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Studio Dragon

Studio Dragon Corporation is a prominent South Korean entertainment company specializing in the , , and distribution of scripted television content, particularly K-dramas, as a of . Founded in May 2016, it has established itself as Korea's leading drama studio, leveraging 17 years of accumulated expertise to develop premium content for global audiences. The company operates through eight subsidiary and affiliated studios, collaborating with 317 top-tier creators to produce approximately 25 titles annually. Its extensive portfolio includes 278 premium global intellectual properties spanning 4,271 episodes, with content distributed to over 200 international markets as of late 2025. Studio Dragon went public on the exchange in November 2017, marking a key milestone in its growth. Notable achievements include producing blockbuster series such as Signal (2016), (2019, which achieved a 21.7% national rating), (2022-2023), and (2024, peaking at 24.9% national rating). The company has expanded internationally, debuting its first American TV series on in March 2023 (renewed for a second season in April 2023) and signing a distribution deal with in October 2022. Strategic acquisitions, such as Merrycow in December 2019, Movie Rock in September 2019, Next Scene in March 2022, and Gill Pictures in September 2022, have bolstered its production capabilities. In May 2022, it launched as a with and Webtoon to tap into the Asian market. In 2025, Studio Dragon continued its momentum by unveiling eight new K-dramas, including projects starring actors like and , and scoring four consecutive global hits that reinforced its status as a K-drama powerhouse. Hits like Bon Appétit, Your Majesty drove significant success in the third quarter, contributing to robust financial performance amid ongoing international partnerships.

Overview and History

Company Profile

Studio Dragon Corporation is a South Korean drama production, marketing, and distribution company operating as a subsidiary under the CJ ENM Entertainment Division. Headquartered in Seoul, South Korea, the company employs approximately 161 people as of 2025. Positioned as a premium storyteller group, Studio Dragon specializes in developing high-quality K-dramas tailored for global audiences, leveraging its expertise in content creation to captivate international viewers. Since its establishment in 2016, Studio Dragon has produced or planned more than 150 dramas, producing around 25 titles annually for worldwide distribution. Its portfolio prioritizes relatable storytelling and diverse (IP) development, enabling the adaptation of narratives that resonate across cultural boundaries while fostering long-term content ecosystems. The company has seen significant growth in recent years, particularly from licensing agreements; for instance, third-quarter 2025 reached 136.5 billion won, marking a 51.2% year-over-year increase, bolstered by partnerships with platforms like and Disney+.

Founding and Key Milestones

Studio Dragon was established on , 2016, as an independent entity spun off from the Drama Division of CJ E&M to focus and streamline television drama production operations. The aimed to enhance efficiency in content creation by separating drama-specific activities from broader media operations within CJ E&M. This move positioned Studio Dragon as a dedicated production house from its inception, building on CJ E&M's existing portfolio of successful series. A significant structural change occurred in 2018 when CJ E&M merged with to form , integrating Studio Dragon as a key under the new entity's Division. This merger consolidated resources and expanded Studio Dragon's access to 's global distribution networks and merchandising capabilities. Prior to the merger, in November 2017, the company achieved a major financial milestone by listing on the exchange through an , under stock code 253450, which valued it at approximately 1 trillion won and marked the largest entertainment IPO in that year. Key expansions followed, including the establishment of a U.S. office in the first quarter of 2020 to support international co-productions and collaborations with global partners like . In September 2019, Studio Dragon acquired a 20% stake in the film production company Movie Rock, diversifying into cinematic content to broaden its IP portfolio beyond television dramas. Leadership during these early years was led by inaugural CEO Choi Jin-hee, who served from May 2016 until July 2020 and oversaw the company's initial growth and public listing. Post-2020, Studio Dragon adapted to the streaming era by forging multi-year partnerships, such as the 2019 agreement with for original series distribution starting in 2020, which amplified its global reach. The disrupted productions with widespread halts in 2020 and 2021, mirroring industry-wide challenges, but the company rebounded in 2022 as heightened demand for on-demand content drove revenue growth and accelerated international projects. On July 15, 2024, Jang Kyung-ik was appointed as the new CEO, succeeding Kim Jey-hyun, with a mandate to prioritize global IP development and cross-border storytelling.

