DOCSLIB.ORG

J Contentree

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
J Contentree J Contentree (036420 KQ ) Focus on potential rather than visibility Media 1Q18 review: Disappointing results Results Comment For 1Q18, J Contentree reported consolidated revenue of W109.6bn (+26.2% YoY; all growth figures hereafter are YoY) and operating profit of W4bn (-22.8%). Revenue was May 14, 2018 in line, but operating profit missed our estimate (W7.1bn) and the consensus (W8.2bn). Licensing revenue was weaker than expected due to the disappointing performance of dramas aired late last year, while multiplex margins were dragged do wn by site rollouts. Broadcasting (JTBC Content Hub + parent): Revenue was W47.5bn (+134.6%) , and (Downgrade) Trading Buy operating profit was W1.1bn (+9.4%). Revenue grew markedly, boosted by the addition of Monday/Tuesday drama slots. Domestic/overseas licensing revenues related to Target Price (12M, W) ▲ 8,800 Untouchable (November-January) and Rain or Shine (December-January) were tepid , but overall distribution volume was robust thanks to the hit drama Misty (February- March). Share Price (05/11/18, W) 7,370 Multiplex (Megabox): Revenue was W70.4bn (+3.1%), and operating profit was Expected Return W3.1bn (-28.1%). The box-office market was strong during the f irst two months of the 19% year due to the success of several titles released late last year ( Along with the Gods and 1987 ), but the lack of content in March resulted in a 1.9% fall in nationwide box- office revenue in the quarter. Megabox’s theater rollouts (market share expansion) OP (18F, Wbn) 75 helped drive above-market growth, but also pushed up expenses (including labor Consensus OP (18F, Wbn) 56 expenses), pressuring profits. EPS Growth (18F, %) 510.1 Earnings: 2H18 ＞2Q18 ＞1Q18 Market EPS Growth (18F, %) 16.3 While 1Q18 results were disappointing, we also observed several positive signals in the P/E (18F, x) 21.4 report. Market P/E (18F, x) 9.5 Broadcasting: The drama Misty sho uld continue to support domestic/overseas KOSDAQ 865.93 licensing revenue in 2Q18. Something in the Rain , which has gained a huge following since airing on March 30 th , has seen strong domestic distribution and has also been Market Cap (Wbn) 841 sold to Netflix (NFLX US/CP: US$326.46; potential for additional sales to Shares Outstanding (mn) 114 Japan ese/Taiwanese channels). A much-anticipated drama coming out in 2Q18 is Sketch (Rain and Lee Dong-gun). The title has a much larger budget (over W600mn per Free Float (%) 65.4 episode) than previous dramas, which bodes well for top-line growth. Foreign Ownership (%) 3.1 Multiplex: In April, the box-office market grew 32.5%, driven by a combination of Beta (12M) 0.68 ticket price hikes and the blockbuster film Avengers: Infinity War . A number of other 52-Week Low 3,605 highly anticipated foreign films are set to hit theaters in May-June. Overall, we think 52-Week High 8,470 demand could outpace labor expenses. Meanwhile, Megabox’s strategic decision to scale back its theater openings should begin to have a positive impact on margins in (%) 1M 6M 12M 2H18. Absolute -11.1 65.2 84.9 Focus on potential rather than visibility Relative -9.1 37.5 38.3 We raise our target price on J Contentree to W8,800 (fair value of W1tr), but 230 J Contentree KOSDAQ downgrade our rating to Trading Buy. We derived our target price using a SOTP methodology in light of the disparities in the market environment and growth of each 180 business. We value the multiplex business at W263.6bn and the broadcasting business at W736.2bn, adjusting for the company’s equity stakes. Our target price corresponds to a 2018F P/E (attributable to controlling interests) of 25.5x. 130 As the latest results show, the IP i nvestment/distribution business is still in the early 80 stages