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Best of east and west

\ / / Best of east and west 1|址M South Korea aims to have a bigger footprint in Hollywood.

By WENDY LEE

THE TV drama Itaewon Class, about a young entrepreneur who seeks to avenge his father's death by taking down his rival at a powerful corporation, has built a loyal global following on Netflix. But media executive Jeongin Hong believes there is even more runway for the 2020 Korean language series, Hong, whose company JTBC Studios produces the show, wants to develop an English version of the series with the potential help of Wiip - a Hollywood company behind HBO's Mare OfE asttown and other acclaimed shows. Such possible collaboration was one of the driving forces behind JTBC Studios' decision to acquire a Hong (far right), senior vice president of JTBC Studios, wants to develop an English version of hit K-drama Itaewon Class (left) for the US market. majority stake in the content arm -Photos: TNS and Handout of powerful talent agency CAA. "There is a great meaning for us untapped market, said Dal Yong April 2017 when it signed a production to accommodate the with books and a large mustard­ entering into Ae Hollywood Jin, a professor at Simon Fraser multititle licensing deal with voracious appetite of streaming coloured, velvet couch and a living production market, producing in University in British Columbia, Netflix, which also later agreed to sites for content, and to compete in room with artsy light fixtures. English, producing with American Canada, who has co-written a book co-develop JTBC's prime-time TV a fast-changing market, analysts "Compared to this office, our or international talents out there to on the globalisation of Korean dramas globally. said. office in Seoul looks a lot more like expand our business,” said 36-year- culture. **For the last several years, we Hong said he first learned about a corporate office," Hong said. "It's old Hong, senior vice president at “Korea has penetrated several have had a wonderful partnership Wiip through Vania Schlogel, a home for producers, and they JTBC Studios. "There,ll be instant parts of global society which is with JTBC, driven by our common founder of private equity firm have to be motivated, they have to synergy.1* known as the Korean Wave," Jin goal of telling great stories made in Atwater Capital, after the two were feel like home, to come here to The deal is the latest and among wrote in an email. Korea and our members in Korea introduced by a mutual friend. Last discuss how to make a project." the highest profile forays by a ('However, the US market is still and around the world have fallen year, JTBC Studios became a South Korean company into the US marginal for Korea, and therefore, in love with shows like Itaewon minority investor, owning just Cultural differences can be entertainment business. a few cultural firms want to direct­ Class, Run On, Sisyphus and 1.5% of Wiip. a challenge A subsidiary of South Korean ly produce cultural content in the Nevertheless,w said Don Kang, Wiip was founded in 2018 by entertainment company HYBE in US. The acquisition of Wiip by JTBC Netflix's vice president of content former ABC executive and founder Some investments by South April acquired Scooter Braun's (Studios) is part of thi big picture." (Korea), in a statement. of BBC America Paul Lee and Korean firms in the United States Ithaca Holdings for US$1.05bil JTBC Studios was looking to Matteo Perale, a former CAA have had mixed results. (RM4.4bi】)Seoul-based CJ expand into Hollywood when Eager to expand executive. In 2012, CJ Group set up a lab in Entertainment and Merchandising opportunity struck, thanks to an Hie company whose name Hollywood and marketed 4DX invested in studio Skydance last agreement between agencies and JoongAng Group began in stems from the acronym '^word. technology that appealed to year, as part of a US$275mil the Writers Guild of America. 1963 as a family business. With idea.iInaginatiOIv.p^oduction,^^ viewers senses as they watched (RM1.2bil) strategic funding round Under the agreement to end a Samsung, HongTs grandfather Jin-Ki employs 32 people. films, with seats in movie theatres with other investors. protracted dispute, CAA and other Hong co-launched ihe broadcasting Wiip was a producer on Mare Of that would rock back and forth agencies agreed to divest or limit business TBC in 1964, and acquired Easttown, which has been nomi­ during a film's action scenes. Surge in demand their holdkigs in production firms. the newspaper JoongAng Hbo a nated for 16 Emmy Awards, and While some venues in the US At the end of July; JTBC Studios year later. the Apple TV * series Dicianson. offer 4DX screenings, the Korean-language programmes would have owned about 60% of Decades later, Hong's father, "JTBC Studios are fantastic part­ technology has not been widely have seen a surge in demand Wiip, with CAA and Atwater Hong Seok-hyun, used his contacts ners who love the content pro­ embraced nationwide. following drama Parasite winning Capital holding roughly 20% with US media executives to duced by our studio," Lee, wiip、 Overcoming cultural differences best picture at last year's Academy ownership each. Financial terms of expand into magazines, launching CEO, said in a statement. between American and Korean Awards and Minori receiving the deal were not disclosed. Newsweek's Korea version in 1991 "We look forward to expanding businesses can also be a challenge. critical acclaim, with Youn Yuh- “I always thought that, you and the Korean edition of our businesses and continuing to "They have developed different Jung bein^ the first Korean know, we can never be a so-called Cosmopolitan in 2000. attract extraordinary talent styles and corporate cultures, and performer to win an Oscar for best Hollywood insider," Hong said. To further diversity the together." therefore, in order to develop supporting actress in the film. "But this opportunity just came to company acquired the coimtr/s Hong recently travelled to Los quality products, they must Korean-language series and us." third Largest theatre chain, Angeles to visit Wiip's Hollywood develop mutual interests and good movies have become more widely Although not widely known in Megabox, in 2015. office, meeting with the staff and partnerships,“ Jin said. accessible through streaming ser­ US, JTBC Studios is a big deal in Hong, then an associate at marveling at the library where Hong said he is cognisant of vices like Netflix, which has invest­ South Korea, where it produces Goldinan Sachs, joined his famil/s producers can sit and read books making sure wiip retains its ed heavily in such programming. numerous TV shows and movies business in 2015. He now oversees and collaborate. culture and that collaborations Additionally, several South annually and has grown rapidly. the sales of the content that JTBC He noted that in Seoul, |TBC aren't forced. Korean shows have been success­ The company, which employs Studios produces. Its programmes Studios also has books available on "My job is not to push them to do fully adapted to American audienc­ 215 people, reported an operating are mainly distributed shelves too, but some of them are something together J he said, “but es, including Fox's singing competi­ profit of US$12,4mil (RM52mil) on internationally through streaming fake, only for decorative purposes. my job is when they decide to do tion The Masked Singer and ABC's revenues ofUS$182mil (RM769mil) services such as Netflix and Wiip was designed to be something together, I'll make them medical drama The Good Doctor. last year, which were up 28% from Chinese streaming platform iQiyi. welcoming environment. It happen seamlessly with speed."- Korean businesses view the US a year earlier. Companies like JTBC Studios are resembles a real home, with an Los Angeles Times/Tribune News cultural sector as a largely JTBC Studios got a big boost in increasingly eager to expand open air patio, a library stocked Service