Export Strategies of Korean Movies

Export Strategies of Korean Movies | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Research Article Export Strategies of Korean Movies Shi Young Lee, Yun su Kim, Ji Yeong Kim, Aihua Zhang This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-6217584/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract Purpose The first purpose of this paper is to re-investigate the exportability of Korean movies. The second purpose is to examine what determines the popularity of Korean export films. The final purpose is to explore how international distributors select the copyright strategies (all-rights vs. specific rights). Data & Methodology This study analyzes 729 Korean films released between 2016 and 2019. A binary probit model is employed to re-investigate the exportability of Korean movies, while a Poisson regression model is used to explore the popularity of Korean films to cover 2013 export contracts. Finally, we utilize a binary probit model to examine the choice of export copyright strategies. Findings Our finding aligns with the previous literature, indicating that the domestic performance variables serve as an effective signal for the exportability of Korean movies. The popularity of Korean movies in the international market is determined by domestic box office performances, director /star power, positive audience reviews, and suitable ratings. These factors make up quality of Korean movies that can attract large foreign audiences and transcend cultural barriers. Finally, Korean movies with PG-15 ratings, action and thriller genres, and strong director power reflect the comparative advantage. As a result, international distributors are likely to select all-rights copyright strategies for Korean films with these features. Contribution This study explores the two pillars of export strategies of Korean movies that the previous literature has ignored. This focus provides new insights about strategies that can overcome cultural barriers and highlight the comparative advantage of Korean movies. JEL Classification : F14, Z11 Exportability Number of export contracts Copyrights (distribution) strategy Cultural barriers Figures Figure 1 Figure 2 Figure 3 Figure 4 Figure 5 Figure 6 Figure 7 Figure 8 Figure 9 Ⅰ. Introduction The Korean film industry has experienced rapid growth since the late 2000s, driven by investments in enhanced content quality, which earned recognition at international film festivals. According to the Motion Picture Association, Korean films generated $ 1.6 billion in revenue in 2019, capturing 3.8% of the global market (ranking fourth globally). Over the past decade, Korean film exports more than doubled, increasing from $ 15 million in 2010 to $ 37.8 million in 2019. Existing literature has started to explore the rapid growth of Korean film exports. For instance, Lee, Kim, and Jun ( 2009 ) examined the exportability of Korean films and found that domestic performance variables, such as the number of domestic screens and the recognition of leading actors, turn out to be the significant predictors of exportability. Similarly, Kim, Park, and Park ( 2013 ) investigated ways to enhance export performance by reducing uncertainty, finding that frequent online word-of-mouth improves film awareness in international markets, helping audiences make informed choices. While these studies provide valuable insights into the exportability and performance of Korean films, they overlook two key pillars that shape export strategies for motion pictures: (i) the number of export contracts, which indicates a movie’s popularity, and (ii) export distribution channels (e.g., theater, streaming, pay TV, internet, and VOD), which determine how films reach international audiences. The literature above overlooked these two pillars for the following reasons. First, in the past, many Korean movies lacked the popularity needed to secure multiple export contracts. Only a few outliers achieved success in the international market, making it challenging to identify consistent patterns in successful export strategies. Second, until the 2010s, export distribution channels were not sufficiently differentiated to make the strategic inference. As a result, it was unable to derive strategic implications regarding export distribution channels. The purpose of this paper is three-fold. The first purpose is to re-investigate the exportability of Korean movies and compare the findings with those of Lee, Kim, and Jun ( 2009 ). This study also reports similar findings regarding the determinants of Korean movie exportability. It then focuses on two key pillars that the existing literature has previously overlooked. Therefore, the second purpose is to examine what determines the popularity of Korean export films. The final purpose is to explore how to select the copyright strategies (all-rights vs. specific rights). By analyzing these pillars, this study investigates how international distributors seek to maximize expected profits through export contracts and copyright choices in Korean films. To the best of our knowledge, this is the first in-depth study to focus on these two pillars, offering new insights for successful export strategies. These two pillars are crucial in determining the success of exported films in international markets. The first pillar reflects a film's popularity among international distributors. Various factors contribute