of growth and thus has limited earnings visibility. The company also faces a 5.17 9.17 1.18 5.18 number of variables related to licensing rates and joint productions. However, we would focus on its proven ability to steadily improve its content competitiveness domestically and overseas amid a thriving global content licensing market. Mirae Asset Daewoo Co., Ltd. [ Media ] FY (Dec.) 12/14 12/15 12/16 12/17 12/18F 12/19F Revenue (Wbn) 369 306 335 420 563 641 Jeong -yeob Park +822 -3774 -1652 OP (Wbn) 36 33 29 33 75 98 [email protected] OP margin (%) 9.8 10.8 8.7 7.9 13.3 15.3 NP (Wbn) 0 11 19 6 39 46 EPS (W) -1 128 169 56 344 403 ROE (%) -0.1 15.0 26.3 5.3 22.1 20.8 P/E (x) - 43.9 22.9 96.8 21.4 18.3 P/B (x) 2.3 9.5 5.0 3.8 4.1 3.4 Dividend yield (%) 0.0 0.0 0.0 0.0 0.0 0.0 Note: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, Mirae Asset Daewoo Research estimates May 14, 2018 J Contentree We believe demand from global OTTs and Chinese platforms remains robust and is strengthening. In our view, the company is well-positioned to benefit from: 1) an increased drama budget (W700mn per episode) in 2H18; 2) a potential pickup in exports to China (sales of remake rights are continuing); and 3) rising prices across the overall market. Table 1. Target price calculation (Wbn, x) Valuation - SOTP (2018F) Fair market cap 999.7 1) + 2) 1) Megabox 263.6 Operating profit 27.1 NOPLAT (controlling) 15.9 Target P/NOPLAT 16.6 Applied P/E of US peers 2) Broadcast 736.2 Operating profit 27.2 NOPLAT (controlling) 14.1 a) + b) a) JTBC Content Hub 5.7 b) J Con (IP) 8.4 Target P/NOPLAT 52.2 Applied avg. Studio Dragon P/E (YTD) Target price (W) 8,764 Upside potential (%) 18.9 Source: Mirae Asset Daewoo Research estimates Table 2. Consolidated quarterly and annual earnings (Wbn, %, mn, %p ) 1Q17 2Q17 3Q17 4Q17 1Q18P 2Q18F 3Q18F 4Q18F 2016 2017 2018F Revenue 87 97 116 121 110 133 172 148 335 420 563 Megabox 68 57 84 81 70 72 112 79 255 291 333 Box office 39 33 45 46 40 42 60 44 153 163 186 Concessions 12 10 13 14 12 13 18 13 46 49 56 Screen ads 9 7 10 10 9 9 13 10 34 36 41 Other 8 7 16 11 9 9 22 11 23 43 51 JTBC Content Hub 17 41 28 41 30 46 49 55 83 127 180 J Con (IP) 4 13 9 9 17 24 24 26 0 35 92 Operating profit 5.2 8.9 10.7 8.6 4.0 18.6 30.7 21.2 28.9 33.3 74.5 OP margin (%) 6.0 9.2 9.2 7.1 3.7 14.1 17.8 14.3 8.6 7.9 13.2 Megabox 4.3 0.0 9.1 12.5 3.1 2.9 16.1 5.0 22.3 25.9 27.1 JTBC Content Hub 1.0 6.9 2.2 -0.2 0.9 5.1 4.8 5.3 8.4 9.9 16.1 J Con (IP) -0.1 2.2 0.0 -0.3 0.2 3.3 3.5 4.1 0.0 1.8 11.1 Pretax profit 5.1 8.8 8.1 2.4 7.9 17.5 29.5 20.0 35.1 24.4 74.9 Net profit 3.8 6.3 1.7 -0.9 6.6 13.3 22.4 15.2 22.4 10.9 57.5 Net margin (%) 4.4 6.5 1.5 -0.8 6.0 10.0 13.0 10.3 6.7 2.6 10.2 Net profit attributable to 3.5 3.2 -1.0 0.8 4.6 9.4 15.0 10.2 19.2 6.4 39.3 controlling interests YoY Revenue -5.3 21.2 9.6 108.6 26.2 37.3 48.9 22.4 -4.2 25.4 33.9 Megabox 6.5 11.5 7.9 31.9 3.1 26.1 32.8 -2.8 10.0 14.0 14.6 JTBC Content Hub -13.3 113.1 52.7 55.6 82.0 11.1 74.9 33.6 -0.5 52.6 41.7 J Con (IP) - - - - 368.2 89.5 166.5 184.0 - - 164.5 Operating profit -56.8 404.7 -30.9 TTB -22.8 109.3 188.0 146.3 -7.8 15.2 123.5 Net profit -42.8 TTB -85.9 TTR 74.4 111.4 1,192.2 TTB 14.1 -51.4 428.4 Key assumptions Domestic attendance 52.3 45.0 64.0 58.6 51.3 49.0 70.0 51.6 217.0 219.9 222.0 Megabox attendance 10.2 8.6 12.2 11.7 10.2 9.8 14.0 10.3 40.8 42.7 44.3 Megabox share 19.6 19.2 19.0 20.0 20.0 20.0 20.0 20.0 18.8 19.4 20.0 Note: Based on consolidated K-IFRS. Source: Mirae Asset Daewoo Research estimates Mirae Asset Daewoo Research 2 May 14, 2018 J Contentree Figure 1. Slowdown in theater openings growth to drive up average profitability (%) 20 Box office YoY Multiplex YoY 15 10 5 0 -5 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F 2019F Source: KOFIC, Mirae Asset Daewoo Research Figure 2.
