Even Top Actors Are Unemployed? K-Drama Industry Crisis Worsening

According to director Shin Won-ho, known for creating the popular “Reply”and “Hospital Playlist”series, even with a strong team including a good director, writer, and actors, many projects still end up failing. In a video on the “channel fullmoon”YouTube channel, he shared, “I’ve heard of 6-7 projects that have recently fallen through.”Actor Jung Kyung-ho also added, “I had my eye on a script but unfortunately it didn’t work out. That’s why I’m currently taking a break.”

The decline of the K-drama industry remained a source of concern this year. During his appearance on JTBC’s “Reunion of Actors”in March, Kim Ji-seok expressed his awareness of the ongoing slump in the industry, stating, “As we start the new year on January 1st, I can’t help but feel anxious about whether or not I will have any work to do this year.”

The CEO of a company, referred to as A, recently shared with News1 that their actors have been cast in a limited number of projects for the second half of this year and the first half of next year. According to CEO A, this slump is evident in the fact that there are only around 10 projects, including terrestrial channels and OTTs. The situation is concerning and the CEO expressed their clear recollection of the number of movies and dramas their actors have been cast in.

Actors in the current K-drama industry are expressing concerns about the lack of projects and the delay of broadcast for existing ones. The industry has also been hit with news of projects falling through. This uncertainty has left many actors unsure if the dramas they are involved in will even air. Additionally, the significant decrease in drama productions has resulted in many actors struggling to find work. As a result, there are fears that the drama production market may collapse.

Despite the increasing availability of OTT services, the number of successful drama series has decreased as broadcasting companies have begun to limit their output. MBC, for example, now only produces dramas airing on Fridays and Saturdays (excluding daily series), while SBS has followed suit. KBS, on the other hand, continues to air dramas on both Wednesdays and Thursdays, as well as Mondays and Tuesdays, but with a more flexible schedule.

In an interview with News1, Secretary-General Bae Dae-sik of the Korea Drama Producer Association revealed that the number of dramas produced in 2022 decreased from 141 to 123 compared to the previous year. Furthermore, he expressed concern that only 105 dramas will be broadcast this year. Despite this, broadcasting companies maintain that they are unable to increase the number of drama projects. Drama staff B also added that these companies are facing significant losses, as they only cover a portion of the production cost while the decrease in TV commercials has made it difficult to generate enough advertisement revenue to cover the remaining costs.

In 2024, there was a 21.8% decrease in advertising revenue for terrestrial channels. As a result, broadcasting companies are shifting their focus to producing cost-effective entertainment programs instead of high-budget dramas. According to Drama PD C, the situation is dire, with rumors of medium-sized production companies facing the possibility of closure.

CEO D, who runs a small company, explained that drama production companies prioritize actors who are able to attract a large number of advertisements due to the financial constraints faced by broadcasters. CEO E, from a production company, further added that successful actors receive more opportunities, while those who have not landed any projects are facing a decrease in their chances.