Parental Dominance ABSTRACT A study explored the debate over comic books and children in the 1950s, addressing the communication role of comic books in forming a new community of comic book fans during that period. Using E.C. (Educational Comics) comic books as a case study, the conventions of the comic books, correspondence between producers and consumers, and articles by anti-comic book critics were examined to analyze how the comics contributed to what critics perceived as a new community of children and youth distinct from the dominant community to which they belonged. The comic book "crusade" was one manifestation of the anxiety felt by many adults over the communications revolution of the 1950s. Reader response theory was used to study the comic books' reception by fans and critics alike--the theory insists that readers bring meaning to text, and that the audience is central to understanding.
    [Show full text]
  • Idioms-And-Expressions.Pdf
    Idioms and Expressions by David Holmes A method for learning and remembering idioms and expressions I wrote this model as a teaching device during the time I was working in Bangkok, Thai- land, as a legal editor and language consultant, with one of the Big Four Legal and Tax companies, KPMG (during my afternoon job) after teaching at the university. When I had no legal documents to edit and no individual advising to do (which was quite frequently) I would sit at my desk, (like some old character out of a Charles Dickens’ novel) and prepare language materials to be used for helping professionals who had learned English as a second language—for even up to fifteen years in school—but who were still unable to follow a movie in English, understand the World News on TV, or converse in a colloquial style, because they’d never had a chance to hear and learn com- mon, everyday expressions such as, “It’s a done deal!” or “Drop whatever you’re doing.” Because misunderstandings of such idioms and expressions frequently caused miscom- munication between our management teams and foreign clients, I was asked to try to as- sist. I am happy to be able to share the materials that follow, such as they are, in the hope that they may be of some use and benefit to others. The simple teaching device I used was three-fold: 1. Make a note of an idiom/expression 2. Define and explain it in understandable words (including synonyms.) 3. Give at least three sample sentences to illustrate how the expression is used in context.
    [Show full text]
  • Le of the Sturgeon Wmoh Aut09 8/12/09 9:34 AM Page Ii ^>
    WMoH aut09 S,/l/Q9 1:07 PM Page i ^> ktk* CONSIN \\ 0 r M WL IBi' • iVSiL-^ iii Isfr,:,, -^> t*'k^ •'%«^- ^Jiw 'ir:^A. ^ View froin the Water Northern .Wisconsin's Wet Boa ses She Taught Him ^fj. ajrVX^th Bis Eyes"^ ?^OK EXCERPT "" ' le of the Sturgeon WMoH aut09 8/12/09 9:34 AM Page ii ^> I^MiCa^sKlthe,CinlWcn FASCINATED BY THE CIVIL WAR? tw\l WiVi- l^t^aU^ ffwy Whether you are a Civil War buff, or just interested in learning more about this monumental event in t^^^^Jfif jfWi ii^ii^aa^:^ our nation's history, the Wisconsin Historical Society can help. With our vast collections and incredible ^^^^•i programs and services, you'll find countless ways to m>-?^;^P explore the Civil War or whatever topic interests you. 1 '^J:*--*^^^^* • See the Civil War Loyalty flag at the Wisconsin ^^ Historical Museum's Odd Wisconsin exhibit Curd WaXy Wiikl/ru(,aX- WcUt- H<Mi<, • Discover one of the nation's largest collections of photographs, newspapers, and hand-written letters and diaries from the Civil War era at the Society's library and archives • Be part of the action at Wade House's 19th Annual Civil War Weekend, September 26-27 • Purchase a book on the topic from the Wisconsin Historical Society Press at wisconsinhistory.org/ whspress • Explore our digital collection "Turning Points in Wisconsin History" at wisconsinhistory.org/ turningpoints • Find properties of Civil War-era significance ^""^l^^'MdaU f">^*taA^ in the National Register Database at wisconsinhistory.org/hp/register wisconsinhistory.org What fascinates you? .
    [Show full text]
  • Media/Entertainment Rise of Webtoons Presents Opportunities in Content Providers
    Media/Entertainment Rise of webtoons presents opportunities in content providers The rise of webtoons Overweight (Maintain) Webtoons are emerging as a profitable new content format, just as video and music streaming services have in the past. In 2015, webtoons were successfull y monetized in Korea and Japan by NAVER (035420 KS/Buy/TP: W241,000/CP: W166,500) and Kakao Industry Report (035720 KS/Buy/TP: W243,000/CP: W158,000). In late 2018, webtoon user number s April 9, 2020 began to grow in the US and Southeast Asia, following global monetization. This year, NAVER Webtoon’s entry into Europe, combined with growing content consumption due to COVID-19 and the success of several webtoon-based dramas, has led to increasing opportunities for Korean webtoon companies. Based on Google Trends Mirae Asset Daewoo Co., Ltd. data, interest in webtoons is hitting all-time highs across major regions. [Media ] Korea is the global leader in webtoons; Market outlook appears bullish Jeong -yeob Park Korea is the birthplace of webtoons. Over the past two decades, Korea’s webtoon +822 -3774 -1652 industry has created sophisticated platforms and content, making it well-positioned for [email protected] growth in both price and volume. 1) Notably, the domestic webtoon industry adopted a partial monetization model, which is better suited to webtoons than monthly subscriptions and ads and has more upside potent ial in transaction volume. 2) The industry also has a well-established content ecosystem that centers on platforms. We believe average revenue per paying user (ARPPU), which is currently around W3,000, can rise to over W10,000 (similar to that of music and video streaming services) upon full monetization.
    [Show full text]
  • In Re Cook and the Franklin Proceeding: New Door, Same Dilapidated House
    Loyola of Los Angeles Law Review Volume 53 Number 2 California Supreme Court Issue Article 2 Winter 2-1-2020 In re Cook and the Franklin Proceeding: New Door, Same Dilapidated House Christopher Hawthorne Loyola Law School, Los Angeles Marisa Sacks Loyola Law School, Los Angeles Follow this and additional works at: https://digitalcommons.lmu.edu/llr Part of the Criminal Law Commons, Criminal Procedure Commons, Juvenile Law Commons, Law Enforcement and Corrections Commons, and the State and Local Government Law Commons Recommended Citation Christopher Hawthorne & Marisa Sacks, In re Cook and the Franklin Proceeding: New Door, Same Dilapidated House, 53 Loy. L.A. L. Rev. 373 (2020). This Article is brought to you for free and open access by the Law Reviews at Digital Commons @ Loyola Marymount University and Loyola Law School. It has been accepted for inclusion in Loyola of Los Angeles Law Review by an authorized administrator of Digital Commons@Loyola Marymount University and Loyola Law School. For more information, please contact [email protected]. (7) 53.2_HAWTHORNE (DO NOT DELETE) 6/2/2020 5:02 PM IN RE COOK AND THE FRANKLIN PROCEEDING: NEW DOOR, SAME DILAPIDATED HOUSE Christopher Hawthorne* & Marisa Sacks** The California Supreme Court’s decision in In re Cook was supposed to bring about a sea change in the way trial courts conduct Franklin mitigation hearings for youthful offenders. In fact, while Cook changed the procedure for initiating a post-conviction Franklin proceeding, little else has changed, including the lack of agreement among attorneys concerning best practices in these proceedings, and a less than less-than-enthusiastic response from the criminal defense bar.
    [Show full text]