Load more

Recommended publications
  • 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]
  • Reuters Institute Digital News Report 2020
    Reuters Institute Digital News Report 2020 Reuters Institute Digital News Report 2020 Nic Newman with Richard Fletcher, Anne Schulz, Simge Andı, and Rasmus Kleis Nielsen Supported by Surveyed by © Reuters Institute for the Study of Journalism Reuters Institute for the Study of Journalism / Digital News Report 2020 4 Contents Foreword by Rasmus Kleis Nielsen 5 3.15 Netherlands 76 Methodology 6 3.16 Norway 77 Authorship and Research Acknowledgements 7 3.17 Poland 78 3.18 Portugal 79 SECTION 1 3.19 Romania 80 Executive Summary and Key Findings by Nic Newman 9 3.20 Slovakia 81 3.21 Spain 82 SECTION 2 3.22 Sweden 83 Further Analysis and International Comparison 33 3.23 Switzerland 84 2.1 How and Why People are Paying for Online News 34 3.24 Turkey 85 2.2 The Resurgence and Importance of Email Newsletters 38 AMERICAS 2.3 How Do People Want the Media to Cover Politics? 42 3.25 United States 88 2.4 Global Turmoil in the Neighbourhood: 3.26 Argentina 89 Problems Mount for Regional and Local News 47 3.27 Brazil 90 2.5 How People Access News about Climate Change 52 3.28 Canada 91 3.29 Chile 92 SECTION 3 3.30 Mexico 93 Country and Market Data 59 ASIA PACIFIC EUROPE 3.31 Australia 96 3.01 United Kingdom 62 3.32 Hong Kong 97 3.02 Austria 63 3.33 Japan 98 3.03 Belgium 64 3.34 Malaysia 99 3.04 Bulgaria 65 3.35 Philippines 100 3.05 Croatia 66 3.36 Singapore 101 3.06 Czech Republic 67 3.37 South Korea 102 3.07 Denmark 68 3.38 Taiwan 103 3.08 Finland 69 AFRICA 3.09 France 70 3.39 Kenya 106 3.10 Germany 71 3.40 South Africa 107 3.11 Greece 72 3.12 Hungary 73 SECTION 4 3.13 Ireland 74 References and Selected Publications 109 3.14 Italy 75 4 / 5 Foreword Professor Rasmus Kleis Nielsen Director, Reuters Institute for the Study of Journalism (RISJ) The coronavirus crisis is having a profound impact not just on Our main survey this year covered respondents in 40 markets, our health and our communities, but also on the news media.