to a film's international popularity, often requiring it to be exported to several countries. However, cultural barriers pose a major challenge for foreign movies. Unless these films overcome cultural barriers, they are unlikely to succeed in the global film market. Holloway ( 2017 ) emphasized that understanding and bridging cultural differences are essential for implementing a successful export strategy. While many Hollywood films are able to surmount these barriers, most foreign films face challenges that limit their international success. This study identifies specific factors that define high-quality Korean movies capable of overcoming cultural barriers. Despite cultural differences, high-quality movies can penetrate international markets and succeed. The second pillar is the copyright selection strategy. The revenue generated from exported films varies based on copyright structure, with different channels like theater, streaming, TV, and VOD offering unique revenue potentials. "All-rights" agreements allow for simultaneous or sequential distribution across channels, while "specific rights" restrict distribution to particular channels. According to Lehmann and Weinberg ( 2000 ) and Holloway ( 2017 ), revenue from one channel often correlates with that from another, prompting international distributors to prefer all-rights agreements for films expected to generate high returns. Films with lower expected profits often opt for limited channel distribution to minimize costs. This study explores the selective features that determine the comparative advantage of Korean movies in adopting all-rights distribution strategies. International distributors pay selective attention to these features and are more likely to adopt all-rights contracts for films with such characteristics. This paper contributes to the existing literature by offering a multifaceted analysis of Korean film exports. It explores the export strategies of Korean movies from two novel perspectives: film popularity and copyright selection strategies in the global market. The next section provides an overview of our research question. Section III describes the data and presents the models employed in this study. Our study analyzes 729 Korean films (2,013 export contracts) released between 2016 and 2019. We revisit the exportability of Korean movies using a binary probit model and compare our findings to those of Lee, Kim, and Jun ( 2009 ). Next, this paper examines the determinants of Korean movie popularity. To measure the number of export contracts signed, we employ a Poisson regression model. Additionally, we use a binary probit model to analyze the choice between all-rights and specific rights. Section IV reports the results and implications. In this section, we offer rationales for our findings by explaining how Korean movies are able to overcome cultural barriers and pinpointing selective features that determine the comparative advantage of Korean movies. The final section discusses potential extensions for future research. Ⅱ. Overview This section provides an overview of the export performance of Korean films. illustrates the trends in the box office performance of exported Korean films and the number of export contracts from 2010 to 2019. Export performance doubled over the 10-year period, with the number of export contracts steadily increasing since 2010. shows the number of export contracts per film. About 50% of released Korean films were exported, and most films signed fewer than 10 export contracts. In contrast, few films secured a large number of export contracts. This indicates that most Korean films are exported to a limited number of markets, while only a few films reach a wide range of international markets [1] . We examine the relationship between film attributes and export performance. First, shows the mean differences in director and lead actor recognition between exportable and non-exportable films using a T-test. The results demonstrate that the mean values for director and star power are much higher for exported films than for non-exported films. Featuring renowned directors and stars provides an advantage in marketing films in the international market. T-test: Exportability and Director/Star Power Group Director Power Star Power Mean Std. err. Mean Std. err. Exportable 0.0184 0.0115 0.0252 0.0086 Non-Exportable 0.0002 0.0001 0.0006 0.0001 Difference 0.0182 0.0117 0.0246 0.0088 shows audience reviews for exported and non-exported films. The audience reviews for exported films were 5.47 points, which is 3.45 points higher than those for non-exported films. Since audience reviews can reduce uncertainty about a film's box office performance, films with better reviews tend to have a higher likelihood of securing export contracts. T-test: Audience Reviews and Exportability Group Mean Std. Err. Exported 5.473 0.131 Non-Exported 2.018 0.167 Difference 3.455 0.212 displays the number and export share of Korean films released during the study period categorized by film rating. The lowest proportion of exported films was among G-rated films, at 26.7%, while PG-15 films boasted the highest export share at 61.1%. Generally, G-rated films have an advantage in sales as they target all age groups. However, the higher export share of PG-15 rated Korean films suggests that these films possess a unique appeal that resonates with international audiences. This distinctive aspect seems