Russian distributors of video content and online cinemas bought 26 projects from South Korean media companies for $1.2 million. These series and films are not particularly popular among the general public, but they are cheap: the total amount of the transactions is equivalent to the cost of producing two episodes of the original project in Russia, writes “Kommersant”
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The sellers were Korean media companies MBS, SBS, KBS, SLL, KT Genie, Lian, Young & Contents, 38c, Carry Soft, Grafizix. Among the projects are Kairos”, “Empress Ki”, “A-ran and the Magistrate” and others.
Streaming platforms are also interested in purchasing exclusive rights to localize content in Russian. According to experts, Korean media companies sell localization rights in all languages to global video services, but now foreign platforms do not need the Russian language, only Russian streaming services compete for it.
Local online services never saw the expected demand for Turkish and Korean TV series, which they began buying en masse amid Russia’s departure from major Hollywood film studios in spring 2022.
There was an increase in attention towards Korean projects after the release of “The Squid Game,” but no other Korean film or series managed to generate the same interest. The director of the research department of the Gazprom Media holding, Daria Pugacheva, will explain this by the large cultural difference.
- The turnover of the Russian online cinema market in 2023 increased by 45% compared to 2022, TelecomDaily calculated. In 2022, revenue from video services from subscriptions and advertising amounted to 55.8 billion rubles; in 2023, the figure increased to 80.9 billion rubles.
Author:
Karina Pardaeva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