    [Show full text]
  • Digital News Report 2018 Reuters Institute for the Study of Journalism / Digital News Report 2018 2 2 / 3
    1 Reuters Institute Digital News Report 2018 Reuters Institute for the Study of Journalism / Digital News Report 2018 2 2 / 3 Reuters Institute Digital News Report 2018 Nic Newman with Richard Fletcher, Antonis Kalogeropoulos, David A. L. Levy and Rasmus Kleis Nielsen Supported by Surveyed by © Reuters Institute for the Study of Journalism Reuters Institute for the Study of Journalism / Digital News Report 2018 4 Contents Foreword by David A. L. Levy 5 3.12 Hungary 84 Methodology 6 3.13 Ireland 86 Authorship and Research Acknowledgements 7 3.14 Italy 88 3.15 Netherlands 90 SECTION 1 3.16 Norway 92 Executive Summary and Key Findings by Nic Newman 8 3.17 Poland 94 3.18 Portugal 96 SECTION 2 3.19 Romania 98 Further Analysis and International Comparison 32 3.20 Slovakia 100 2.1 The Impact of Greater News Literacy 34 3.21 Spain 102 2.2 Misinformation and Disinformation Unpacked 38 3.22 Sweden 104 2.3 Which Brands do we Trust and Why? 42 3.23 Switzerland 106 2.4 Who Uses Alternative and Partisan News Brands? 45 3.24 Turkey 108 2.5 Donations & Crowdfunding: an Emerging Opportunity? 49 Americas 2.6 The Rise of Messaging Apps for News 52 3.25 United States 112 2.7 Podcasts and New Audio Strategies 55 3.26 Argentina 114 3.27 Brazil 116 SECTION 3 3.28 Canada 118 Analysis by Country 58 3.29 Chile 120 Europe 3.30 Mexico 122 3.01 United Kingdom 62 Asia Pacific 3.02 Austria 64 3.31 Australia 126 3.03 Belgium 66 3.32 Hong Kong 128 3.04 Bulgaria 68 3.33 Japan 130 3.05 Croatia 70 3.34 Malaysia 132 3.06 Czech Republic 72 3.35 Singapore 134 3.07 Denmark 74 3.36 South Korea 136 3.08 Finland 76 3.37 Taiwan 138 3.09 France 78 3.10 Germany 80 SECTION 4 3.11 Greece 82 Postscript and Further Reading 140 4 / 5 Foreword Dr David A.
    [Show full text]
  • Telecom Solutions Agreement
    IN BIDLDING IT/TELECOM SOLUTIONS AGREEMENT This In-Building IT/Telecom Solutions Agreement ("Agreement"), dated as of December 15, 2017, is by and between the Travis County Healthcare District, a hospital district created under Chapter 281 of the Texas Health & Safety Code ("Central Health"), and Seton Family of Hospitals, a Texas nonprofit corporation ("Seton"). (Central Health and Seton are sometimes referred to in this Agreement individually as a "f!m" and collectively as the "Parties".) WHEREAS, Central Health owns the Licensed Facilities, as that term is defined herein; WHEREAS, Seton owns the Seton Equipment, as that term is defined herein; WHEREAS, Central Health wishes to grant Seton a license to utilize the Licensed Facilities for the purpose of operating, maintaining, repairing and, if necessary, replacing the Seton Equipment for the benefit of Central Texas Community Health Centers (" CommUnityCare" or "CUC"), Central Health's co-applicant for Federally Qualified Health Center status, and for the purpose of providing the CUC with the IT/Telecom Services, as that term is defined herein; and WHEREAS, Seton wishes to operate, maintain, repair and, if necessary, replace the Seton Equipment for the benefit of CUC and to provide CUC with the IT/Telecom Services described herein. NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which Central Health and Seton each acknowledge, Central Health and Seton covenant and agree as follows: I. Definitions. As used in this Agreement, the term: (a) "BPOB" means the three-floor professional office building located on the Land and known as the University Medical Center Brackenridge Professional Office Building; (b) "BPOB Electrical/Telecom Closets" means the three electrical/telecom closets located on the first, second and third floors, respectively, of the BPOB and identified as such on Exhibit A attached hereto; (c) "Effective Date" means January 1, 2018.