Business Operations

Drama Production and Development

Studio Dragon serves as a lead for many of its dramas, handling full execution including budgeting, filming, and oversight. For instance, in the 2019 romantic comedy , Studio Dragon acted as the primary , collaborating with Culture Depot to manage the entire process from scripting to broadcast on tvN and . As a developer and IP originator, the company focuses on conceptualizing original stories and providing scripting guidance, often partnering with external creators. This role is evident in Kingdom: Ashin of the North (2021), a historical special where Studio Dragon originated the and oversaw narrative development in collaboration with and Barunson E&A. In co-production scenarios, such as (2024), Studio Dragon shared responsibilities with Culture Depot and Showrunners, contributing to planning while external partners handled aspects like and effects. The company's production process emphasizes in-house development of original content, generating over 20 new IPs annually through its dedicated creative teams. This involves initial storyboarding and pilot scripting at Studio Dragon's headquarters, followed by collaboration with external studios for specialized elements like visual effects or international shoots. For example, spanned a 331-day filming period starting in December 2022, incorporating co-production efficiencies to blend romance with family drama elements. Such partnerships extend to global ventures, including joint developments with Skydance Television for U.S. series like (2023), where Studio Dragon handles adaptation and cultural integration. Since 2020, Studio Dragon has innovated in drama formats by shifting toward global-themed narratives and genre blends, such as historical fantasies and cross-cultural romances, to appeal to international audiences. This evolution is showcased in works like , which fused North-South Korean tensions with romantic tropes, and Kingdom: Ashin of the North, blending Joseon-era history with . Looking ahead, 2025 releases include Dear Hongrang, a mystery romance set in the period, produced by Studio Dragon for premiere on May 15. Post-2024, the company secured streaming deals, such as an expanded partnership with for exclusive 2025-2026 titles, enhancing global reach without delving into commercialization details.

Marketing, Distribution, and Global Expansion

Studio Dragon employs targeted marketing strategies to build anticipation and fan engagement for its dramas, including pre-release teasers and extensive social media campaigns that leverage platforms like Instagram and Twitter to share behind-the-scenes content and character spotlights. For instance, the 2024 hit Queen of Tears featured interactive online promotions that drove global buzz, complemented by tie-in merchandise such as apparel and accessories sold through pop-up stores. A Tokyo pop-up for the series, launched in July 2024, attracted over 10,000 visitors and sold out daily, highlighting Studio Dragon's approach to experiential marketing in key international markets like Japan. The company's distribution model centers on licensing content to major streaming platforms, with an in-house sales division handling global rights since its expansion around to capitalize on rising overseas demand. A pivotal partnership with , announced in 2019, grants the platform first-pay-1 window rights for select titles, enabling distribution to over 190 countries and generating substantial revenue streams. Crash Landing on You (2019), distributed via , significantly boosted Studio Dragon's profile and contributed to a 12% revenue increase to 525.7 billion won ($465 million) in 2020, amid the K-drama boom on the service. By 2022, overseas markets accounted for 65% of distribution revenue, underscoring the model's reliance on international licensing over domestic . Annual distribution typically involves 25 to 30 titles, with 32 released in 2022 alone. Global expansion efforts have accelerated through strategic partnerships and regional adaptations, positioning Studio Dragon as a key player in the international market. In the U.S., collaborations with since 2020 include co-productions like the adaptation of and the Apple TV+ series (2023), marking entry into American original programming. European market penetration advanced in 2022 via collaboration requests from platforms in and , including invitations to festivals like Series Mania and CANNESERIES. For , 2025 initiatives focus on localized dubbing and distribution through services like HBO Max, targeting growth in high-potential regions such as and . In Q3 2025, Studio Dragon reported of 136.5 billion won, a 51.1% increase year-over-year, driven by global hits. Additionally, in October 2025, CJ ENM partnered with to distribute K-dramas on HBO Max in and other regions starting in 2026. Overall, reaches over 200 markets, with exports comprising more than 50% of by 2025 projections, following a 25.4% in from 2016 to 2023. Navigating the streaming wars presents challenges, particularly around (IP) rights, where producers like Studio Dragon increasingly retain control to enable remakes and sequels rather than ceding full ownership to platforms. This shift, intensified by Netflix's funding model that historically demanded comprehensive rights, allows for diversified revenue but requires careful negotiation amid platform dominance. In emerging markets like , cultural adaptation and competition from local content further complicate expansion, though OTT partnerships mitigate these hurdles by facilitating broader accessibility.

