KT Corp.’s media production unit KT Studio Genie announced that it teamed up with Shinsegae’s Mindmark to produce original content. In April 2020, Shinsegae established Mindmark Inc., a subsidiary specializing in content production, to boost its media business. Following its establishment, Mindmark acquired stakes in the drama production companies Silkwood and Studio 329 to compete with other media commerce companies.
While in January, KT opened the KT Studio Genie production company due to its media-related business expansion. In March, KT revealed its plans to produce and distribute over 100 original drama content by 2023. Over the past months, the global content production industry grew significantly. Accordingly, the telecommunications company said that it aims to participate in the fast-growing competition.
Boosting Content Competitiveness
KT Studio Genie and Mindmark signed a strategic MOU that focuses on forming partnerships in domestic and international distribution projects. Under the agreement, the two companies would also collaborate in the original content planning and production stages. Moreover, KT Studio Genie and Mindmark’s cooperation contract detailed the partnership’s scope, which involves various projects and exclusive works.
Before this MOU, KT Studio Genie and Mindmark planned to develop and launch the drama ‘Crime Puzzle,’ a show based on a thriller webtoon of the same name. Crime Puzzle marks KT Studio Genie’s first original content production collaboration. KT Studio Genie’s Co-CEO Kim Cheol-Yeon also said that the highly anticipated Crime Puzzle recently wrapped up production. KT Studio Genie would release the drama sometime this year.
“In the world’s increasingly fierce content market and production reality, the cooperation between KT Studio Genie and Mindmark will be the starting point for more drastic quality content investments,” said Yoon Yong-Pil, Co-CEO of KT Studio Genie. Yoon also said that the company would continue introducing competitive entertainment content during this year’s second half. To this end, KT Studio Genie would form a high consensus on cooperation’s importance and strengthen content capabilities.
Both content providers expect the partnership to create synergy between their various media-related business units. The two companies would also utilize Silkwood and Studio 329’s capabilities to support their media content operations. Additionally, KT Studio Genie would reinforce its content business globally, beginning with the Mindmark cooperation.
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