Korean content companies look beyond box office to IP rights
Summary
Korean content companies are increasingly treating IP rights as long-term revenue assets rather than relying only on original box office or streaming runs. NEW said on Tuesday that a sequel to the Indonesian remake of Miracle in Cell No. 7 will be remade for the Philippine market, marking the first resale of sequel rights created entirely outside Korea to a third country. The deal reflects a broader push into Southeast Asia, where paid streaming accounts reached 61 million across five countries last year. Barunson E&A and Kakao Entertainment are also expanding localized film, series and webtoon projects in the region.
Key Facts
- Miracle in Cell No. 7 drew over 12 million viewers in Korea when it was released in 2013.
- NEW said 2nd Miracle in Cell No. 7 will be remade for the Philippine market, with a release set for Dec. 25.
- The first Philippine version of Miracle in Cell No. 7 earned more than 1.1 billion won, or $8.2 million, at the local box office in 2019.
- Media Partners Asia said paid streaming accounts across Indonesia, Thailand, the Philippines, Singapore and Vietnam reached 61 million last year, up 19 percent from the previous year.
- Barunson E&A recently partnered with Studio N to develop films and series in Indonesia, Thailand and Vietnam using webtoon and web novel IP.
A poster for "2nd Miracle in Cell No. 7" / Courtesy of NEW
Korean intellectual properties (IP) are increasingly generating revenue not just from the original films or shows, but from secondary markets years after their initial release.
A clear example of this trend is "Miracle in Cell No. 7," a 2013 Korean hit film that drew over 12 million viewers. The movie is now making money through a remake of a remake.
On Tuesday, NEW, the media company behind the original film, announced that "2nd Miracle in Cell No. 7" — a sequel to its Indonesian remake — will be remade again for the Philippine market with a release set for Dec. 25.
This marks the first time rights to a sequel created entirely outside Korea have been resold to a third country. The deal allows the original Korean rights holder to collect additional royalties without writing or filming the sequel in Korea.
"Miracle in Cell No. 7" has already been remade in Indonesia, Turkey and the Philippines. The first Philippine version earned more than 1.1 billion won ($8.2 million) at the local box office in 2019.
Lee Jung-ha, head of NEW’s subsidiary Content Panda, called the movie "a massive cultural asset across Southeast Asia," adding that the firm aims to build long-term franchise revenue from strong IP.
This deal points to a broader shift in how Korean entertainment companies view Southeast Asia. The region's young population and high mobile use have turned it into a major growth market.
The industry's view is that Southeast Asia is becoming a hub for co-production and investment, not just a market to sell content. According to market tracker Media Partners Asia, paid streaming accounts across five Southeast Asian nations — Indonesia, Thailand, the Philippines, Singapore and Vietnam — hit 61 million last year, up 19 percent from the previous year.
An industry official said holding IP rights is no longer enough. As overseas markets grow, companies must actively turn those stories into localized projects, rather than relying on passive licensing income.
"Securing IP is only the first step. Companies that build local networks and adapt strong stories for regional markets will turn it into real business,” the official said.
Actors Ryu Seung-ryong, right, and Gal So-won in a scene from the 2013 movie "Miracle in Cell No. 7" / Courtesy of NEW
Barunson E&A is moving quickly in this space. The company recently partnered with Naver Webtoon's production arm, Studio N, to develop films and series in Indonesia, Thailand and Vietnam using webtoon and web novel IP.
Barunson already has a strong track record in the region. In Indonesia, its joint production "Ghost in the Cell" was sold to over 140 countries after showing at the Berlin International Film Festival. In Thailand, Barunson is working with top film studio GDH 559 on a new horror film "Inherit."
Kakao Entertainment is taking a similar approach with its webtoon library. The firm is localizing titles such as "Business Proposal" for a Hong Kong drama adaptation and "Nth Romance " for Taiwan, working closely with local production teams.
Explore More
- Q.
- Q.
- Q.