to make PG-15 rated Korean films particularly attractive in the global market. Classification Ratings Rating Group Total Non-Exported Exported G 86 63 23 (27%%) PG 12 199 102 97 (48.7%) PG 15 278 108 170 (61.1%) PG 18 100 54 46 (46.0%) illustrates the export share by film genre. The Korean drama genre holds the highest export share at 37%. In terms of export share, crime films rank first (75%), followed by action films (69.6%) and horror films (66.7%). In contrast, documentaries have the lowest export share, at only 15.1%. One reason crime and action films perform well in international markets is that these genres can transcend language and cultural barriers, making them more appealing to global audiences. On the other hand, since documentaries often focus on Korea-specific political and social issues, they face considerable cultural barriers in export markets. shows the proportion of all-rights and other types of copyrights in annual export revenue. Export revenue has steadily increased with all-rights accounting for approximately 70%. All-rights contracts are preferred due to the lowered relative fixed cost of entry (per channel) and correlated revenue across the export channels. Therefore, many international film distributors are inclined to favour all-rights export contracts. The year gap represents the time difference between a film's release and the signing of its export contract: g(gap)=export contracted year-released year. A smaller year gap indicates that the film entered the international market more quickly, while a larger year gap means the film took longer after its release to secure an export opportunity. As shown in , the export density of Korean films drastically decreases as the year gap increases. This trend suggests that pubic interest in films tend to accelerate right after the release. However, as time passes, the audience’s novelty wears off, leading to the decline of its initial popularity in the international market. illustrates the distribution of copyrights based on the year gap. The choice of copyrights changes for different year gaps. For films with g=0, approximately 70% of exported Korean films are sold abroad through all-rights contracts. However, this proportion decreases to 25% for films exported one year after their release (g = 1), and further drops to 12% for films exported two years after their release (g = 2). It is likely to select all-rights distribution strategy despite of fog about their prospective sales. With limited information gauging interest is challenging for international distributors. In contrast, as fog is lifted, international distributors can predict their sales potentials more accurately. Consequently, older films often choose specific rights to target niche markets. illustrates the distribution of export contracts and corresponding copyright strategies by genre. Drama has the highest number of export contracts, with approximately 56% opting for all-rights contracts. In most film genres, the choice of all-rights contracts hovers around 60%. However, melodrama/romance and documentary genres have relatively lower proportions of all-rights contracts. This may be due to cultural differences that make these genres less appealing in international markets, leading distributors to prefer specific rights strategies to cater to niche audiences. If a film is contracted to distribute to only one country, then all rights export contracts prevail (64.8%). However, when a film is contracted for distribution across multiple countries, the proportion of all-rights contracts slightly decreases to 52.4%: . In export contracts for a single country, distributors find it easier to develop targeted marketing strategies. However, for export contracts involving multiple countries, due to the challenges in coordinating multi-national channel management and marketing, international distributors tend to prefer specific rights over all-rights contracts. III. Data and Model Our research utilizes the KOFIC data of Korean films. The sample period is from 2016 to 2019. We excluded the sample based on following criteria: (i) films with either animation or unclear genre (ii) Export contracts of ancillary rights such as inflight and hotel (iii) export contracts signed with a region (not a country). presents the description of dependent and independent variables and their sources. Dependent Variables We measure Korean film exports using three criteria. First, we classify each film based on whether it was exported during the research period. Films that were exported are coded as 1, while those that were not are coded as 0. Second, the number of export contracts for each film is considered. The total number of contracts executed for each released film serves as a measure popularity of Korean films. Finally, the type of copyright associated with each export contract is used as a dependent variable. All- rights contracts are coded as 1, while contracts granting specific rights are coded as 0. Independent Variables Independent variables are similar to Lee, Kim and Jun (2009). First, domestic box office sales in Korea are employed as an independent variable. A film's success in the domestic market can partially mitigate the uncertainty surrounding its potential success in international markets. Star/Director Power is another variable that can predict success in overseas markets. In our study, we used IMDb's Star/Director Ranking data. To facilitate smooth analysis, we divided 1 by the Star/Director rankings. Actors or directors without ranking data were assigned a value of 0 Since the recognition of actors and directors typically increases after a film's release, we used the Star/Director Power data from one year prior to the film's release. Audience reviews were analyzed using data provided by IMDb, which provides an indirect estimation of the film's quality. Ratings were categorized according to the Korea Media Rating Board (KMRB) criteria: G, PG12, PG15, and PG18. The variable 'D_Year_Gap' represents the difference between the film's release year and the year of the export contract. A value of ‘0’ indicates that both occurred in the same year, while a ‘1’ signifies that the contract year was later than the release year. 