Netizens are reacting to the shocking news of Studio Dragon‘s co-CEO’s scandal.
CJ ENM subsidiary Studio Dragon was established in 2016, becoming one of the most popular Korean production companies. It’s known for many hit K-Dramas, such as The Glory, The Uncanny Counter, Signal, and Crash Landing on You (just to name a few). Currently, its new K-Drama See You in My 19th Life is airing every weekend.
Last year, the company achieved record-high revenue, marking its best annual sales since its inception at 697.9 billion won ($554.3 million). It also recorded a profit of 65.2 billion won, a 24 percent increase from the previous year.
It also has expanded its overseas business and made its entry into the U.S. TV market, inking a deal with U.S. production company, Skydance Television in 2021. The two companies co-produced Apple TV+’s original fantasy series, ‘The Big Door Prize,’ which was renewed for Season 2 after its premiere this March.
— Korea Times
I saw this actor in ( )!
Collection of scene stealers from Studio Dragon dramas🐉#StudioDragon #ItsOkaytoNotBeOkay #TwentyFiveTwentyOne #OPENing2022 #Confession #BecauseThisisMyFirstLife #CrashCourseinRomance #ShootingStars #Vincenzo #kdrama pic.twitter.com/ABxL0I88of
— studiodragon | 스튜디오드래곤 (@studiodragonKR) June 29, 2023
Re-edited cause it got blocked🥲 //fake, blood, scene, body// #alchemyofsouls #bulgasal #arthdalchronicles #mrsunshine #thekingeternalmonarch #thecrownedclown #goblinkdrama #hoteldelluna #kdrama #kdramatiktok #kdramalover #kdramaedit #fyp #foryou
According to media reports, the co-CEO of CJ ENM’s production subsidiary, Studio Dragon, Kim Young Kyu (also romanized as Kim Young Gyu), has officially resigned. Kim debuted as a producer for CJ ENM, leading the 2018 K-Drama Mr. Sunshine before becoming Studio Dragon’s co-CEO in 2020. Officials reported that Kim has taken responsibility for “an internal embezzlement incident.” The production company released a statement via inquiry disclosure system on Monday.
CEO Kim Young-kyu has resigned due to personal reasons.
— Studio Dragon
Previously, production company Studio Dragon conducted an internal audit, verifying the embezzling accusations after receiving a tip-off that a content producer was embezzling funds. So, Kim Young Kyu was dismissed while Studio Dragon plans to take legal action.
It is difficult to disclose specific details of the audit, but it has been confirmed that there was misconduct during the content production process. Kim Young-gyu, who was in charge of overseeing the content division, resigned, taking moral responsibility for the incident.
— Studio Dragon officials
Kim Young Kyu served as co-CEO alongside Kim Jey Hyun. So, now, Studio Dragon will continue under Kim Jey Hyun.
Studio Dragon’s stock price fell to its lowest level in nearly three years after they announced Kim Youngkyu’s resignation and the corruption case on June 26. pic.twitter.com/9m5E3q06yk
— K-Drama Casting (@kdramacasting) June 27, 2023
Upon hearing the news of the scandal, K-Drama fans were shocked. They were instantly worried about how it might affect some upcoming anticipated K-Dramas.
Among the highly anticipated titles are the second season of the hit series ‘The Uncanny Counter,’ ‘Arthdal Chronicles,’ ‘Sweet Home,’ the horror action series ‘Gyeongseong Creature’ starring Han So-hee and Park Seo-joon, and the rom-com ‘Doona!’ starring Bae Suzy and Yang Se-jong.
‘In the second half of this year, various titles encompassing all genres, like action, thriller, creature, romance, fantasy, and teen, are set to be released for audiences around the world,’ the company said. ‘We plan to further solidify our global footing as a powerhouse of K-dramas.’
— Korea Times
However, some netizens are also raising points regarding larger issues. A few have brought up important topics, such as working conditions and exploitation.
I think we're entitled to blame Studio Dragon given that members of their own staff criticised them for their working conditions on BOTH seasons of Arthdal Chronicles and that the 1st thing Kim Wonsuk did after Arthdal Chronicles S1 ended was to leave Studio Dragon https://t.co/YbL8YQkF4t
— Nox Dawn 🐸 (@NoxDawn) June 28, 2023
I've been saying that people pushing for more K-dramas (and others from across Asia) is creating a dangerous culture of pressure and exploitation with companies like Studio Dragon. But all people care about are the violent stories, and seeing hot actors.
There's a cost to that.
— Carolyn Hinds 🇧🇧🗺 (@CarrieCnh12) June 28, 2023
While we might not have to worry about the downfall of Studio Dragon just yet, we should be concerned about the treatment and working conditions for production crews.