AStory

AStory (Korean: 에이스토리; RR: Eiseutori) is a South Korean drama production and marketing company headquartered in Seoul, specializing in scripted and unscripted content, intellectual property rights management, original soundtracks, and related media such as games.^[1] Founded on January 6, 2004, by Lee Sang-baek, a former producer at Mnet and SM Entertainment, the company was established with a core belief in the power of storytelling to transcend entertainment and connect global audiences.^[2] Listed on the KOSDAQ stock exchange since July 19, 2019, AStory has grown into one of Asia's leading production studios, emphasizing innovative narratives with international appeal and robust IP protection strategies.^[1] The company has built a reputation for high-impact dramas that blend genres like thriller, horror, and legal fiction, often achieving widespread acclaim both domestically and abroad. Notable productions include the time-travel crime thriller Signal (2016), the Netflix zombie historical series Kingdom (2019)—the platform's first Korean original—and the autism-themed legal drama Extraordinary Attorney Woo (2022), which topped Netflix's non-English TV charts for nine weeks and earned a nomination for Best Foreign Language Series at the Critics' Choice Awards.^[2] AStory has also ventured into variety programming, such as SNL Korea, and focuses on expanding successful IPs through remakes, musicals, and webcomics; for instance, Extraordinary Attorney Woo is being adapted in the United States and approximately ten other countries.^[2] Looking ahead, AStory unveiled an ambitious slate for 2025-2026 to mark its 21st anniversary, featuring diverse projects like the courtroom romantic comedy Idol Eye starring Dora and Maeng Se-na, the youth historical drama Embers set during South Korea's Fifth Republic, the investigative action series Iron Bars, and the multi-country tentpole Ricky exploring Zainichi Korean stories.^[3] These initiatives underscore the company's strategy to diversify genres, including fantasy, sci-fi, and webtoon adaptations, while strengthening its global content studio presence.^[3]

History

Founding and early years

ASTORY Co., Ltd. was established on January 6, 2004, in Seoul, South Korea, as a content production company focused on storytelling in the entertainment industry.^[4] The company was founded by Lee Sang-baek, who has served as its CEO and co-founder since inception. From its outset, ASTORY was built on the principle that compelling narratives could transcend mere entertainment, aiming to create impactful content that resonates deeply with audiences.^[5] In its early years, ASTORY concentrated on developing and producing various entertainment formats, laying the groundwork for its expansion into drama and global content creation. The company gradually built a reputation in South Korea's competitive media landscape, emphasizing innovative storytelling to differentiate itself amid established players. By the late 2000s, ASTORY had begun to cultivate partnerships and a portfolio that positioned it for broader recognition in Asia.^[6]

Expansion and milestones

Following its founding in 2004, AStory experienced steady growth through strategic production choices that elevated its profile in the South Korean entertainment industry. By the mid-2010s, the company had transitioned from smaller-scale projects to high-impact scripted dramas, with the 2016 thriller series Signal serving as a pivotal milestone; the show achieved peak viewership ratings of 12.6% on tvN and garnered widespread acclaim for its innovative time-travel narrative, establishing AStory as a reliable producer of quality content. This success marked an early expansion phase, enabling the studio to attract top talent and secure broader distribution deals. The late 2010s brought international recognition, highlighted by AStory's collaboration with Netflix on the 2019 zombie historical drama Kingdom. As the production company's first major global project, Kingdom premiered exclusively on the streaming platform, achieving significant global success and spawning two seasons plus a special episode, which significantly boosted AStory's visibility beyond Asia and demonstrated its capability in co-producing content for worldwide audiences.^[7] Building on this momentum, AStory diversified its portfolio with additional Netflix originals like My First First Love in 2019, further solidifying its role in the burgeoning K-drama export market. A landmark achievement came in 2022 with Extraordinary Attorney Woo, a legal drama that became AStory's most commercially successful production to date. Airing on ENA, the series achieved an average rating of 9.7% and a peak of 17.5%, making it the channel's highest-rated show ever, while its empathetic portrayal of autism spectrum disorder resonated globally on Netflix, topping charts in over 50 countries and earning nominations at international awards like the International Emmy. Unlike Kingdom, AStory retained full intellectual property rights for Woo, a strategic move that allowed for franchise expansion, including announced plans for a second season and potential remakes in markets like the United States. Subsequent years emphasized international partnerships as a core expansion strategy. In 2023, AStory signed a memorandum of understanding with Hong Kong's TVB for a Chinese remake of its 2022 hit Big Mouth, facilitating adaptation rights and cross-border production opportunities.^[8] This was followed by a 2025 co-production agreement with Warner Bros. Discovery, focusing on original scripted content to tap into Western markets, and the announcement of an ambitious 2025-2026 lineup featuring multiple dramas aimed at global streaming platforms.^[9][3] In August 2025, AStory completed filming for the second season of Signal, slated to premiere on tvN in 2026, reuniting the original cast and continuing the time-travel thriller narrative.^[10] These developments underscore AStory's evolution into a globally oriented studio, prioritizing IP ownership and collaborative ventures to sustain long-term growth.

