Following the three terrestrial broadcasters, tvN is also temporarily suspending the production of Wednesday-Thursday dramas, and the crisis of K-content is deepening.
According to Sports Seoul, tvN temporarily stopped organizing Wednesday-Thursday dramas. On April 25th, a tvN official said, “It was judged that the viewing patterns of viewers have changed, such as the recent 3 terrestrial broadcasters stopping the programming of Wednesday-Thursday dramas, so we decided to organize the Wednesday-Thursday block more flexibly,” adding, “In the future, various genres such as dramas, entertainment programs, and culture are expected to be organized.”
In fact, tvN announced on the same day, “After the Wednesday-Thursday drama “Stealer: The Treasure Keeper”, PD Kim Tae Ho’s entertainment program “Dance Singer Traveling Troupe” will be broadcast for the first time on the 25th of next month.” The Wednesday 10:30 pm schedule is undecided.
tvN’s decision seems to have had a significant impact on the deteriorating financial condition of its parent company, CJ ENM. CJ ENM’s financial situation deteriorated after the acquisition of the American production studio ‘Fifth Season’, and TV commercials decreased by 30% compared to the previous year. Operating profit in the first quarter of this year is expected to decrease by about 97.8% from the previous year to 1.1 billion won.
Multiple drama production companies unanimously said, “tvN has notified each production company that it will abolish the Wednesday-Thursday drama block with low ratings due to the deteriorating financial condition of parent company CJ ENM.”
An official said, “There are dramas that have already been organized as tvN Wednesday-Thursday dramas and then started production, but as tvN announced that they would abolish Wednesday-Thursday dramas, the producers also seem to be struggling. The tvN side hinted that they would consider organizing a Monday-Tuesday drama if the performer is replaced with a top star.”
As terrestrial channels abolished Wednesday-Thursday dramas and even tvN, a dinosaur cable channel, postponed the organization of Wednesday-Thursday dramas, the K-content crisis is deepening. According to the industry, about 80 K-dramas have already been produced last year but have not been aired.
“OTT and others can be alternatives, but if they fail to meet the demanding requirements of global OTT, they are expected to disappear without seeing the light,” an official said. “The possibility of bankruptcy of K content producers with poor financial conditions is increasing.”
Source:(A)
