[Edaily Reporter Gim Ga Yeong ] Recently, drama production companies have been expanding into the music business. Moving away from their traditional business models reliant on advertising and distribution, they are diversifying their revenue streams by building in-house capabilities for producing original soundtracks (OSTs) and exploring ancillary businesses that leverage the music and artists featured in their dramas.

According to the Korea Creative Content Agency’s “2025 Content Industry White Paper Annual Report” released on the 4th, revenue in the broadcasting and video industry—which stood at 26.1047 trillion won in 2022—has been on a downward trend, falling to 25.4021 trillion won in 2023 and 24.9943 trillion won in 2024.

As the market shrinks, drama production companies are turning their attention to the music industry. This is because the music industry requires relatively lower initial investment costs compared to drama and film production, and the market continues to grow.

In fact, revenue in the music industry has been growing annually, reaching △11.0096 trillion won in 2022, △12.6333 trillion won in 2023, and △13.2728 trillion won in 2024. An official from a drama production company stated, “If we expand our business scope into the music industry—which already has an established fanbase and is on an upward trajectory—we will be able to build a stable revenue portfolio.”

◇SLL and Studio Dragon: Expanding Beyond Content into Music

SLL, a production company with an in-house music division, is a prime example of a company expanding into the music industry. Moving beyond producing music for its own content, the company has continued to grow its business, most recently by taking on the investment, planning, and production of the OST for a KT Studio Genie drama.

Lee Ah-reum, Head of SLL’s Music Business Division, said, “The music business has the advantage of generating ongoing revenue from digital music sales and the ability to hold offline events such as concerts,” adding, “It also provides promotional benefits for our content, resulting in significant direct and indirect effects.” She further elaborated, “Going forward, the internalization of IP (intellectual property) will be key for both content and music.”

Studio Dragon began in-house production of OSTs—previously handled by its parent company, CJ ENM—starting with *The Queen of Tears* (2024). The IP Commerce Team is responsible for both IP business and OSTs. The “Taste Boys,” who recently emerged from the TVING series *The Legend of the Mess Sergeant* (*Mess Sergeant*), are a prime example of this success. Born from the imagination of a character in the drama, the group gained massive attention after the show aired and even performed on stages such as *M Countdown* and the *Blue Dragon Series Awards*. Riding on this popularity, *Mess Sergeant* went on to release an OST album.

A Studio Dragon official explained, “In the case of ‘The Legend of the Mess Sergeant,’ there were no initial plans to release an OST album, but the decision to release it was made as ‘Migaek Boys’ gained attention,” adding, “It would have been difficult to make such a quick decision if we hadn’t internalized the OST business.” The official continued, “It’s becoming increasingly common for the production team and the IP commerce team to collaborate on business planning from the conceptual stage.”

◇“Drama Production Companies Must Diversify Revenue by Integrating Music”

Recently, there have been cases where virtual IPs derived from video content have entered the actual music market. The group Irion, which appears in the MBC Plus drama *My Favorite Debut*, is building a fanbase by acting like a real group—releasing songs and music videos and performing on stage—and has even topped the K-drama and Asian drama charts on the Japanese OTT platform Lemino. Analysts suggest that the strategy of combining K-pop and K-dramas, two genres that enjoy global popularity, has proven successful.

An official from a production company stated, “We are currently planning a drama based on the idol genre,” adding, “The genre that combines K-pop and K-dramas has several advantages, such as making it easier to build a fanbase and enabling various spin-off businesses utilizing intellectual property (IP).”

Pop culture critic Jeong Deok-hyun pointed out, “In the music industry, various derivative businesses—such as concerts and merchandise—enable the generation of additional profits,” adding, “Drama production companies, which are facing limitations, need to diversify their revenue streams by establishing connections with the music industry.”