Expectations of a deal (or deals?) between Korea’s CJ ENM Studios and Utopai Studios rose yesterday in MIPCOM’s Utopai Studios-presented AI keynote, which kicked off with a presentation by the AI company’s CEO Cecilia Shen and was followed by a discussion between Shen and CJ ENM Studios’ CEO Ken Oh.  

As Shen highlighted Utopai’s mission to “work with the best possible storytellers”, Oh highlighted the crisis facing producers in Korea, where production costs have soared and profitability has plummeted. 

Oh said he produced “What’s Wrong with Secretary Kim” for US$400,000 an episode. “Today that would cost me three times as much. And that happened in a span of five to six years,” he said, adding that the fix required structural changes. 

Oh said Korean creators saw AI as an enabler rather than a threat. “AI is seen as an opportunity that can bridge the gap between what Hollywood can do and what we can do. The difference is money and capital. With AI, Korean creators can try something normally reserved for Pixar.”

He also said ideas were emerging in Korea that were not possible in the past. 

“Korean creators are not afraid. AI will create new opportunities for new talents … Korean creators have a weapon now,” he said.  

Shen said that for Utopai, “Korea is not a test market. It’s a serious market. We feel like there is a great chance that Korea is becoming the next content hub”.