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In a counter to circulating rumors, Disney Plus has confirmed its commitment to the South Korean market, even amidst ongoing corporate restructuring and content reduction plans. Kim So Yeon, Walt Disney Company Korea’s CEO, assures that their investment and content production plans remain unshaken.
Likewise, Disney Plus confirmed that its investment in South Korea is not affected by the ongoing large-scale restructuring across the company. Kim So Yeon, Walt Disney Company Korea’s chief executive officer, spoke to local publications to share the company’s position in its business in the country.
“There are no changes in our plans for investing in Korean original content,” the Walt Disney CEO said in an interview with Maeil Business Newspaper. “There is no reason for production to halt or withdraw.”
She added, “In fact, amid large-scale restructuring and content reduction announcements from the headquarters, our investment and content production plans for Korea remain unchanged, and this demonstrates our unwavering dedication.”
As per Maiel Economy, Kim commented at a time when rumors about Disney Plus’ plans to halt its drama productions in the country started circulating. It was mentioned that the talks emerged due to various reports that Walt Disney was experiencing financial difficulties on top of internal disorganization.
The mass media firm just underwent restructuring where around 7,000 workers were laid off around the globe. These job cuts eliminated 3.2% of the company’s total workforce. Disney Plus’ first-quarter financial report also revealed a four million loss of subscribers. Thus, the Korean business is concerned that Disney’s investments in the country will be cut or put on hold.
Meanwhile, The Hollywood Reporter reported that Disney+ is set to launch over 20 original Asian content in the second half of this year. The lineup’s highlight includes a new documentary of the phenomenal South Korean boy group - BTS and some Korean crime thrillers.
Photo by: Mika Baumeister/Unsplash
