Loen Entertainment will be creating a new drama production company through a joint investment with Studio Dragon, which is the production company behind hit dramas Another Oh Hae Young, The Legend of the Blue Sea, and Goblin.
Through the creation of high quality dramas, variety shows, and videos for both TV and mobile platforms, Loen and Studio Dragon aim to reach yearly sales of 100 billion won (approximately $88.5 million) as soon as possible.
Loen will also cooperate with parent company Kakao for mutual growth. Making use of Kakaos subsidiary company Podotrees intellectual property rights over web novels and webtoons, they will create new media content that will be distributed through Kakao Page and Kakao TV. By the end, they plan to create a unique global video streaming platform.
In addition to these efforts, they will also create a system to train new screenwriters and begin a revolution in the video industry.
Representative Park Sung Hoon of Loen Entertainment explained, The creation of this new production company is meaningful in that we are attempting to expand from the music industry to a general content platform business. We will officially start collaborating with Kakao for continuous development.