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Major Shift in South Korea's Animation Industry: The Change and Rise of K-Animation
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In a strategic move reshaping the animation industry in South Korea, Locus, a prominent animation studio, recently underwent a significant shift in its ownership structure. This move saw Naver Webtoon, previously the majority shareholder, step down to become the second-largest stakeholder. Founder Hong Seong-ho has now emerged as the largest shareholder, reinforcing his influence in the company.
The investment that catalyzed this transition was led by Park In-gyu, CEO of Wysiwyg Studios, who will also join Locus as a co-CEO. This development is expected to accelerate synergies in animation projects among Locus, Wysiwyg Studios, and Naver Webtoon.
Park In-gyu expressed optimism about the partnership, noting that Locus's capabilities in 3D animation production meet global standards. He believes that the projects underway, based on proven intellectual properties, have the potential to create a new wave in the realm of K-animation.
Hong Seong-ho, CEO of Locus, conveyed his ambitions for the company to become a leading global animation producer, showcasing the strength of K-animation on the world stage.
Expanding beyond animation production, Locus is also venturing into distribution. The strategic investment by Wysiwyg Studios has paved the way for joint distribution efforts. A testament to this expansion is their recent success with "Suzume's Door Locking," a joint investment project that marked their foray into distribution. The film has achieved remarkable success in South Korea, breaking records as the top-grossing Japanese film released in the country, with over 5.57 million domestic viewers, and securing the third highest grossing position among all animated films released in South Korea.
The Korean animation market has seen significant growth, moving away from its traditional focus on children's series and movies. This expansion is fueled by the rise of global OTT platforms and the increasing popularity of animations among young and adult audiences in cinemas. As a result, the market is rapidly diversifying and expanding its reach.
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For further reading on the development and current state of the Korean animation industry, consider exploring the following resources:
The Korean Animation Industry on the Global Stage: This article discusses the significant growth of the Korean animation industry, highlighting its expansion from around 120 studios in 2016 to 509 studios by 2020. More than half of these studios are located in Seoul. This growth reflects the industry's increasing involvement in developing content for major international networks such as Fox, Dreamworks, Nickelodeon, and Cartoon Network.
Animation in South Korea - Statistics & Facts | Statista: This resource provides statistical insights into the Korean animation industry, including its rising global popularity, which was reported to be around 69 percent in a 2021 survey. This indicates a growing international interest in Korean animation productions.
Animating Globalization and Development: The South Korean Animation: This study explores how globalization has reshaped the global animation industry and specifically examines the Korean animation industry's major characteristics at different stages. It also discusses the impact of U.S. and Japanese outsourcing chains and international co-production chains on the development of Korean suppliers.
South Korean Animation - Wikipedia: This Wikipedia entry provides a historical perspective on the South Korean animation industry. It covers the industry's period of crisis in the 2000s and its explosive growth in the 1990s, when Korean studios primarily profited from Original Equipment Manufacturer (OEM) contracts, mostly from Western clients.
The Top 34 Korean Animation Studios Participating in MIPCOM 2021: This article offers insights into the contemporary state of the Korean animation industry, which comprises around 120 studios. These studios are creating content for international networks and are positioned as a significant part of the K-wave, following the global success of Korean film, K-pop, and K-dramas.
These resources provide a comprehensive overview of the Korean animation industry's evolution, current trends, global impact, and its future prospects.
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