Company overview

Leadership and operations

AStory is led by CEO Lee Sang-baek, who founded the company in 2004 and continues to guide its strategic direction as a global content studio specializing in K-drama production.^[11] Prior to establishing AStory, Lee served as a producer at Mnet and held roles such as reporter at The Kukmin Daily and music PD at KMTV, bringing extensive media experience to his leadership role.^[11] Under his oversight, the company has focused on developing original intellectual properties (IPs) and expanding into franchise models, including remakes and adaptations, to enhance global market penetration.^[2] The executive team includes Chief Strategy Officer (CSO) Han Se-min, who also serves as CEO of SM Life Design Group and has prior leadership experience as co-CEO of SM Entertainment, CEO of SM C&C, and CEO of SM Entertainment USA.^[11] Han's background in entertainment management supports AStory's diversification into multimedia ventures. Complementing the leadership is Chief Producer Choi Mun-seok, responsible for overseeing drama productions; his notable credits include directing series such as Signal, Protect the Boss, The Heirs, and My Love from the Star during his earlier tenure as team head at SBS Drama Production Unit.^[11] Operationally, AStory functions as a full-service production and marketing firm headquartered in Seoul's Mapo-gu district, engaging in motion picture and video production alongside IP rights sales, original soundtrack (OST) development, and ancillary businesses like gaming adaptations.^[1] The company emphasizes original IP creation to fuel premium K-drama output, with a production pipeline that includes co-planning and filming for broadcasters and OTT platforms; for instance, it has supplied mid-form content such as sitcoms to services like Coupang Play while scaling up tent-pole dramas with budgets exceeding ₩9 billion per series.^[12] Recent operational strategies involve strategic partnerships, such as the 2025 collaboration with KT Studio Genie to co-produce at least three premium dramas over three years, including Idol Eye slated for late 2025 release, aimed at bolstering global distribution and IP expansion.^[13] This approach allows AStory to recognize revenues progressively based on production milestones, reducing financial volatility while targeting international markets through unique genres like period pieces and sci-fi.^[12][2]

Business model and subsidiaries

ASTORY operates as a fully independent content studio specializing in the development, production, and adaptation of premium scripted television dramas and other broadcasting programs. The company emphasizes ownership and control of its intellectual property (IP), enabling strategic collaborations in co-productions, remakes, and format licensing with international partners.^[5] This model allows ASTORY to maximize the value of its content beyond initial broadcasts, targeting global audiences through platforms like Netflix, Disney+, and Amazon Prime Video.^[6] Revenue streams primarily derive from program copyright deals, co-production agreements, and investment attraction for content projects. Additional income sources include the sale of IP rights and ancillary businesses such as original soundtrack (OST) music production and character merchandising.^[14] By securing IP rights, ASTORY positions itself as a key player in the global entertainment industry, focusing on innovative storytelling that extends to unscripted formats and international adaptations.^[6] In terms of corporate structure, ASTORY maintains a lean operation as a publicly listed entity on the KOSDAQ, with its primary activities centered in Seoul. The company has one notable subsidiary, AIMC, which specializes in IP business development, including NFT collaborations and extensions of core content properties like Extraordinary Attorney Woo.^[15][16] AIMC supports ASTORY's broader strategy by handling derivative IP monetization, such as social NFTs and partnerships in emerging media. No other subsidiaries are reported in public disclosures.^[17]

