$24M economic impact seen in Korean drama

With $500,000 government investment for a Korean TV drama, the Northern Marianas stands to gain some $24 million in economic benefits impact over three years, a project proponent said.

In a presentation, Asiana Airlines general manager Kwang Joong Kim said that the economic impact this year alone would be $12 million, counting 30,000 visitors from Korea.

He cited that based on a 2003 survey, an average Korean expenditure per visit is $407.

Total cost per visit reaches $1,170 per person, inclusive of accommodation and airfare.

In 2007, Kim said the CNMI would benefit $20.4 million with projected 50,000 tourists.

In 2008, the group aims to attract 60,000 Koreans, translating to $24.4 million.

Kim is pushing for the filming in the CNMI of a Korean TV soap opera, which recently received a funding sponsorship of $500,000 from the Marianas Visitors Authority.

The drama will be produced by Fly Entertainment led by producer/CEO Shin Byung-Chul. It has no official title as yet.

The shooting takes about 30 days beginning middle of May this year. The airing is set in July on SBS, one of the three largest TV networks in Korea.

The soap opera, a Cinderella-type story, consists of 20 episodes. Five of these will be filmed on Saipan, Tinian, and Rota.

MVA has been assured that the NMI will be featured in 20 episodes.

OPPORTUNITIES

Kim said that drama TV programs have a minimum of 24 percent viewership in Korea, which consists of 49 million people.

Korean dramas are also exported to other Asian countries: Japan, with 19 percent viewership; Taiwan, 24.5 percent; China, 18.6 percent; and Hong Kong, 3.3 percent.

There are also a growing demand in the Philippines, Thailand, Vietnam, Indonesia, and Malaysia for these kinds of television productions.

SHIN’S RECORD

Shin has produced a number of TV dramas such as Scent of A Man, South of Sun, Love in Paris, and Hong Kong Express.

Love in Paris, which was shot in Paris, reportedly recorded 50 percent viewership in Korean, and was syndicated in Japan, Taiwan, Hong Kong, and mainland China.

As a result, “tourists flocked to Paris especially to the sites where the film was shot,” said Kim’s report.

During the first two months of airing Hong Kong Express, Hong Kong reportedly received 2,500 people from Korea.

“Program continues its momentum, HKTB is requesting for filming of another program,” Kim said.

Meantime, under the plan, Asiana Airlines would provide free tickets to the drama actors and crew, estimated to be 80 to 100.

In-kind contribution from the CNMI, including the free airfare would total $462,000 while the cash—MVA sponsorship—totals $500,000.