SBS drama "Kim Bu-jang" is drawing attention as a success case for K-content intellectual property (IP) strategy, sweeping both the domestic and overseas markets. Based on the Naver Webtoon of the same name, "Kim Bu-jang" targeted the global market with a strategy in which SBS secured the drama IP while selling only broadcast rights to Netflix. Analysts call it a representative example of achieving global success while both the original webtoon and drama IP remain held by Korean content companies.
According to related industry sources on Tuesday, "Kim Bu-jang" recorded a nationwide viewership rating of 20.4% (based on Nielsen Korea) in just four episodes. It is the third-highest record ever among SBS Friday-Saturday dramas, following "The Penthouse 2" (peak of 29.2%) in 2021 and "The Fiery Priest" (22%) in 2019. The global response has also been strong. As of the same day, it ranked No. 2 in the Netflix TV show category on FlixPatrol, an online streaming service (OTT) viewership ranking site, and No. 3 among non-English TV shows on Tudum, Netflix's own tracking site.
The industry is focusing on the fact that the drama broke through the "cursed" 20% ratings mark in just four broadcasts, in a media environment fragmented across terrestrial broadcasting and OTT platforms. "The genre appeal, the actors' performances, and the recognition of the original work have combined to drive success beyond expectations, and we even anticipate ratings approaching 30%," one official said.
This hit also carries significant meaning in terms of K-IP expansion strategy. Until now, the K-drama market has typically operated on a model in which global OTT platforms invest production costs and secure the drama IP. But "Kim Bu-jang" extended a Naver Webtoon original that had proven its global competitiveness into a drama, and then SBS chose a strategy of holding the drama IP while selling only broadcast rights to a global OTT. Analysts say it demonstrated the competitiveness and scalability of K-IP by achieving global success while Korean content companies retained both the original and drama IP.
In particular, SBS has proven the results of an IP strategy centered on its in-house production company Studio S, producing consecutive hits with "Brilliant New World" followed by "Kim Bu-jang." Industry officials noted, "As collaboration with global OTT platforms expands, long-term content competitiveness ultimately depends on who holds the IP," adding, "'Kim Bu-jang' is a representative case showing that the combination of K-webtoon and K-drama IP can succeed in the global market."
