KT To Produce Blockbuster Dramas By 2023
KT seeks to invest and venture on other platforms outside the scope of its business, according to the company's chief executive on Tuesday.
The company is one of South Korea's biggest mobile carriers by subscribers, which provides telecommunications services throughout the country.
CEO Ku Hyun-mo said in a virtual press conference that KT had already taken its major leap in January by introducing KT Studio Genie that would serve as the control tower of all the businesses from KT, which includes media and content-related businesses.
The CEO added that having KT Studio Genie takes its lead, the company plans to secure intellectual properties of more than 1,000 and produce around 100 original blockbuster dramas by 2023.
Its new unit will control the entire process of investment generations for the new contents and produce and distribute them as well as producing more copyright-related profits.
The company has already attracted some investors for the project, which now amounts to 8 billion won ($7.1 million), which is already around 80 percent of its primary target amount.
Ku has not yet revealed the amount of its own investment in the said content business but gave a hint that it wouldn't be less than its rival company, SK Telecom's investment in the video streaming platform Wavve that is affiliated with SKT, previously announced the investment plan of 300 billion won.
To accurately reach the dramas' target viewers, KT would tap into its huge data of around 13 million subscribers for media service. The company has been number 1 in IPTV service provider in the country since 2011. It is also currently in the process of obtaining the HCN cable TV channel.
The said studio will also continue negotiating with international streaming providers such as Disney plus to collaborate in various ways, said the KT's president of customer business, Kang Kook-hyun.