How Korean Narratives are Redefining Global Entertainment

Interview with Jaden Kang, VP of Global Story Business at Kakao Entertainment

Jayden Kang leads Global Story Business at Kakao Entertainment Corp., managing global expansion, platform strategies, and partnerships. Previously, he served as Chief Strategy Officer at LINE Thailand, where he achieved significant growth.

Q1. How has Korea become a trendsetter in global entertainment and culture?

Korea has emerged as a central hub for cutting-edge content and products, much like New York's longstanding influence in fashion, art, and cultural movements. K-Comics, dramas, and other cultural exports have captivated global audiences, especially younger generations, who view Korean content as innovative, stylish, and must-have. This phenomenon parallels how people once looked to New York for trendsetting cues. Korean content's unique storytelling, relatable characters, and high production values resonate deeply with international audiences, particularly those consuming content through mobile and streaming platforms like Netflix and YouTube.

Q2. What role does IP adaptation play in the success of the K-Story industry?

The adaptation of K-Comics and web novels into dramas and films has been a significant driver of the K-Story business. Many successful Korean dramas are based on K-Comics, which provide a ready-made audience and proven narrative framework. This cross-media synergy allows popular stories to reach wider audiences through multiple formats, reinforcing the success and reach of the K-Story industry.

Q3. How has the business model for K-Story content evolved over time?

Initially, platforms like Daum and Naver offered K-Comics for free to attract users and generate ad revenue, serving more as a user acquisition strategy. Around 2014, with the introduction of KakaoPage, the industry shifted to a 'freemium' model, allowing users to access content for free if they waited or pay for immediate consumption. This innovative approach, blending game theory and consumer psychology, trained users to value and pay for content, leading to better compensation for creators and higher quality content, thus creating a virtuous cycle of quality and profitability.

Q4. How has the global expansion of K-Story content been achieved?

In Asia, the micropayment model, which involves paying for individual pieces of content or episodes, aligns well with consumer behavior. However, in Western markets, the subscription model, offering unlimited content for a fixed monthly fee, has been more successful. Korean platforms adapted by blending free and paid options, providing quality content at affordable prices. Global platforms like Netflix and YouTube have been pivotal in introducing K-Story content to international audiences, breaking down geographical barriers and significantly enhancing global reach.

Q5. What challenges does the K-Story business face in different markets?

Adapting the unique K-Comics format to markets with established preferences for traditional comics or graphic novels poses a challenge. Japanese manga and American comics have entrenched formats that can be difficult to convert into the more freeform, vertical-scroll K-Comics format. Despite these challenges, the adaptability and creativity of Korean content continue to drive efforts to engage diverse audiences successfully.

Q6. Can you give examples of unexpected successes in the K-Story business?

"A Business Proposal" and "Squid Game" are prime examples of unexpected hits in the K-Story business. "A Business Proposal," originally a K-Comics, became a worldwide success despite initial doubts about its global appeal due to its culturally unique premise. Similarly, "Squid Game" defied expectations to become a global phenomenon. These successes illustrate the unpredictable nature of the content business and its potential for surprising, monumental success.

Q7. What is the future outlook for the K-Story industry?

The K-Story phenomenon has revolutionized global entertainment by combining cultural richness with innovative business models. Korean platforms have evolved from offering free content to creating hybrid models that blend free and paid access, driving profitability and captivating a global audience. Amplified by global platforms like Netflix and YouTube, K-Story's engaging narratives and trend-setting content resonate worldwide. As the industry continues to adapt and innovate, its ability to balance quality storytelling with creative monetization will ensure its enduring global impact.