Talent Management

Current Managed Talent

Studio Dragon manages 317 top-tier creators across its subsidiaries and affiliates as of the fourth quarter of 2025, encompassing writers, directors, producers, and other key talents under exclusive development deals for ongoing projects. These talents are primarily housed within affiliated entities such as Culture Depot, JS Pictures, , KPJ, and Mega Monster, enabling specialized management by role and genre focus. In the acting category, Studio Dragon oversees a roster of emerging leads and veteran performers through Culture Depot and JS Pictures, with contracts emphasizing participation in high-profile domestic and international dramas. For instance, Culture Depot handles suited for supporting roles in romance and thriller series, while JS Pictures manages performers known for their contributions to global hits, supporting ongoing exclusive agreements that integrate talent into Studio Dragon's production pipeline. Directors under management include in-house specialists at Studio Dragon proficient in romance and genres, alongside external talents from JS Pictures and Mega Monster who focus on action-oriented projects slated for 2025 releases. These directors operate under long-term contracts that facilitate collaborative development of original content, ensuring alignment with Studio Dragon's emphasis on innovative storytelling. Scriptwriters represent a core strength, with award-winning talents from Culture Depot, , KPJ, JS Pictures, and Mega Monster dedicated to crafting original intellectual properties. Notable figures such as , managed via , continue to drive exclusive deals for premium series, leveraging their expertise in high-impact narratives that have garnered international acclaim. Recent 2025 signings and roster updates have expanded this group, incorporating fresh writers for adaptations and cross-border collaborations to bolster Studio Dragon's content diversity.

Former Managed Talent

Since its inception in 2016, Studio Dragon has managed talents across various creative roles through subsidiaries and partners like Culture Depot for actors and AStory for scriptwriters, with departures often stemming from contract expirations or shifts toward independent management. These transitions reflect the fluid nature of the Korean entertainment industry, where artists seek greater autonomy while the company maintains strong production pipelines. Among actors managed by Culture Depot, several high-profile figures have exited the roster in recent years, typically for new agency affiliations or freelance status. Jun Ji-hyun, renowned for lead roles in Studio Dragon-backed hits like Legend of the Blue Sea (2016), was represented from 2012 to 2022, departing amicably upon the natural end of her contract with CJ ENM affiliate Culture Depot. Kim So-hyun, who gained acclaim through youth-oriented dramas such as Who Are You: School 2015 (2015) and later projects under Studio Dragon, joined Culture Depot in January 2021 but left in August 2022 to sign an exclusive contract with Ium Hashtag Entertainment. Similarly, Seo Ji-hye, known for supporting roles in series like Money Flower (2017), left Culture Depot in 2022 to sign with Ieum Hashtag Entertainment. Earlier departures include Cho Jung-seok, who collaborated on Studio Dragon productions like Oh My Ghost (2015) before parting ways with Culture Depot in February 2018 following mutual agreement. Directors and scriptwriters affiliated with Studio Dragon's in-house teams or subsidiaries like AStory have also moved on, particularly after contributing to major 2019 successes such as My Country: The New Age and Arthdal Chronicles. These alumni often establish independent ventures to helm their own projects, fostering competition in drama production. For instance, creative producer Song Jinsun, who oversaw key titles including What's Wrong with Secretary Kim (2018) during her time at Studio Dragon, departed to found Studio HAJI as CEO, enabling her to develop original content outside the parent company's structure. Such exits have generally not disrupted ongoing initiatives, as many occur through cordial negotiations and preserve opportunities for future partnerships; as of , Studio Dragon reports amicable separations that support talent growth without halting production momentum.

