The movie 'The Owl' starring Ryu Jun-yeol and Yoo Hae-jin will be remade in China.
On the 9th, investment and distribution company NEW announced the signing of a copyright contract for the Chinese remake of the movie 'The Owl' (director Taejin Ahn). According to NEW, this copyright contract is the highest ever for the rights to a Korean film remake sold in China.
A Chinese entertainment company engaged in business in various content fields has secured the remake rights and is preparing for production. In order to maximize the added value of the IP, NEW plans to secure additional revenue by distributing a portion of the box office when the remake version is a hit.
'The Owl', which was released in November 2022, mobilized 3.32 million viewers, providing an eye-catching tension thanks to the passionate performances of actors Ryu Jun-yeol and Yoo Hae-jin and director Ahn Tae-jin's dense directing.
Since then, it has been recognized for its artistic value, sweeping leading award ceremonies from the Baeksang Arts Awards to the Blue Dragon Film Awards and entering the competition section of the Sitges International Fantastic Film Festival.
Lee Jeong-ha, director of Content Panda, who was in charge of overseas sales of 'Owl', said, “This is an achievement that recognizes the power of the IP that succeeded at the box office with the combination of historical drama and thriller. We look forward to the result that will be reborn through localization work based on the main settings of the original work. “It will happen,” he said about the meaning of this remake contract.
NEW is using a long-tail strategy to expand the life cycle of content by successfully completing multiple remakes through its global copyright distribution affiliate, Contentpanda.
The remake of 'A Gift from Cell No. 7' was a hit in Indonesia, Turkiye, and the Philippines, a Hollywood remake of 'Train to Busan' is in progress, and a joint production of the Japanese version of 'Hide and Seek' is being discussed.
Meanwhile, content exports, which had been focused on completed works, are shifting their focus to IP contracts. According to the Korean Film Council, the export value of Korean film remake copyrights in 2023 is approximately $3.8 million, the highest since 2017.
The response from the Greater China region to Korean movie remakes is also enthusiastic. 'Nijeok Wedding', a reinterpretation of 'Your Wedding', recorded a cumulative box office of about 150 billion won, and 'Dangnamin Love Poetry', a remake of NEW's movie 'When a Man Loves', ranked first in Taiwan's box office. Following this, it was successfully screened throughout China.
(SBS Entertainment News Reporter Kim Ji-hye)
