Tough year ahead for K-dramas: KOCCA report

(123rf)

Korean dramas are projected to face challenges in the overseas market in 2025, with export performance expected to be dim due to surging production costs, according to the Korea Creative Content Agency on Wednesday.

The Culture Ministry-affiliated government agency released export outlooks for content sectors such as K-pop and webtoons, based on a survey it conducted. The survey gathered insights from 167 content industry experts and directors of KOCCA's overseas business centers.

On 7-point scales assessing the outlook for each sector, music emerged as the industry with the brightest prospects, scoring 5.5, followed by fashion (5.2), story/IP (4.9), games (4.7), comics/webtoons (4.7), character (4.6), animation (3.4) and broadcasting (2.9).

Music is projected to have a strong export outlook next year, driven by increasing digital music sales by K-pop artists such as Blackpink's Rose with "APT," BTS, NewJeans, Le Sserafim and Aespa, alongside a rise in overseas tours and performances. However, KOCCA issued a cautionary note, observing signs of fatigue with K-pop’s idol-centric approach in some countries.

Broadcasting received the lowest score among the nine sectors, indicating significant challenges ahead.

The weakening price competitiveness of dramas due to soaring production costs was identified as a key factor.

Additionally, a downturn in the advertising market has reduced drama slots on broadcasters’ schedules, leading to a shortage of K-dramas available for purchase by overseas broadcasters, KOCCA reported.

By region, KOCCA highlighted that restrictions under China’s "Han-Han Ryeong,” or a movement to ban the consumption of Korean culture, continue to hinder exports of K-content such as broadcasting and music to China.

However, KOCCA said Korean characters, which are less affected by national origin, are expected to see a slight growth in exports. Characters like Zanmang Loopy from the hit cartoon "Pororo" and Maltese, a hugely popular Kakao emoticon character, have gained traction in China, with their popularity on social media anticipated to resonate strongly with Chinese consumers.

In North America and Japan, exports of comics, webtoons and music are expected to increase modestly. Stable growth is projected in K-pop streaming and tour performances in these regions, the agency said.

Events such as the Osaka-Kansai Expo are expected to foster private exchanges and stimulate demand for K-content, said KOCCA.