Artist Studio

Artist Studio is a broadcast content company focused on planning, developing, and producing films and dramas. The company generates revenue mainly through content production and distribution of films and dramas.

It operates as a subsidiary of Artist Group, whose major shareholder is actor Lee Jung-jae, and specializes in content planning, development, and production.

Artist Studio changed its corporate name in 2024 and has since produced titles such as "Check-in Hanyang" and "First Lady," while currently producing "Jikpil," "Ahopsu Woorideul," and "Seungsan Itseumnida." In 2026 the company is producing the SBS drama "Seungsan Itseumnida" starring Lee Je-hoon and Ha Young, and has also begun production of a new drama targeting an MBN broadcast in the second half of 2026.

To enter the Chinese market, the company signed an MOU with iQIYI supply partner Seasky Cultura to stream short-form dramas on iQIYI's global channel, and also signed a cooperation MOU with Shanghai Audio Video Publishing House, a state-owned first-tier cultural enterprise in Shanghai.

In June 2026, the company formed a consortium with Jidam Media and Storyarc Studio to acquire management control of KOSDAQ-listed Corpus Korea, pursuing vertical integration from production to overseas distribution.

Comparable companies in the domestic drama and film production market include Chorokbaem Media, Showbox, Cross Pictures, and Climax Studio.

Annual revenue fell for four consecutive years, from KRW 44.4 billion in 2022 to KRW 41.9 billion in 2023, KRW 27.3 billion in 2024, and KRW 14.6 billion in 2025.

The operating loss widened from about -KRW 6.3 billion in 2022 to -KRW 7.8 billion in 2023, then narrowed to -KRW 7.3 billion in 2024 and -KRW 3.0 billion in 2025.

The net loss attributable to owners expanded sharply to about -KRW 15.0 billion in 2024 before narrowing to -KRW 4.7 billion in 2025; the sharp 2024 widening is presumed to reflect non-operating items such as asset impairment.

Regarding the 2025 swing, the company disclosed that revenue fell 46.4% from KRW 27.3 billion to KRW 14.6 billion, attributing the sharp change to lower order volume alongside cost-cutting that improved the earnings structure.

By quarter, revenue peaked at about KRW 5.8 billion in the third quarter of 2025 among recent periods, while the fourth quarter of 2025 saw revenue drop to KRW 3.1 billion even as the net loss widened sharply to about -KRW 3.2 billion, suggesting a one-off factor.

In the first quarter of 2026, consolidated year-on-year revenue fell 42.5%, the operating loss narrowed 38.2%, and the net loss narrowed 45.3%, as slowing growth in traditional broadcast channels and shifting media platforms dispersed advertising revenue even as cost cuts reduced the loss.

Revenue then jumped to roughly KRW 10.0 billion in the second quarter of 2026 compared with the prior quarter, while the operating loss narrowed further to about -KRW 0.4 billion, again illustrating the volatility tied to revenue-recognition timing.

Overall, the pattern shows revenue on a shrinking trend even as cost discipline has helped narrow the operating loss.

Domestic drama and film production is under structural pressure from slowing growth in traditional broadcast channels and the dispersion of advertising budgets.

Increased content investment by traditional and digital media has led to higher-quality productions, and growing VOD markets and indirect advertising are lifting demand for Korean content, yet individual producers' earnings often remain weak.

The global OTT market is expanding, with revenue projected to grow from USD 116.5 billion in 2022 at an 8.4% annual rate to USD 174.6 billion by 2027.

The company is developing content for new media platforms such as Netflix, Disney+, and Tving while pursuing co-productions with global partners, responding to the trend of platform diversification.

At the same time, the Chinese market, long constrained following restrictions on Korean cultural content, appears to be reopening somewhat through cooperation with iQIYI and Shanghai Audio Video Publishing House.

Competitively, existing drama producers such as Chorokbaem Media, Raemongraine, and Showbox face similarly volatile revenue and profitability pressures, and the industry overall is competing to secure large-scale IP and overseas distribution networks.

The company's 2026 strategy can be summarized in three strands. First, it is expanding drama supply to terrestrial and general cable channels through projects such as SBS's "Seungsan Itseumnida" and a new drama targeting an MBN broadcast in the second half.

Second, building on MOUs with iQIYI and Shanghai Audio Video Publishing House, it is attempting to supply short-form and video content to China as a new revenue source. Third, it is internalizing overseas distribution capability through the acquisition of management control of Corpus Korea.

Corpus Korea has a track record of distributing titles such as "Goblin," "The Legend of the Blue Sea," "Prison Playbook," "Youn's Kitchen," and "Three Meals a Day" overseas, and the company states it has thereby secured a structure connecting its own IP directly to domestic and overseas distribution.

CEO Ahn Hyung-jo stated regarding the Corpus Korea acquisition that it is "not simply a management buyout or a financial investment, but the starting point of building an integrated value chain connecting the content industry." The parent Artist Group has also formed a strategic partnership with Maekyung Media Group, laying groundwork for pursuing the global K-content market.

However, the timing and scale at which this expansion strategy translates into actual revenue and profitability improvement have not yet been disclosed, requiring confirmation through upcoming quarterly results and the consolidation effect of Corpus Korea.