From left are KT Studio Genie CEO Kim Cheol-yeon, KT’s chief of customer business Kang Kook-hyun and Sky TV CEO Yoon Yong-pil pose for a photo at the telecom operator‘s press briefing for its contents business at a Seoul hotel on Thursday. (KT)
South Korean telecommunications operator KT vowed Thursday to nearly double sales by 2025 through fostering its value chain in the media business focused on original content production and securing intellectual property rights.
KT Studio Genie, the firm’s wholly owned content production subsidiary launched last year, will play a key part in the value chain by manufacturing original contents, the telecom operator said in a press briefing.
Through the value chain, KT expects to increase media-related sales revenue by 30 percent in four years to over 5 trillion won ($4.1 billion) from the current 3.6 trillion won.
The content production studio plans to collaborate with other KT-backed content units including subscription-based e-book service provider Millie’s Library and webtoon and web-novel platform Storywiz in securing IP rights. KT’s music streaming unit Genie Music became the largest stakeholder of Millie’s Library – the No. 1 e-book service provider by number of subscribers -- last year by acquiring a 38.6 percent stake in the firm for 46.4 billion won.
KT is currently planning an initial public offering for the e-book service provider which had 3.8 million subscribers as of September 2021, KT CEO Ku Hyeon-mo said at the firm’s shareholders meeting last week.
The produced contents would be distributed with the help of Altimedia, a tech firm offering securities solutions for media businesses, which KT also acquired last year. With the telecom operator’s acquisition of cable TV operator Hyundai HCN around the same time, which has been rebranded as Media Genie since, five more channels have been added to KT’s initial seven channels under Sky TV.
KT Studio Genie plans to produce and release 24 original television dramas from May this year to end-2023, starring Hallyu megastars such as singer-actor Choi Si-won of Super Junior and Girls’ Generation’s Kwon Yu-ri. KT plans to provide the contents to other global streaming services as well.
Its latest partnership with CJ ENM will allow KT to hold hands with various global businesses in expanding the channels for content distribution, the firm said.
KT’s latest announcement follows Ku’s remarks at the general shareholders meeting held March 31 that KT is interested in transforming into a holding entity-like structure to accelerate growth and share value.
“With the success of our media platform business, we plan to see growth in the media contents production and ultimately contribute to improving Korea’s status in the global market,” said Kang Kook-hyun, KT’s senior vice president in charge of customer business,
(
mkjung@heraldcorp.com)