SEOUL, Jul. 4 (Korea Bizwire) — A number of South Korean online content providers gathered at an event hosted by video giant YouTube on Sunday to discuss a variety of topics ranging from the growing popularity of online content services including streaming, the diminishing boundaries between traditional and new media, and the challenges of finding new business models.
During the event ‘Conversation with YouTube Creator’, which was held in southern Seoul, industry experts also discussed a new trend among entertainment consumers who prioritize content over platform, making what might have seemed impossible only five years ago a reality.
Netflix’s newly released movie “Okja” directed by South Korean director Bong Joon-ho is the latest example of new media breaking boundaries and taking over the territory of traditional media, in this case, the big screen.
Speaking to the audience, Jang Jun-yeon, the content director at Makeus Entertainment, said, “(Entertainment) programs are no longer restricted to channels, and a time will come when content will be at the center of the conversation, which could be as soon as this year, or next year at the latest.”
“Some video content we create can attract more than one million views, which is the South Korean TV ratings equivalent of 10 percent. While it’s hard to make a comparison with TV in relative terms, we believe it is influential enough as it is,” Jang added.
An official from another South Korean online content provider, Whynot, believes media and viewers are getting closer than ever.
“I believe it will become almost pointless to differentiate between digital original content and TV content in the entertainment market,” the official said.
Robert Kyncl, the Chief Business Officer at YouTube and a speaker at the event on Sunday, addressed the issue of a lack of business models while speaking to the audience.
“In Korea, we’re seeing so much great content being produced here – it is not just being produced by big traditional studios and pop star celebrities like Big Bang, but by start-ups and so-called ‘mobile-first’ broadcasters,” Kyncl said.
As the biggest challenge facing online content providers is still finding a profitable business model, Kyncl told South Korean industry leaders to look beyond advertising, as the rapid growth of paid streaming services in recent years shows it’s crucial to provide content in a way and at a time that customers desire.
Hyunsu Yim (firstname.lastname@example.org)