TV formats have become an integral part of today’s global media industry. Along with many other countries, Korea saw its exports focusing on co-production with China, increasing from 2010. Formats were seen as a means to diversifying Korea’s inter...
TV formats have become an integral part of today’s global media industry. Along with many other countries, Korea saw its exports focusing on co-production with China, increasing from 2010. Formats were seen as a means to diversifying Korea’s international content trade, which centered on the export of finished programs. However in 2016, format exports in Korea are suffering from Chinese regulations passed to protect the domestic content industry. In response, Korean businesses have been searching beyond China to expand their pool of export territories.
Packaging, or the commodification of TV formats required for adaptation abroad, is an area of the industry that major global format companies in the world are investing limitless money and effort into. As the first analysis of the components of a TV format package to be published in Korea, this study offers a method to expand Korea’s export territories.
Through case studies which analyze and compare international formats (“Who Wants to be a Millionaire,” “Big Brother,” “Got Talent,” “The Voice,” and “Master Chef) and Korean formats that were successful to be sold multiple territories (“Grandpas Over Flowers,” “I Can See Your Voice,” “King of Mask Singer” and “Hidden Singer”), the elements of a global format package are identified and factors key to enhance its value as an export product were examined.
Results show that procuring profit through maximizing exports is a critical goal for format business. By providing local producers with 12 format package elements (including the format bible, technical bible, graphics package, episodes, flying consulting, music, programming information, scripts, production schedule and promotion plans) format companies help them tailor the content to the local audience. The bible is viewed as a key element of a format package that is essential for localization. It is also considered the most significant factor in securing a deal. For all Korean formats that succeeded in securing an expansive base of export territories, the format companies had provided the local producers with packages that included the program’s format bible.
Analysis shows that diverse approaches are necessary to strengthen the competitiveness of Korean formats as export commodities. Formats must be developed to specifically meet export standards (originality, universality, repeatability, scale and compatibility) to stimulate the buyers’ purchasing desire. Furthermore, a team that exclusively focuses on formats must take the reins in developing packages that reflect the unique qualities of the Korean production crew. In addition, format companies need to develop format bibles that are more detailed and train a more professional group of format development and flying consultants. Global marketing is also necessary to increase format exports, while collaboration with foreign companies is needed to build the business capabilities of Korean companies.
There is a constant demand for new techniques and innovative ideas in the global media industry. Currently, the world is shifting its gaze from traditional format exporters like England and the United States to emerging territories such as Israel, Turkey, Argentina and Korea to meet this need. In order for Korea to strengthen the competitiveness of its formats, there needs to be a shift in people's perception of format exports and more active investment from businesses. Korea has been given a prime opportunity to look beyond China and substantiate its place in the global market.