South Korean TV drama production at risk of collapse, industry groups warn

SEOUL, Nov 4 (Reuters) - Twelve South Korean industry groups urged the government on Wednesday to invest in and support production of Korean television dramas, known as K-dramas, warning that the country's production base risked collapse.

K-dramas have been hugely popular globally, but the number produced has fallen about 30% from 141 titles in 2022, according to the Korea Drama Production Association.

Three domestic broadcast networks cut drama output from 91 titles in 2012 to 32 in 2023, and some channels had stopped airing weekday dramas altogether, the groups, which represent industry workers including TV drama producers, directors, writers, actors, cinematographers and crew, said.

The groups attributed the slump in production to rising production costs, which they linked to competition with well-funded global streaming platforms, broadcasters' reduced capacity to invest, and difficulty securing intellectual property rights.

They said advertising income alone could no longer recoup production costs, meaning cutting output had become the rational choice for broadcasters.

The groups criticised the government's 2027 draft budget, which will cut the culture ministry's broadcast-video funding by 4.5 billion won ($3.35 million).

($1 = 1,344.5600 won)