K-Content News

'Squid Game' is a beneficiary of OTT era: KOCCA president

KOCCA president vows stronger support for hallyu content By Lee Gyu-lee

Jo Hyun-rae, president of the Korea Creative Content Agency (KOCCA), said on Wednesday that Netflix's smash-hit original series, "Squid Game," is a prime case of Korean content creation that has benefited from the rise of streaming services, noting that its global popularity shows the power and utility of over-the-top (OTT) platforms.

"We would never have a chance to see such a series if it were back in the times dominated by terrestrial broadcasters," he said during a news conference held in Seoul. "Especially if it were a weekly aired soap opera, I don't think it could have garnered this much success. It was made to suit this OTT era."

Jo, who was newly appointed as the agency's president on Sept. 3, added that the series' global popularity raises the growing importance of intellectual property (IP).

"I believe there are certain limits to OTT platforms in making their own originals, which will open up chances for Korea's local series production companies to make better use of talented people," he said. "We are looking to build strategies to secure talented content production companies and writers."

The KOCCA president's news conference was held to mark his first three months at the state-run agency, since taking the helm.

Sharing his vision and the agency's plans for next year, he said that KOCCA will boost its support for Korean content to compete in the global market, amid the growing popularity that it has been receiving around the world.

"We are heading to an era which opens up doors to more opportunities to content production companies and related business. The industry and its environment are changing rapidly these days," Jo said.

"In the past, Korea used to be the main target of the local content industry and other markets were supplementary. But nowadays, with the emergence of over-the-top (OTT) and online platforms, like with 'Squid Game,' there has been a trend for a bigger approach, aiming for the global market first. To align with this, our agency will further paint the bigger picture for the industry to support them in the global market."

The agency revealed that it has secured 547.7 billion won ($462 million) for next year's total budget, which is a 5.1-percent increase from the previous year. Of this, it plans to use 10.5 billion won ($8.9 million) to support Korean content to reach overseas markets, using online platforms for events, such as B2B Marketplaces, representative of the contactless era.

The agency noted that it plans to hold different competitions and programs so as to scout new talented writers and creative IP ideas for content, providing a bridge between creators and investors.

Jo emphasized the agency's role in offering a platform for both content creators and investors to connect and further develop ideas into businesses.

"In addition to the agency's assistance in content production, we hope to build a forum for people in the industry and investors … I believe that if we provide more opportunities for content makers and investors to network with each other, more investments will be made," he said.

Jo lastly vowed to focus his interest on creating an appropriate ecosystem within the industry to solve three major issues: labor, infrastructure and finance.

"Policies on media should cover all three things ― labor, infrastructure and financial issues ― structurally. I hope to provide an ecosystem that supports these multi-dimensional issues," he said. "We plan to look into each genre and different types of content industries to carry out our business next year."

Before being appointed as the president of the agency, Jo served in multiple positions in the Ministry of Culture, Sports and Tourism, including as Director General of the Content Policy Bureau and as Deputy Minister of the Religious Affairs Office.