Studio Dragon Records 131.2 Billion Won In 3rd Quarter Profits + Plans For Global Expansion
Production company Studio Dragon has achieved its highest sales yet.
On November 7, Studio Dragon revealed its third-quarter sales of 131.2 billion won (approximately $113.6 million). This is an increase of 6 percent from last year and is the company’s largest quarter sales. The company has recorded sales around 100 billion won (approximately $86.6 million) for three consecutive quarters in 2019.
Out of the 131.2 billion won, regular broadcasting sales that distribute television rights to broadcasting networks rose 24.4 percent from last year and recorded 60.8 billion won (approximately $52.7 million). Studio Dragon also recorded a business profit of 10.9 billion won (approximately $9.4 million) and a net profit of 11.5 billion won (approximately $10 million).
The biggest factors behind its success are expansion of production and editing, and diversification of channels including major broadcasting networks, which have aired dramas such as MBC’s “One Spring Night” and SBS’s “Doctor John.” Studio Dragon also strengthened its large-scale IP (intellectual property) through tvN’s “Arthdal Chronicles” and “Hotel Del Luna” and expanded its field of business through Netflix’s “Love Alarm.”
In the fourth quarter, Studio Dragon plans to maximize performance through dramas such as tvN’s “Catch the Ghost” and “Crash Landing on You,” and focus on expanding its global field of business. The production company is currently working to sign remake and studio option contracts with major U.S. and Asian countries. It’s also currently in discussion for three dramas with Netflix and cooperations with additional global players.
A source from Studio Dragon said, “With the launch of the global OTT (over-the-top media services, also known as streaming media services), we will continue to distribute original [content] and diversify our channels. Next year, we will work on IP remake, global cooperation, production, and distribution in order to achieve early success upon entering the U.S. We plan to increase our medium-term overseas sales by up to 50 percent.”
Watch “Hotel Del Luna” now!