Corporate Structure

Ownership and Leadership

Studio Dragon Corporation is a majority-owned of Co., Ltd., with holding a 54.38% stake as of March . The company was established in May 2016 through a from 's drama division and listed on the stock exchange in November 2017. Following the 2018 merger of CJ E&M into , Studio Dragon became integrated under the new parent entity, solidifying its position within the ecosystem. The company's leadership is headed by CEO Jang Kyung-ik, who was appointed in July 2024 to drive strategic growth. A veteran producer known for projects like the Disney+ series Moving, Jang previously served as president of Studio & NEW and brings expertise in content production and digital innovation. Under his guidance, Studio Dragon has emphasized digital transformation to enhance production efficiency and global competitiveness. The board of directors comprises four members, chaired by CEO Jang Kyung-ik, including inside director Yu Sang-won and non-executive directors such as Kim Seong-chul, with representation from to align corporate strategies. In terms of , Studio Dragon maintains active , earning recognition as an IR Excellence Company at the 2025 Korea IR Awards for its transparent communication and financial reporting practices. Post-appointment financial strategies under Jang have focused on optimizing content investment and expanding international partnerships to sustain revenue growth amid market volatility.

Subsidiaries, Affiliates, and Joint Ventures

Studio Dragon maintains a network of subsidiaries that bolster its core operations in drama and content production. Culture Depot, a key focused on talent management and drama development, was integrated under Studio Dragon following its acquisition by ; it handles artist representation and supports productions by scouting and nurturing performers for Studio Dragon projects. Other subsidiaries include , specializing in drama production, and Gill Pictures, acquired in 2022 for expanded capabilities. In September 2019, Studio Dragon acquired Movie Rock, a film production company, marking its strategic entry into development and enabling expanded storytelling beyond television dramas. Additionally, GTist serves as a dedicated to international content creation, exemplified by its 2025 release of the Japanese drama Soul Mate on , which adapts Korean IP for global audiences. Among affiliates, JS Pictures collaborates closely with Studio Dragon on drama co-productions, contributing creative and logistical support for series such as The Midnight Romance in (2024) and The Queen Who Crowns (2025), where it handles aspects like scripting and on-set coordination. These partnerships allow Studio Dragon to leverage specialized production expertise without full ownership, enhancing efficiency in niche areas like period dramas and romantic genres. Studio Dragon's s emphasize international expansion and diversified production capabilities. Mega Monster, established as a with (formerly ), specializes in high-profile drama series and provides production support, including visual effects integration for collaborative projects like The First Responders seasons. In 2022, Studio Dragon formed Studio Dragon Japan, a with and Line Digital Frontier, to localize Korean content for the market; by 2025, this entity facilitated the production and release of three dramas, including the adaptation of , , and Hatsukoi Dogs. A 2020 strategic partnership with functions as a co-production model for U.S. adaptations, yielding projects like the English-language of and the Apple TV+ series , which draw on Studio Dragon's library for cross-cultural remakes. These subsidiaries, affiliates, and joint ventures collectively contribute to approximately 30% of Studio Dragon's annual productions by addressing specialized needs such as talent scouting via Culture Depot and through Mega Monster collaborations, while the expansions into via Movie Rock and regional content via Studio Dragon underscore ongoing diversification.

