SBS subsidiary company FormatEast has achieved tangible results, constructing topology as the representative domestic format company.
FormatEast Ltd. was founded in December 2018, in an effort to create more business opportunities by developing/distributing global format IP with various Korean creators and to become a Hub of format IP development and distribution.
FormatEast Ltd. is the very first format company that was founded under domestic broadcasting station including a terrestrial, cable, and generalist channel. While in foreign countries, BBC Worldwide Ltd. – wholly owned commercial subsidiary of the BBC, Fuji Creative Corporation – subsidiary of Fujisankei Communications Group, and Disney Media Distribution – owned by Disney ABC TV Group are regarded as major format subsidiaries under broadcasting stations.
SBS anticipates FormatEast Ltd. would be a role of window when globally well-known format companies are interested in Korean format industry as well as a role of distribution hub with SBS networks when domestic producers and creators have difficulty securing their format IP.
In fact, FormatEast Ltd. is already obtaining noteworthy results from the first year of its business. Especially ‘FormatEast Creative Lab’(FC Lab), a project organized by Korea Content Creative Agency (KOCCA) to support Format Business, is now its huge business project. Wonwoo-PARK who is the creator of <Masked Singer> participated in last year’s FC Lab as one of 10 creators and developed <45 Singers (working title)>, which is scheduled to air on August in MBN. Park’s another format, <Seesaw Game>, is about to be produced as a huge Chinese Idol audition show with cast and management by a domestically leading music production company, Cube Entertainment Inc., and development by Korea’s production company, KVLY. Besides formats by Wonwoo-Park, two of the formats from last year’s FC Lab – <Boundary> and <Honey In the Box> developed by Miyeon-KIM and Sehwa-KIM respectively, will be signed to co-development contract with a Canadian TV format distribution company, Media Ranch.
In succession to FC Lab 2019, FC Lab 2020 contains 10 creators – Yeojin SHIN known for <Sugarman>, <Let’s Eat Dinner Together>, <Heart Signal>, Hyunjeon YEO known for <Dad! Where Are We Going?>, <I Am a Singer>, Eunseol MO known for <Happy Together>, <Our Neighborhood Arts and Physical Education>, Heesu KIM known for <TAXI>, Sori HAN known for <Jjak>, Hyojin KIM known for <Video Star>, <Life Bar>, Miyoung Chung known for <Get it Beauty>, Eunjin KANG known for <Salty Tour>, etc – for global format development.
FormatEast Ltd. held the ‘Creative Lab Global Seminar’ on June 20th at SBS with Linfield Ng., the vice president of format distribution and production at NBCUniversal, who was responsible for Asia distribution and sales of <Please Take Care of My Refrigerator> and <Hidden Singer>, and discussed regarding the status and flow of global format industry through video call.
CEO of FormatEast Ltd., Yongjae-KIM stated: “in the age of global media war, it is now a significant moment to secure source IP. I am confident that SBS FormatEast Ltd. will play a role as an innovative hub in global format industry.”