    [Show full text]
  • Scriptedpifc-01 Banijay Aprmay20.Indd 2 10/03/2020 16:54 Banijay Rights Presents… Bäckström the Hunt for a Killer We Got This Thin Ice
    Insight on screen TBIvision.com | April/May 2020 Television e Interview Virtual thinking The Crown's Andy Online rights Business Harries on what's companies eye next for drama digital disruption TBI International Page 10 Page 12 pOFC TBI AprMay20.indd 1 20/03/2020 20:25 Banijay Rights presents… Bäckström The Hunt For A Killer We Got This Thin Ice Crime drama series based on the books by Leif GW Persson Based on a true story, a team of police officers set out to solve a How hard can it be to solve the world’s Suspense thriller dramatising the burning issues of following the rebellious murder detective Evert Bäckström. sadistic murder case that had remained unsolved for 16 years. most infamous unsolved murder case? climate change, geo-politics and Arctic exploitation. Bang The Gulf GR5: Into The Wilderness Rebecka Martinsson When a young woman vanishes without a trace In a brand new second season, a serial killer targets Set on New Zealand’s Waiheke Island, Detective Jess Savage hiking the famous GR5 trail, her friends set out to Return of the riveting crime thriller based on a group of men connected to a historic sexual assault. investigates cases while battling her own inner demons. solve the mystery of her disappearance. the best-selling novels by Asa Larsson. banijayrights.com ScriptedpIFC-01 Banijay AprMay20.indd 2 10/03/2020 16:54 Banijay Rights presents… Bäckström The Hunt For A Killer We Got This Thin Ice Crime drama series based on the books by Leif GW Persson Based on a true story, a team of police officers set out to solve a How hard can it be to solve the world’s Suspense thriller dramatising the burning issues of following the rebellious murder detective Evert Bäckström.
    [Show full text]
  • C Ntent Page 7 L
    #GreatJobs C NTENT page 7 www.contentasia.tv l www.contentasiasummit.com Endemol Shine production exits Singapore Production goes global Singapore focus on sales Endemol Shine Group is pulling the plug on Singapore-based production, shifting regional production to global hubs and refocusing a pared-down team in Singa- pore on format sales. The decision tops a record three years in both format sales and production across Asia, including co-development projects such as The Society Game with CJ E&M In Korea and a co-development deal with JTBC, also in Korea. The transition, expected to be com- plete by mid-2018, will be overseen by Asia managing director, Fotini Paraskakis out of Singapore. Operations in China and India, which are run separately from Southeast Asia and the rest of North Asia, are not impacted. More on page 2 A+E Networks ups China originals Nanking doc boosts 2017 co-pros to nine hours A+E Networks has upped its global China originals announced this quarter to three hours, adding Nanking docu- drama Scars of Nanking with Jiangsu Broadcasting Corporation to the Silk Road feature, Silk Road – Reborn, an- nounced in October. More on page 3 20-26 november 2017 page 1. C NTENTASIA 20-26 november 2017 Page 2. Endemol Shine pulls the plug on Singapore production base Asia restructure shifts global, Mumbai/Singapore teams to focus on sales Endemol Shine Group is pulling the plug on Singapore-based regional produc- tion, shifting to global hubs for formats production and refocusing a pared- down team in Singapore on both format licensing and finished tape sales.
    [Show full text]
  • YG Entertainment (122870 KQ) [Summary] Korea’S 2019 Media/Entertainment Competitiveness
    2019 Outlook Media platform/Content Most favorable environment in history; focus on PR.I.C.E Analyst Jay Park +822-3774-1652 [email protected] Contents [Summary] 3 I. Outlook by segment 4 II. Medium-/long-term outlook 10 III. Key points to watch 12 IV. Global peer group (valuation) , Investment strategy 21 V. Top Picks 23 Studio Dragon (253450 KQ) YG Entertainment (122870 KQ) [Summary] Korea’s 2019 media/entertainment competitiveness Shares to be driven by content sales (p, US$m) (%) Media/content business model focused on direct sales 500 40 FTSE KOREA MEDIA indx (L) Key words: Global platforms, geopolitics, licensing fees, Domestic ad market growth (R, YoY) blockbusters, investments, leverage Broadcast content export growth (R, YoY) 400 30 Media/content business model focused on ads Key words: Domestic market, ad trends, seasonality, politics/sports 300 20 200 10 100 0 OTT export expansion in 2016-18 Chinese market lull 0 OTT export expansion in 2019F + Chinese market recovery -10 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 Note: 2017 exports are based on KOCCA’s estimates; 2018 exports based on our estimates Source: Thomson Reuters, KOCCA, Cheil Worldwide, Mirae Asset Daewoo Research 3| 2019 Outlook [Media platform/Content] Mirae Asset Daewoo Research I. Outlook by segment: Media ads Ad market: Mobile and • We expect the domestic ad market to grow 3% YoY (similar to GDP growth) to W11.3tr, amid the absence of large- generalist/cable TV scale sporting events. • We forecast positive growth across all segments (except print ads), with mobile, generalist channels and cable TV channel ads are growing channels likely to drive growth.