'Ln_Multiple_Countries' reflects the number of target countries specified in the export contract, acknowledging that some overseas distributors distribute to multiple countries with a single contract. Lastly, dummy variables for each genre were included in the analysis. Description of Variables Dependent Variables Description Source D_Exportability Export films are recorded as 1, otherwise recorded as 0 KOFIC N_Contract Number of export contracts concluded per film KOFIC D_All Rights The copyright type of the export contract is all rights=1, otherwise=0 KOFIC Independent Variables Description Source Ln_Korea_Box The logarithm of the Korean film box office value of a film in the release year. KOFIC Star_Power_t-1 Divide 1 by the star rank t-1 and multiply by 100 IMDb Director_Power_t-1 Divide 1 by the star rank t-1 and multiply by 100 IMDb Audience Reviews Audience ratings for films IMDb Rating Korean film rating is divided into 4 levels, G, PG 12, PG 15 and PG 18 KOFIC D_Year_gap The difference between the release year and the year in which the export contract was signed, coded as 1 if there is no difference (i.e., the same year), and 0 otherwise. KOFIC Ln_Multiple_Countries The logarithm of number of countries in which the importer shows the films. KOFIC Film Genre A total of 10 film genres are included：Horror, Documentary，Drama, Melodrama/Romance, Mystery, Crime, Thriller, Action, Comedy, Fantasy. KOFIC Model I: Exportability e of Korean Films To analyze the exportability of Korean films, we use a Probit model. This study does not use export volumes, since reliable data on the export volumes of individual Korean films is unavailable. Instead, the export status of film (whether exported or not) is used as a dependent variable to analyze the exportability of Korean films. The model Ⅰ is described below. P(Export=1/No Export=0) i =α i +β 1 log(Korea box office sales) i +β 2 log(Star power) it-1 + β 3 log(Director power) it-1 +β 4 (Reviews) i +β 5 (Rating) i +β 6 D(Film Genre) i +ε i Model II: Popularity of Korean Films Model II uses a Poisson regression model to examine popularity of Korean films .The dependent variable in this case is the number of export contracts signed per movie. Since 0 is included for non-exportable, OLS is not suitable. Therefore, we use Poisson regression for estimation. The model II is described below. (Number of Contracts) i =α i +β 1 log(Korea box office sales) i +β 2 log(Star power) it-1 +β 3 log(Director power) it-1 +β 4 (Reviews) i +β 5 (Rating) i +β 6 D(Film Genre) i +ε i Model III: Copy Rights Choice Finally, this article analyzes the export distribution (copyright) channel to investigate the profit-maximizing strategy perceived by international film distributors, ex-ante. A Probit model is to analyze the copyright choice strategy. The dependent variable is the export distribution (copyright) contract, coded as 1 if an all-rights copyright is chosen and 0 if specific rights are selected. The year gap and the number of countries involved in distribution are included as independent variables to enhance the explanatory power of distribution strategy. The model III are described below. P(All rights=1/Other copyright=0) i =α i +β 1 log(Korea box office sales) i +β 2 log(Star power) it-1 +β 3 log(Director power) it-1 +β 4 (Reviews) i +β 5 (Rating) i +β 6 D(Film Genre) i + β 7 D(Year gap) i + β 8 log(Multiple Countries) i +ε i is Summary Statistics of Model1 and Model2. and is Summary Statistics of Model 3. Summary Statistics: Model Ⅰ & Ⅱ Variable Obser Mean Std. Dev. Min Max Ln Korea Box 663 18.444 3.547 8.517 25.662 N_Contracts 663 3.036 5.069 0 40.000 Star_power_t-1 663 0.013 0.113 0 1.639 Director_power_t-1 663 0.009 0.151 0 3.448 Audience reviews 663 2.591 0.897 1 4.000 Dummy Variable Obs Frequency Exportability 663 Domestic=327, Export=336 Rating 663 G=86, PG12=199, PG15=278, PG18=100 Horror 663 1=15, Otherwise=648 Documentary 663 1=124, Otherwise=539 Drama 663 1=293, Otherwise=370 Melodrama_romance 663 1=75, Otherwise=588 Mystery 663 1=33, Otherwise=630 Crime 663 1=48, Otherwise=615 Thriller 663 1=58, Otherwise=605 Action 663 1=46, Otherwise=617 Comedy 663 1=83, Otherwise=580 Fantasy 663 1=20, Otherwise=643 Summary Statistics: Model Ⅲ Variable Obs Mean Std. Dev. Min Max Ln Korea Box 1784 22.167 2.530 9.393 25.662 Star_Power_t-1 1784 0 0.001 0 0.016 Director_Power_t-1 1784 0 0.001 0 0.034 Audience Reviews 1784 3.718 3.237 0 8.600 Dummy Variable Obs Frequency Copyrights type 1735 All rights=1167, Otherwise=568 Rating 1784 G=50, PG12=472, PG15=968, PG18=294 Year gap 1784 New=1445, Old=339 Horror 1784 1=57, Otherwise=1727 Documentary 1784 