<\/p>\n<\/p>\n
Since the survival drama ‘Squid Game’ gained larger-than-expected popularity throughout the world on Netflix, the world’s big-name platform operators such as Disney+ and Apple TV+ have been competing to spend big money to secure Korean-made content.<\/p>\n
But critics have raised questions on whether it is right for local productions to allow such platform operators to monopolise content rights to their shows at a time when the Korean entertainment market has emerged as a content hub for its globally popular cultural content such as K-pop, TV series and films, reports Yonhap news agency.<\/p>\n
These critics say local productions should seek ways to reduce their financial dependence on global content titans.<\/p>\n
Netflix has spent some $700 million on South Korean projects since its market debut in 2015 and increased its investment to $500 million for 2021 alone.<\/p>\n
Disney+ said it will heavily invest in the coming years to create seven original releases in the Korean language, including ‘Outrun by Running Man’, a spin-off of the long-running South Korean TV show ‘Running Man’. Its Korean service will be officially launched on November 12.<\/p>\n
The announcement was closely followed by Apple TV+ revealing its own plan to open the service in South Korea next week. Its Korean business has been widely anticipated as it already had ordered Korean-language originals, including the sci-fi thriller ‘Dr Brain’, starring Lee Sun-kyun, star of the Oscar-winning ‘Parasite’, and a TV adaptation of the novel ‘Pachinko’, starring Oscar-winning Youn Yuh-jung.<\/p>\n
Defenders of this cultural cross-pollination say the recent rush of global streaming powerhouses and the subsequent heated-up competition for promising Korean content will afford greater opportunities to Korean creators who have struggled to get a big-enough budget to dramatise their ideas.<\/p>\n
Hwang Dong-hyuk, who directed and wrote ‘Squid Game’, said in a previous interview that the project had been turned down by local investors and broadcasters for about a decade before Netflix approved it a few years ago.<\/p>\n
Critics, however, pointed out that the streaming platforms’ huge risk-taking investment may limit the intellectual property rights of Korean creators as the companies demand the entire IP of the shows they invest in.<\/p>\n
According to insiders, Netflix shoulders the entire financial responsibility for a project, allowing local producers a 10-30 per cent profit margin, in return for global distributing rights of the underlying show and its copyrightable works. <\/p>\n
(IANS)<\/p>\n","protected":false},"excerpt":{"rendered":"
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