    [Show full text]
  • Fqp3p3qewe4o9fnuzuazjw8qv
    JTBC the most loved and trusted network by Koreans everywhere is now celebrating its 7th anniversary After growing in leaps and bounds over the past seven years, JTBC is again undertaking a ‘challenge’ Coloring your World, JTBC 3 JTBC had been working tirelessly over the past 7 years to provide differentiated contents in the changing global media industry. ‘Newsroom’ has become one of the nation’s most popular programs, attracting the largest audience in Korean history, providing coverage of landmark events, such as the Inter-Korean Summit. Starting with the drama ‘Rain or Shine’ JTBC has continued to expand its lineup with the addition of a Monday-Tuesday drama slot, increasing its depth and diversity. Also by producing hit dramas like ‘SKY Castle’ ‘Misty’ ‘Something in the Rain’ and ‘The Beauty Inside’, JTBC received rave reviews in the aspects of both quality and entertainment. The consecutive successes of JTBC’s season-based, non-scripted programs including ‘Sugar Man’ ‘Hyori’s Bed and Breakfast’ and ‘Hidden Singer’ have proven that JTBC is a broadcaster trusted and watched by many. ‘Wassup Man’ reached new heights in cross-media application by accumulating over 1.6 million subscribers on its YouTube channel. This marked the first time a digital non-scripted program produced by a domestic broadcasting company gained that many subscribers on YouTube. The JTBC media family—which includes JTBC2, JTBC3 FOX Sports, JTBC4 and JTBC Golf —have played a pivotal role in all areas of society from entertainment to lifestyle and sports. Going forward, JTBC will stop at nothing to provide viewers with even better content.
    [Show full text]
  • C NTENTASIA 1 June 2014
    19 May- C NTENTASIA 1 June 2014 www.contentasia.tv l https://www.facebook.com/contentasia?fref=ts facebook.com/contentasia l @contentasia l www.asiacontentwatch.com BCM closes quiet Mainland China buyers make a mark, Southeast Asia buyers cautious of high drama rights costs This year’s Busan Contents Market (BCM) wrapped at the end of last week with lower-than-expected attendance but no complaints about the pace of this year’s show. Organisers, who toned down the festivi- ties in the wake of last month’s Korean fer- ry disaster, reported a total of 1,314 buyers and sellers from 45 countries through the doors this year. Distributors and rights owners reported higher acquisitions activity from mainland China at the show this year. J.K. Khan, SBS Contents Hub’s contents business team 2 manager, said more Chi- nese buyers had visited the SBS booth this year than last year. SBS is a BCM regular and brought popular dramas, Doctor Stranger and You’re All Surrounded, to the show. If demand for Korean drama across the region remains high, online access to Kore- an content in mainland China and Taiwan poses a challenge for rights holders. “Sales for Korean content has been a bit harder for China/Taiwan because they have alternative ways to watch Korean content (online). However, demand for K content has been better in Japan, Thai- land, Indonesia, Myanmar, Cambodia, Singapore,” Khan said. Current high prices of Korean drama are an issue for buyers from Southeast Asia, where the genre continues to drive ratings.
    [Show full text]
  • OTT Joint Venture to Boost Competitiveness
    2019. 9. 18 Company CJ ENM (035760) Update OTT joint venture to boost competitiveness ● CJ ENM plans to launch a new OTT platform early next year, combining its Tving Minha Choi service with JTBC (which owns a vast amount of quality content) in a joint venture Analyst (JV). CJ ENM should be the controlling shareholder of the JV. [email protected] ● We expect CJ ENM and JTBC to cooperate in several ways. As both possess 822 2020 7798 copyright on a vast amount of quality content (including dramas and entertainment Kwak Hoin shows), they could bundle their content to offer in a package, and this might Research Associate bestow the JV with better bargaining power in terms of content pricing. [email protected] ● We like the JV plan, believing it will enhance CJ ENM’s content competitiveness by 822 2020 7763 boosting its bargaining power—this, amid anticipation of stronger competition in the video streaming market, where multiple global players are operating. WHAT’S THE STORY? OTT joint venture with JTBC: CJ ENM has signed a memorandum of understanding with JTBC to establish an OTT join venture (scheduled to launch early next year). The JV plan is in its infant stage, and few details are available, but CJ ENM is expected to be the largest shareholder, and JTBC the second-largest. Cooperation to be found in various forms: Assuming the JV goes ahead, CJ ENM will spin off its existing OTT platform Tving (part of its media division). CJ ENM and AT A GLANCE JTBC intend to use the JV to distribute their content to Korean OTT platforms, and they should cooperate in several ways (eg , bundling content).