Productions

Scripted dramas

AStory has established itself as a prominent producer of scripted dramas in the South Korean entertainment industry, focusing on genres such as legal thrillers, historical fantasies, mysteries, and romantic comedies. Since its founding in 2004, the company has collaborated with major broadcasters like tvN, ENA, and Netflix to deliver high-profile series that often blend emotional depth with innovative storytelling. Notable early works include the 2007 romance drama Air City, which explored interpersonal relationships in an aviation setting and starred Lee Jung-jae and Choi Ji-woo. The company's 2016 time-travel crime thriller Signal marked an early critical success, exploring cold cases and themes of justice through a mysterious walkie-talkie connecting past and present. The company's breakthrough in the global market came with its involvement in Netflix's Kingdom (2019–2020), a historical zombie thriller set in the Joseon era that garnered international acclaim for its gripping narrative and high production values, achieving widespread viewership and critical praise for revitalizing the period drama genre. Building on this success, AStory produced Jirisan (2021), a mystery thriller directed by Lee Eung-bok and written by Kim Eun-hee, centering on national park rangers uncovering secrets amid natural disasters; the series featured stars Jun Ji-hyun and Ju Ji-hoon and emphasized themes of environmental peril and human resilience. In 2022, AStory delivered two major hits: Big Mouth, a legal thriller about a dentist entangled in a conspiracy, starring Lee Jong-suk and Im Yoon-ah, which highlighted corporate corruption and moral dilemmas; and Extraordinary Attorney Woo, a groundbreaking legal drama following an autistic lawyer's professional journey, which became a cultural phenomenon with over 45 million hours viewed globally on Netflix in its peak week and secured remake rights in multiple countries including the US and Japan.^[2][18][19] More recent productions include Like Flowers in Sand (2023–2024), a romantic comedy-drama about traditional Korean wrestling that explored themes of hometown revival and second chances, starring Jang Dong-gun and Lee Joo-young, and was distributed on Netflix for international audiences.^[20] In 2024, AStory released Crash, the first Korean drama centered on traffic crime investigations, following a specialized police unit tackling fraud and accidents; starring Lee Min-ki and Kwak Sun-ja, it premiered on ENA and Disney+ , earning praise for its procedural format and humor-infused action, with a second season confirmed due to strong reception.^[21][22] Looking ahead to 2025–2026, AStory has announced an ambitious slate of scripted dramas emphasizing diverse genres and global appeal. I DOL I is a legal suspense-rom-com pitting a devoted fan against an idol-hating lawyer in a high-stakes courtroom battle. Secret Love Tales of Soosung Palace reimagines palace intrigue as a historical fantasy romance between a court lady scribe and a crown prince. Other upcoming titles include Embers, a thriller about redemption amid tragedy; Paradise, exploring obsession and revenge; and By the River Swarming with Evil, an occult romance between a shaman and an ordinary man. Additionally, the company pitched Riky, a professional wrestling drama set in 1960s Japan, at international markets in 2025. These projects underscore AStory's strategy of leveraging intellectual properties for both domestic broadcasts and streaming platforms, aiming to expand Korean content's influence abroad.^[3][23][24]

Non-scripted programs

ASTORY has diversified its content offerings beyond scripted dramas into non-scripted programs, leveraging its storytelling expertise to produce unscripted formats that capture real-life experiences and global resonance. Established as a key player in the Korean entertainment industry since 2004, the company emphasizes innovative narratives in both scripted and unscripted genres to appeal to international audiences.^[6] Notable unscripted works include SNL Korea (2021–present), a variety sketch comedy series co-produced with Coupang Play, and the 2023 documentary series Whiteout: 17 Years of Record, aired on ENA. Directed by Park Jun-woo, the two-part production features narration by actor Lee Jun-ho in his first such role since debuting. The series documents the historic unaided solo trek to the South Pole by Kim Young-mi, the first Asian and Korean woman to achieve this feat, covering her 51-day journey spanning 1,130 kilometers while pulling a sled weighing over 100 kg. Filmed entirely in 4K UHD, it explores themes of personal challenge, healing, and human perseverance, premiering on November 22, 2023, with the second episode on November 29.^[25] This documentary exemplifies ASTORY's approach to non-scripted content by focusing on inspirational real-world stories rather than fictional plots, aligning with the company's mission to convey deeper messages through entertainment. While ASTORY's unscripted output remains smaller compared to its scripted portfolio, such projects demonstrate its capability to adapt storytelling techniques to authentic, observational formats that highlight individual triumphs and broader human insights.^[6]

