"Short-form Drama, the Core of the Global 3rd Generation Video Market" says Jeong Ho-young, CEO of New Universe [12th Korea Cultural Content Forum]

[Financial News]"Short-form drama is the core of the global 3rd generation video market."
Jeong Ho-young, CEO of New Universe, said at the 12th Korea Cultural Content Forum on the 17th, "Thanks to the fast-paced development, payment structure, and emotional design that induces impulsive consumption, short-form drama is establishing itself as a new global trend," he said.
The short-form drama production company New Universe, led by CEO Jeong, recently launched 'Hello, Brothers', achieving high profits of over 5 billion won and gaining worldwide attention.
Through a lecture on the global short-form drama industry and the theme of 'Hello, Brothers', he presented the growth trend and strategy of the global market for short-form dramas. He explained, "If subscription services like Netflix have a passive selection structure, short-form dramas are based on 100% user choice, leading to active consumption," and "because it reaches users through performance marketing, it is a structure where you cannot see it unless you click."
CEO Jeong cited production efficiency as the greatest competitiveness of short-form dramas.
He explained, "If existing dramas or movies require a budget of hundreds of billions of won and a production period of 1 to 4 years, short-form dramas can be completed with an average production cost of less than 200 million won and within 2 to 3 months," and "the speed from planning to global user verification is an industrial innovation."
He argued that the efficiency of significantly reducing production costs and the close connection to the webtoon and shopping content markets is truly an 'innovation in the video market'. He predicted, "Short-form dramas are drawing a similar growth trajectory to the webtoon market, which will grow to 80 trillion won by 2030, and are closely linked to the shopping content and shopper-tainment market, which amounts to 187 trillion won," and "by 2029, it will expand to a scale of 77 trillion won."
CEO Jeong defined the core of short-form drama success as 'Return on Investment (ROI)' and production volume. He stated that because production costs are less than 5% of the total structure, content that can exceed ROI is most important. He advised, "If Korean production companies focus on the essence of ROI and production volume, they can create new opportunities on the world stage."
Special Reporting Team
rsunjun@fnnews.com Yoo Sun-jun Reporter