Awards and Special Projects

Major Awards and Recognitions

Studio Dragon has received significant company-level recognition for its operational excellence, including the Excellence Award at the 2023 Korea Awards, marking its selection as an Outstanding IR Company for five consecutive years. In the realm of production excellence, the company has earned multiple honors at the since 2018, such as the Best Drama Award for in 2018, in 2019, and in 2023, along with Best Technical Achievement and Best for Jeongnyeon: The Star is Born in 2025. Key projects have garnered prominent accolades, highlighting Studio Dragon's storytelling prowess. For instance, won the Best Drama Series at the 2020 (AACA) and the Outstanding Korean Drama Award at the in the same year. Similarly, achieved the Outstanding Korean Drama and Outstanding Korean Drama O.S.T. at the 2024 Seoul Drama Awards, Best Direction (Fiction) at the 2024 , and Best Scriptwriting at the 2024 . Other notable wins include 's Best Drama Series at the 2023 and 's Excellent Korean Drama Prize at the 2021 Seoul Drama Awards. On the international stage, Studio Dragon's productions have received nominations from prestigious bodies, such as the 2021 International Emmy Awards nomination for Best TV Movie/Mini-Series for It's Okay to Not Be Okay. By 2025, the company's works have accumulated numerous awards across major ceremonies, reflecting its substantial impact on the global drama landscape. Since its 2020 expansion efforts, Studio Dragon has seen a surge in international validations, securing consecutive AACA Best Drama Series awards for Crash Landing on You (2020), Twenty Five Twenty One (2022), and The Glory (2023), among others, which affirm the rising competitiveness of K-dramas worldwide.

Notable Initiatives and Collaborations

Studio Dragon has spearheaded several special projects focused on (IP) adaptation, notably through collaborations that facilitate the transition of s into live-action dramas. In 2022, the company partnered with and Line Digital Frontier to establish a production studio in , aimed at adapting webtoons for international audiences, with an investment of 30 billion won ($23 million). This initiative built on earlier successes, such as the 2023 adaptation of the webtoon Sweet Home into its second season on , exemplifying a structured for webtoon-to-drama conversions that has produced hits like True Beauty and . By 2025, this approach contributed to a broader portfolio, including the webtoon-based drama, which aired in and garnered significant viewership for its high narrative. In alignment with environmental goals, Studio Dragon launched a comprehensive sustainability initiative in 2023, becoming the first Korean drama production company to release a dedicated Report. This program emphasizes eco-friendly sets through resource , set reuse, and enhancement during production, resulting in a 19% reduction in (89.58 tCO2eq) for two consecutive years. The 2024 report outlined plans for 2025, including the establishment of a staff consultation committee for production sites to institutionalize sustainable practices, such as further minimizing waste on sets and integrating eco-materials in builds. These efforts not only reduced operational impacts but also positioned Studio Dragon as a leader in green content creation within the industry. Key collaborations with non-subsidiary partners have expanded Studio Dragon's global reach, particularly through exclusive series deals with Netflix. Since a 2019 long-term partnership, the company has produced original Netflix series like The Glory and Queen of Tears, with dozens of titles distributed exclusively on the platform, including adaptations such as Crash Landing on You. In 2024, integration efforts with Tving, a CJ ENM-affiliated streaming service, involved bundling content for enhanced accessibility, coinciding with the merger of Tving and Wavve to create a stronger domestic OTT ecosystem, which facilitated broader distribution of Studio Dragon titles like Dongjae, the Good or the Bastard. These partnerships have driven international viewership, with Netflix series like The Whirlwind topping global charts in mid-2024. Innovations in production technology include the 2022 launch of virtual production studios under CJ ENM's Studio Center, featuring the world's first LED Media Wall for immersive filming. This Virtual Production Stage, opened after two years of construction, enables real-time virtual environments, reducing physical set needs and supporting eco-friendly workflows, as seen in subsequent dramas. Complementing this, Studio Dragon established global co-creation labs with partners, such as the 2020 strategic alliance with Skydance Media for IP remakes, including the announced development of an adaptation of for U.S. audiences. These labs foster joint development, with Skydance handling international production and investment, leading to co-productions like the 2023 Apple TV+ series . Addressing emerging technologies, Studio Dragon has explored AI use in content creation to enhance efficiency, including de-aging, , and story visualization technologies, with plans to expand applications by 2025. Concurrently, the company experimented with through partnerships like the 2022 collaboration with The Sandbox to build a K-drama , and a 2023 MOU with for NFT-based drama showcases, tokenizing for . These ventures have yielded breakthroughs, including a projected 39% increase in drama productions from 18 titles in 2024 to 25 in 2025, with a strong emphasis on original content driving revenue growth, such as a 51.2% year-over-year rise to 136.5 billion won in Q3 2025. This expansion has solidified Studio Dragon's role in global storytelling, enhancing IP value and audience diversity.

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