Script provision and proxy roles

AStory plays a key role in the Korean drama industry by providing original scripts for its productions, focusing on narratives that blend entertainment with social commentary to appeal to both domestic and international audiences. The company's script development process emphasizes innovative storytelling, as seen in hits like Signal (2016), where the script explored time-travel and cold cases to address themes of justice and unresolved history, leading to widespread acclaim and high viewership ratings. Similarly, the script for Extraordinary Attorney Woo (2022) was crafted to center on an autistic lawyer, incorporating authentic representations that sparked global discussions on neurodiversity and earned multiple awards, including at the 59th Baeksang Arts Awards.^[2] In addition to in-house script creation, AStory undertakes proxy roles in production, acting as a collaborative partner or intermediary to facilitate content creation for broadcasters and other studios. This involves handling logistical, creative, and operational aspects of projects on behalf of partners, allowing for efficient scaling of high-profile dramas. For instance, through its 2021 strategic alliance with Barunson E&A for IP development, AStory has supported joint ventures combining resources to produce ambitious series like historical epics and thrillers aimed at global markets. Such roles enable AStory to leverage its expertise in IP management while supporting co-productions, as demonstrated in partnerships with platforms like Netflix for distribution of titles including Kingdom (2019–2021), where oversight ensured seamless adaptation from script to screen.^[26][2] These proxy engagements extend to international adaptations, where AStory provides script consultations and production support to localize Korean originals for overseas markets. A notable example is the 2023 co-production of The Kidnapping Day with KT Studio Genie, which aired on ENA and was positioned for global streaming, highlighting AStory's role in bridging creative provision with cross-border execution to mitigate economic challenges in the industry. By prioritizing IP retention and collaborative proxy functions, AStory has solidified its position as a versatile content studio, contributing to over 20 major dramas since its founding.^[27][6]

Partnerships and collaborations

Soundtrack and media distribution

AStory has established key partnerships for the production and distribution of original soundtracks (OSTs) accompanying its drama series, leveraging collaborations with major music labels to amplify the global reach of these audio components. The company typically produces OSTs in-house or through affiliated entities, featuring contributions from renowned Korean artists such as BTS's Jin for the track "Yours" in the series Jirisan. These soundtracks are licensed to Genie Music Corporation, a subsidiary of Kakao Entertainment, for digital and physical distribution across platforms like Spotify, Apple Music, and YouTube Music.^[28] For instance, the OST for Like Flowers in Sand (2023) credits AStory Co., Ltd. as the rights holder, with distribution handled by Genie Music, enabling streaming availability worldwide and contributing to the series' promotional appeal. Similarly, the Big Mouth (2022) soundtrack, including tracks like "Love Mode" by Various Artists, is uploaded and managed via AStory's official YouTube channel, ensuring synchronized release with the drama's broadcast on MBC. This model not only enhances viewer engagement but also generates additional revenue through music sales and licensing, with physical releases such as vinyl editions for Extraordinary Attorney Woo (2022) further extending market penetration.^[29][30][31] In terms of broader media distribution, AStory pursues international partnerships to license and co-produce content for global platforms, addressing domestic market challenges through adaptation deals and market showcases. The company collaborates with entities like KT Studio Genie for co-productions, as seen in projects that secure streaming rights on services such as Netflix; on September 1, 2025, AStory signed a strategic partnership with KT Studio Genie to jointly plan and produce three premium dramas over the coming years.^[13] Additionally, AStory actively participates in international trade events, including the LA Screenings Independents organized by the Korea Creative Content Agency (KOCCA), where it pitches titles like the historical drama Ricky to secure financing and distribution agreements with overseas buyers. These efforts have facilitated the export of series such as Extraordinary Attorney Woo, which achieved widespread availability on platforms beyond South Korea, bolstering AStory's position in the global content ecosystem.^[27][23][2]

International and recent ventures

ASTORY has expanded its reach beyond South Korea through strategic international partnerships and content distribution deals, particularly in the streaming and remake markets. In 2024, the company participated in the Series Mania Festival in France, showcasing upcoming projects to global buyers and highlighting its ambition to penetrate European and North American audiences.^[32] A key recent venture is the global release of the dark comedy series The Kidnapping Day on Prime Video in September 2023, marking ASTORY's continued collaboration with major streaming platforms to distribute Korean content internationally.^[32] This series, which follows a single father and a genius child navigating a botched kidnapping, has also spurred international adaptations, including a UK remake in development with Studio Hamburg UK (SHUK), announced in February 2024, as the first international remake of an ASTORY production.^[27] In June 2025, ASTORY confirmed a Japanese remake of the same series, co-produced with local partners, which premiered on TV Asahi on July 8, 2025, further extending its format licensing to Asia.^[33] Looking ahead, ASTORY's 2025-2026 lineup includes multinational projects aimed at broader global appeal. The tentpole drama Ricky, centered on Zainichi Koreans and starring wrestling legends like Yeok Do-san and Kim Il, is planned as a cross-border production involving location shoots in Korea, the United States, and Japan, with production starting in 2025 and release targeted for 2026.^[3] Company executives have emphasized that such international co-productions and adaptations are essential for navigating domestic economic challenges while building a sustainable global presence.^[27] These efforts build on ASTORY's prior successes, such as the Netflix-distributed Extraordinary Attorney Woo and Kingdom, which have established the studio's reputation for exportable IP.^[32]