KT Corp., a leading South Korean telecommunications company, announced it would tap into content creation through the KT Studio Genie. Previously, KT revealed it would establish a content production company, expand its media-related operations, and create synergies between its businesses. With KT Studio Genie, the newly launched content creation subsidiary, KT continues to boost its existing platforms and telecom businesses.
In a press conference, KT announced it would invest in media content projects as part of its long-term plans to expand its non-telecom business operations. KT stated that besides being a crucial business, its media platform could generate remarkable profit, leading to improved corporate value.
Recently, worldwide content providers have seen significant growth in their operations, and KT plans to join the heightening competition. According to KT, its latest content creation investment is considerably more extensive than other local companies’ content investment projects.
Expanding Content Creation Projects
“We will create infinite value by gathering media content centered on K-content and accelerate global market changes,” said Ku Hyeon-Mo, KT’s CEO. Ku also stated that KT has a goal of producing 50% of its revenue from its non-telecom businesses by 2025. Following KT Studio Genie’s launch, KT plans to enhance its media platform’s development by focusing on original work creation.
To this end, the telecom firm plans to produce and distribute more than 100 original drama shows by 2023. Moreover, KT aims to secure over 1,000 intellectual properties and develop them into movies, TV shows, or other media forms. Additionally, KT has multiple affiliates in the media and content industry, including streaming platform Seezn and entertainment provider Olleh TV. KT’s webcomic unit Storywiz would provide Studio Genie with story content, while KT’s broadcasting arm SkyLife would distribute the material.
“KT Studio Genie aims to provide an environment in which creators can focus solely on creating for the content industry,” said Kim Cheol-Yeon, KT Studio Genie’s Co-CEO. Kim also added that one of KT Studio Genie’s main roles is to bring together KT Group’s various media platforms. Aside from collaborating with independent content creators, the newly established KT body plans to share its IPs, platforms, and profits.
In addition to its media strategy reorganization, KT would utilize its extensive data analysis capabilities to expand its portfolio. KT would also use its AI technologies and industry data to form a box office prediction model and increase viewership. Furthermore, KT revealed that its media content expansion is part of its ongoing transformation into a digico (digital platform company). In particular, KT plans to diversify its businesses involving AI algorithms, cloud computing, e-commerce, robot manufacturing, and more.
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