"The Era of Short Form Creating Original IP"... Y-Not Media CEO Lee Min-seok [12th Korea Cultural Content Forum]

[Financial News] "The core of short form content production is 'planning ability'. Storytelling and planning are more important than technology."
Lee Min-seok, CEO of Y-Not Media, presented "Short Form Drama IP Industry and AI Content Industry Strategy" at the 12th Korea Cultural Content Forum at Chosun Palace Seoul Gangnam in Gangnam-gu, Seoul on the 17th, emphasizing, "Short form has already become a part of daily life," and "Although it is difficult to replace the K-drama market, it can be an alternative for recovering the advertising industry model and discovering new business opportunities."
He summarized the industrial value of short form dramas as "low-cost structure, rapid production, and IP expandability through securing a small fandom." While the production cost of a single long drama is 10 to 30 billion won, short form is relatively free in production and operation.
He stated, "Short form can form a loyal fandom centered on IP and expand the business to games, webtoons, web novels, etc.," and "In the global market, Chinese short form dramas are growing with rapid development and a paid billing model, and Korea should respond to this trend."
He also emphasized the intersection of AI technology and short form. He explained, "Short form drama is a suitable genre to experiment with the development of AI video production tools," and "In the media content industry these days, there are many concerns about the decline of OTT and TV advertising, and there is a blind fear of AI technology. AI technology will make our production infrastructure more efficient."
Global OTT changes were also mentioned. He analyzed, "Netflix is strengthening its IP media mix strategy by combining advertising models, games, and character products based on the success of K-content," and "In the future, the content industry will be reorganized around vertical OTT and IP franchises targeting specific genres and fandoms."
Finally, he added, "A strong IP has the ripple effect of growing the entire industry," and "Like the case of BTS, short form and AI will be the key axes to build a new IP ecosystem."

Special Reporting Team


jsi@fnnews.com Jeon Sang-il Reporter