SEOUL, May 18 (Yonhap) -- KT Corp. said Thursday it will expand its media and content business portfolio to post 5 trillion won (US$3.75 billion) in content sales by 2025 as part of its strategy to transform itself into a digital platform service provider from a telecommunications company.
South Korea's No. 2 wireless carrier also unveiled its plans to put its business priority more on media and content services and strengthen the roles of KT's media and content units, including the production studio KT Studio Genie, online reading platform Milly's Library, cable channel ENA and music streamer Genie Music.
Under the vision, KT will post annual sales of 5 trillion won in the media sector by 2025, up from 4.2 trillion won tallied in 2022.
"We built a content business-led positive cycle last year and seen it worked," Kang Kook-hyun, head of customer business at KT, said at a press event. "We expect the sector to play a role as a growth engine for the company starting this year."
KT Studio Genie is spearheading the move as it created 12 original series last year, including the smash-hit legal drama "Extraordinary Attorney Woo" (2022), which became the seventh most-watched non-English TV series on Netflix.
The studio said it will release 19 original TV series for 2023 and 2024, including the home thriller "Lies Hidden in My Garden," starring Lim Ji-yeon from the hit Netflix original "The Glory" (2022).
"KT Studio Genie's 12 titles made a splash last year," said CEO Kim Chul-yeon. "Our 2023-2024 lineup will meet viewers' demand by expanding our spectrum and originality."
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