Hollywood’s major film company Universal Studios is set to enter the Korean drama market. Universal Studios will co-produce Korean drama “Moon’s Lover” (working title), which is an adaptation of Chinese novel “Scarlet Heart.” The Korean production company Wind Is Blowing recently convened a meeting with the Universal Studios staff who visited Korea and concluded an abbreviated contract. The drama will be directed by Kim Kyu-tae, the creator of “IRIS,” “That Winter, the Wind Blows,” and “It’s Okay, That’s Love.” The estimated budget for “Moon’s Lover” is about KRW 15 billion, and half of it will be subsidized by Universal Studios. The contract will be finalized by the end of this year and filming will start early next year at the latest.

Universal Studios chose this drama as their first Korean investment project because of the symbolic significance of the drama and the potential of Hallyu. “Scarlet Heart” was made into a drama in China and enjoyed immense success that it spun off a sequel. Moreover, Korea has the best drama production techniques in Asia and possesses a pool of Hallyu stars who dominate the entire Asian market. A Korean remake of “Scarlet Heart” featuring Hallyu stars will have a huge impact not only in Korea and China, but also across the whole of Asia.

One broadcast staff member explained, “’Moon’s Lover’ is a global project made with the joint efforts of Korea, America, and China. China provides the original work, the US makes the investment, and Korea will use its technology and human resources to remake the drama. Previously, the Korean remake of Japanese drama ‘Boys over Flowers’ swept the Asian market. Likewise, ‘Moon’s Lover’ is an appealing project even for Universal Studios.”

“Moon’s Lover” will be 100% pre-produced. After completing the entire series, the drama will be aired simultaneously in Korea and abroad. After China changed its media policy on pre-evaluation of foreign drama, there has been a drastic cut in the imports of Korean dramas. That is why SBS drama “Saimdang, the Herstory” starring Lee Young-ae and KBS2’s “Descendants of the Sun” starring Song Hye-gyo and Song Joong-ki decided to do pre-productions to meet China’s air date.

The staff member explained that China’s policies are changing Korea’s drama production. “Foreign capitals targeting the Chinese market will stoke this trend even more,” he continued. “If ‘Moon’s Lovers’ cuts the tape successfully, it will be easier to draw foreign investors to Asia through the Korean drama market.”