Campaign Profile

Séverine Garusso, Head of New Activities at THEMA, outlines how the Canal+ subsidiary is changing its business in Europe, adapting to the streaming/FAST boom, and explores how demand for Korean drama is changing.

How is your business in Europe evolving?

The original business of THEMA was to distribute pay TV channels to operators, create multicultural channel packages that we also offer to operators, and create pay TV channels, such as Novelas and Nollywood.

With the evolution – or revolution – of the TV industry and the decline of the linear business model, we are now expanding into FAST channels, distribution and creation of YouTube channels, and are also representing content catalogues that we monetise across all possible modes. Indeed, THEMA’s essence is international: we create bridges between content creators and platforms.

For example, for Turkish dramas our US office partners with Kanal D to offer premium Turkish drama dubbed into Spanish. We first launched a pay TV channel, Kanal D Drama, in the US and Lat Am in 2018 and today this channel is now available on major platforms including Comcast, Verizon, Dish and Movistar in more than 25 million households. Then we launched our own streaming platform named KDD+ available in all app stores and as a Prime Video channel. And we are monetising via advertising with a FAST and a YouTube channel, thus covering the entire cycle of product exploitation.

Speaking of content sales, in Europe we are representing the catalogues and K-dramas from three major Korean drama producers: CJ ENM, SBS and KT Studio Genie. We are helping them create a market for K-dramas in the EMEA region beyond the global streaming offerings. Indeed, Korean dramas are no longer a curiosity, but programming that content acquisition managers seriously consider if they want to attract younger generations or to bring something new to their channels and platforms.

How is the global streaming boom changing demand for content in the region?

The global streaming boom is having a significant impact on the demand for content, notably series, in Europe. Viewers in Europe have access to a vast and diverse range of content from around the world, not just from Europe, the US or their own country. Indeed, foreign-language content on streaming platforms has become increasingly popular. European audiences are increasingly interested in non-native and non-English-language content, and barriers to international content from all over the world are disappearing.

Streaming services are driving demand for high-quality, diverse and original series and are also investing in local productions with universal themes that can resonate with a global audience. This situation opens opportunities for foreign-language series such as Netflix’s Squid Game (from South Korea), Who Killed Sarah (Mexico), Cyberpunk: Edgerunners (Japan) and Dark (Germany); Disney+ series Summertime Rendering (Japan); and Apple TV+’s Pachinko (mostly in the Korean language), all of which have seen huge success on the streaming platforms. Another example is Disney+ series Shogun, which made a deliberate choice to use Japanese as its primary language.

How is the market for Korean drama changing in this region?

Streaming platforms like Netflix, Disney+ and Amazon Prime Video have been game-changers for Korean dramas. These platforms guarantee international exposure to K-dramas and explain some of these series’ international success. For example, Squid Game, of course; All Of Us Are Dead; and Extraordinary Attorney Woo, which was in the weekly top 10 chart in 54 countries in 2023.

In 2022, 60% of Netflix subscribers watched a Korean-language show or movie. Streaming platforms offer vast libraries of K-dramas, often subtitled and sometimes dubbed, making them readily available to a broader European audience than ever before. The success of Korean dramas on streaming platforms has led to a growing interest in this type of content among TV channels and SVoD platforms. The surge of interest in Korean drama can also be attributed to the  continued rise in popularity of Korean culture (aka Hallyu), therefore platforms and channels are increasingly aware that they cannot ignore this phenomenon.

What is it about K-drama that appeals to audiences in Europe?

Korean dramas excel in genres like romance, thriller, mystery and coming-of-age stories, which find a receptive audience in Europe. K-dramas also offer a unique blend of cultural particularity and universal themes, whether through captivating storytelling, relatable characters or emotional resonance.

K-dramas often evoke strong emotions, from heartwarming moments to tear-jerking scenes. The emotional plot resonates with viewers, regardless of the cultural differences. Indeed, K-dramas feature characters with whom viewers can easily connect. These relatable protagonists face everyday challenges, making their experiences universal to European audiences and appealing to all generations, creating a bridge between the younger and the older ones.

Furthermore, high production values in cinematography, music and storytelling make Korean dramas more competitive with European productions. Korean drama production costs have exploded in recent years; series such as Queen of Tears cost US$3.5m per episode. Hulu drama Moving is reportedly the most expensive K-drama of all time, with a total budget of roughly US$45m for 20 episodes. Many high-budget K-dramas have grown to be extensively popular, not only because of their storyline but also because of their cinematography.

What new K-dramas are you unveiling for buyers in June?

We represent some of the best producers of Korean dramas, such as SBS, CJ ENM and Studio Genie. This June we are highlighting a Korean adaptation of the best-selling Israeli format Your Honor/Kvodo, with the American remake for Showtime starring Bryan Cranston. The series will premiere in Korea in August/September 2024. Then there’s Lovely Runner a time-travel romance adapted from a renowned webtoon that gives its characters the chance to change their tragic destinies. LTNS is a high-stakes infidelity chase drama where a sexless married couple starts to blackmail an adulterous couple for money. Finally there is Evilive, a thriller about a struggling lawyer who meets an absolute villain and transforms into an elite villain himself.

What recent sales successes have you had in Romania, Poland and elsewhere?

In Germany, RTL Passion was the first pay TV channel to broadcast Korean dramas. In France, the pay TV channel Novelas has acquired two Korean dramas for us and launched them in January and May 2024. In Poland, the operator T-Mobile became the first to acquire rights to Korean dramas, acquiring 13 titles including popular ones like Taxi Driver and One the Woman, for its SVoD service Magenta.

In Romania, Antena TV Group’s SVoD platform AntenaPlay is regularly acquiring Korean drama since 2022 and has even created a Korean drama slot on their platform – Monday evenings are now dedicated to the weekly release of a new episode. Furthermore, CME Group’s Bulgarian channel BTV Story and VoD platform Voyo now offer many Korean series to their subscribers, among which is the teen title Duty After School.

Aside from K-drama, where else are you sourcing content to distribute?

While K-dramas are a big part of our focus in Europe, we truly believe local content with a strong plot and innovative concept can resonate internationally. We want to source content from all corners of the globe. We search for stories and genres that resonate globally regardless of language, cultural differences or country of origin. This means we’re actively seeking the next K-drama content phenomenon. Lastly, as part of the Canal+ Group, we proudly represent the Canal+ International Original series from Vietnam, Myanmar and Africa.