The SBS drama "Kim Bu-jang" is drawing attention as a success story for K-content intellectual property (IP) strategy, sparking a wave of popularity both at home and abroad. Based on the Naver Webtoon of the same name, "Kim Bu-jang" targeted the global market with SBS retaining the drama's IP while selling only broadcasting rights to Netflix. Analysts describe it as a leading case in which a domestic content company holds both the original webtoon and drama IP while achieving global success.
According to the broadcasting industry Thursday, "Kim Bu-jang" recorded a nationwide viewership rating of 20.4% (based on Nielsen Korea) after just four episodes. This is the third-highest ever among SBS Friday-Saturday dramas, following "Penthouse 2" (peak 29.2%) in 2021 and "The Fiery Priest" (22%) in 2019.
The global response has also been hot. On the same day, it ranked No. 2 in Netflix's TV show category on FlixPatrol, an over-the-top (OTT) viewing ranking aggregator site, and placed third among non-English TV shows on Netflix's own aggregator site, Tudum.
'Kim Bu-jang' Tops 20%, an Unusual Hit in the OTT Era
Drawing Attention as a K-IP Success Case in the Global OTT Era
Released on Nov. 26, "Kim Bu-jang" is a revenge action drama in which a father, a former special agent, wages a desperate fight to find his missing daughter. In episode four, Kim Bu-jang, along with Sung Han-su and Park Jin-cheol, secures decisive clues and begins a full-scale pursuit, while the appearance of a North Korean agent pushed tension to its peak, drawing praise from viewers.
The industry is paying attention above all to the high ratings. In the current broadcasting environment, where viewing is dispersed across terrestrial broadcasters and OTT, ratings exceeding 20% are called the so-called "impossible wall." Cases of breaking 20% early in a broadcast run are very rare, so more attention is focused on the future performance trend. An industry official said, "Cases where early ratings exceed 20% are almost nonexistent, so we are cautiously forecasting a possible breakthrough past 30%," adding, "The genre and narrative preferred by viewers, combined with the actors' passionate performances, are driving popularity beyond expectations."
The success of "Kim Bu-jang" is also considered significant from the perspective of the domestic content industry's IP strategy. In the recent K-drama market, a structure in which global OTT platforms such as Netflix invest in production costs and secure drama IP has become common. Production companies can secure production funding stably, but concerns have also been raised that there are constraints on long-term IP utilization, such as follow-up business, overseas distribution rights, and secondary works.
Both K-Webtoon and K-Drama IP Held by Domestic Content Firms
Selling Only Broadcasting Rights to Netflix, Achieving Global Success
By contrast, SBS, which produced "Kim Bu-jang" and "Brave New World," chose a strategy of securing drama IP through its own production system and then selling only broadcasting rights to global platforms. It is regarded as significant as a case in which a domestic broadcaster succeeded in global distribution while holding the video IP. In addition, as it is based on a K-webtoon that is expanding its influence worldwide, it is cited as a leading example demonstrating the expansion potential of K-IP.
The competitiveness of the original webtoon is also cited as a major factor driving the success. Based on a solid worldview and distinctive characters, it added exhilarating action, fast pacing, and an intuitive story structure, heightening the immersion of viewers at home and abroad. Drama critic Kong Jung-hee analyzed, "It also worked in overseas markets by lowering cultural barriers through universal sentiments such as family love and the realization of justice," adding, "Above all, in captivating global viewers, a simple narrative and an easily relatable emotional line are more important than complexity." She continued, "The secret to the success of Netflix's 'The Fiery Priest' was also that it unpacked global phenomena including school violence and the decline of teachers' authority, along with the emotions around them, through exhilarating action and an intuitive narrative and dialogue that are easy to understand."
In particular, SBS has been proving the results of its own IP strategy with successive hits, following "Brave New World" with "Kim Bu-jang." Analysts say SBS is building a structure that secures control over content production, IP management, and global distribution, by continuing a strategy of producing authentic K-dramas centered on its own production company, Studio S, and using global OTT as an overseas distribution channel.
An industry official said, "As the K-drama market grows, collaboration with global OTT platforms is increasing further, but in the long term, the competitiveness of the content industry ultimately depends on who holds the IP," adding, "'Kim Bu-jang' can be seen as a leading success case in which a domestic production company achieved global popularity while holding the drama IP."