    [Show full text]
  • THE GLOBAL APPEAL of KOREAN TELEVISION DRAMAS a Thesis Submitted to the Faculty of the Graduate
    MELODRAMATIC AND FORMULAIC: THE GLOBAL APPEAL OF KOREAN TELEVISION DRAMAS A Thesis submitted to the FAculty of the Graduate School of Arts and Sciences of Georgetown University in partiAl fulfillment of the requirements for the degree off MAster of Arts in CommunicAtion, Culture and Technology By KAthryn Grace HArtzell, B.A. WAshington, D.C. April 16, 2019 Copyright 2019 by KAthryn Grace HArtzell All Rights Reserved ii MELODRAMATIC AND FORMULAIC: THE GLOBAL APPEAL OF KOREAN TELEVISION DRAMAS KAthryn Grace HArtzell, B.A. Thesis Advisor: MAtthew Tinkcom, Ph.D. ABSTRACT International fervor for KoreAn pop culture has constituted a contra-flow against Western mediA hegemony. Since 1997, the global rise of South KoreA’s entertAinment industries has come to be known as the KoreAn WAve, or Hallyu. Contra-flows—subaltern cultural exchanges that move in opposition to Western hegemonic mediA (Thussu 2007, 11)—Are complex, under-investigated, And controversiAl in their importAnce as they exhibit what Arjun Appadurai describes as “disjunctures between economy, culture, and politics” (Appadurai 1996, 33). In contra-flow, cApitAlist power structures are insufficient to understAnd why mediA texts are disseminated across borders, cultures, or lAnguage. This study expands on the investigation of the KoreAn WAve by examining one of its central entertAinment exports—KoreAn dramAs—for their exhibition of hybridized and glocAlized genre conventions. I employ a multimethod approach to both estAblish the cinemAtic lAnguage through which KoreAn dramAs tell their stories and to test the sAlience of this framework with non-KoreAn audiences. First, I anAlyze five KoreAn dramAs populAr with English-speAking viewers—utilizing a close reAding—for their use of a melodramAtic narrative mode.
    [Show full text]
  • Philippines US$28.7M Revenue in 2018, Accumulated Loss Tops $378M
    9-22 September C NTENT 2019 www.contentasia.tv l www.contentasiasummit.com NBC orders Sky Castle pilot U.S. breakthrough for Korea’s JTBC U.S. network NBC has ordered a pilot based on Korean series Sky Castle from Korean network JTBC/Drama House and local indie production company HB Entertainment. A network spokesman in the U.S. said the pilot was in develop- ment under the auspices of Berlanti Pro- ductions in association with Warner Bros Television, and was not a series order. The full story is on page 2 Singapore’s Toggle ups short-form Flix Snip deal adds 29 titles, pushes domestic content barriers Nine-month old global short-form con- tent service, Flix Snip, has rolled out in Asia in partnership with Singapore’s Me- diacorp, streaming 29 international titles with themes that put Mediacorp among the country’s most progressive broad- casters. The full story is on page 3 ContentAsia Summit Thanks to our partner StarHub Ch 434 Who said what... NOW AVAILABLE & who was there FOR ALL ASIAN TERRITORIES! The 11th ContentAsia Summit wrapped at the end of August with one clear mes- sage: Life has never been better for Asian storytellers. Here’s some of what was said. There’s more in our Mipcom issue, out in gustoworldwidemedia.com gustotv.tv [email protected] early October. C NTENTASIA 9-22 September 2019 9-22 September 2019 Page 2. Page 2. NBC orders Sky Castle pilot U.S. breakthrough for Korea’s JTBC NBCUniversal has ordered a pilot based on Korean series Sky Castle from Korean network JTBC/Drama House and local in- die production company HB Entertainment.
    [Show full text]