South Korean film studio N.E.W. has announced that its period thriller 'The Night Owl' has been licensed for a remake in China, marking a significant milestone in cross-border entertainment deals. The studio claims that this deal represents the highest price ever paid for the rights to remake a Korean intellectual property in China. However, specific details regarding the value of the deal and the identity of the buyer have not been disclosed.
Despite the strained diplomatic relations between South Korea and China, the popularity of Korean content globally has led to innovative solutions in the film industry. While Korean films have faced challenges in securing theatrical releases in China for nearly a decade, the strategy of licensing and remaking Korean productions has emerged as a viable workaround.
'The Night Owl,' directed by Ahn Tae-jin and featuring a talented cast including Ryu Jun-yeol and Yoo Hae-jin, is set in the 14th century and revolves around a blind acupuncturist with the unique ability to see at night. The film, released in November 2022, garnered significant success, grossing approximately $26 million during its theatrical run that extended into January 2023.
The Korean Film Council reported that the export value of film remake rights reached $3.8 million last year, marking a notable increase from previous years. N.E.W., through its subsidiary Contents Panda, has already achieved international success with remakes of popular Korean films such as 'Miracle in Cell No. 7' and 'Train to Busan.'
Looking ahead, N.E.W. is currently engaged in negotiations to co-produce a Japanese adaptation of another Korean hit, 'Hide and Seek.' Danny Lee, director of overseas sales at Content Panda, expressed optimism about the potential of successful intellectual properties that blend historical drama and thriller elements, emphasizing the anticipation surrounding the localization process.