1=1784, Otherwise=47 Drama 1784 1=1001, Otherwise=783 Melodrama_romance 1784 1=1625, Otherwise=159 Mystery 1784 1=1630, Otherwise=154 Crime 1784 1=1525, Otherwise=259 Thriller 1784 1=1559, Otherwise=225 Action 1784 1=1504, Otherwise=280 Comedy 1784 1=1530, Otherwise=254 Fantasy 1784 1=1727, Otherwise=56 Ⅳ. Results & Implications presents the empirical results for three different models. The results derived from these models provide rich insights of export strategies of Korean films. Empirical Results Exportability Number of Contract Copyright (1) (2) (3) Ln_Korea_Boxoffice_sales 0.212*** 0.268*** 0.064*** (0.026) (0.011) (0.018) Star_Power_t1 6.963 0.244* 0.097 (10.679) (0.125) (0.182) Director_Power_t1 4.096 0.276*** 0.254** (15.564) (0.057) (0.106) Rating 0.067 0.245*** 0.094* (0.078) (0.036) (0.054) Audience_Reviews 0.095*** 0.179*** 0.008 (0.022) (0.018) (0.027) D_Year_gap 1.497*** (0.088) Ln_Mutiple_Countries -0.205*** (0.040) Genre_Horror 0.504 0.399*** 0.302 (0.431) (0.145) (0.231) Genre_Documentary -0.792*** -0.806*** -0.107 (0.222) (0.158) (0.236) Genre_Drama -0.007 0.038 -0.112 (0.169) (0.059) (0.091) Genre_Melodrama_romance 0.273 0.198** -0.249* (0.211) (0.087) (0.132) Genre_Mystery -0.114 0.121 0.073 (0.297) (0.091) (0.145) Genre_Crime -0.114 -0.077 -0.079 (0.258) (0.071) (0.111) Genre_Thriller -0.078 -0.043 0.276** (0.242) (0.078) (0.133) Genre_Action -0.133 0.094 0.263** (0.275) (0.075) (0.121) Genre_Comedy -0.031 0.046 -0.106 (0.196) (0.070) (0.111) Genre_Fantasy -0.221 0.051 0.567*** (0.332) (0.131) (0.218) Constant -4.278*** -6.046*** -2.376*** (0.557) (0.251) (0.390) Pseudo R 2 0.369 0.525 0.214 Observations 663 663 1,736 *** p<1%, ** p<5%, * p<10% Note: Standard error is shown in parentheses. 1. Model I: Exportability We re-examine the exportability of Korean movies. To make the comparisons, this paper adopts a similar model to Lee, Kim, and Jun (2009) and replicates the exportability of Korean movies with more current set of data. The significant and positive coefficient for the box office sales indicates that the domestic performance of a Korean film is a strong predictor of exportability. De Vany and Walls (1999) argued that predicting a film's success a priori is inherently difficult. McKenzie (2023) further argued that cultural difference turns out to be the main barrier to export films abroad. However, successful box office performance in the domestic market serves as an effective signal of successful exports. Lee, Kim and Jun (2009) also found that domestic performance variables such as the number of screens exhibited and star power contribute to the exportability of Korean films. Even though domestic performance variables are less than perfect, they serve as an effective guiding light for international film distributors. In our study period (2016-2019), director and star power did not significantly influence the exportability of Korean movies. Even though few Korean directors and stars recently have been spotlighted, Korean movie industry still does not generate many world well-known stars and directors. The audience review on the other hand exhibits significant positive effect on the exportability of Korean movies. Favorable reviews often signal the quality of a movie and serve as the success indicator in the exports market. Surprisingly, no genre significantly affects the exportability in Model I (except documentary genre). In case of documentary genre, the sign is negative and significant. This implies that Korean documentary films are unlikely to export. Many Korean documentary films deal with domestic political and social issues, which may not resonate with many foreign audiences. 2. Model II: Popularity of Korean Films (Number of Export Contracts) The popularity of a movie in the international market can be gauged by the number of export contracts signed, as more contracts generally indicate a broader reach across countries. However, with an increase in the number of export destinations, cultural barriers also grow (Holloway, 2017), posing a major challenge for foreign movies. To succeed, exporting films must overcome these barriers, yet many struggle to do so, resulting in limited international success. supplies a clue to this problem. Notice that domestic box office sales, director and star power, audience reviews, and rating have positive signs and significant in Model II. These factors make up high quality Korean movies which are more likely to succeed in the international market. The distinct feature of high quality movies is that they can overcome cultural barriers by attracting large audiences in overseas market. It is apparent that high quality Korean movies are popular despite of cultural differences. In contrast, Korean documentaries were unable to connect to foreign audiences for the reasons mentioned above. Some Korean horror and melodrama/romance films may possess emotional appeal that resonates with audiences but the number of these films is not numerous enough, making difficult to confirm as solid evidence. illustrates the relationship between the number of export countries and the number of export contracts for Korean films. [2] The short dashed line serves as the base line, where the number of export contracts equals the number of export countries. demonstrates a positive relationship between the number of export contracts and the number of export countries; as the number of export contract rises, the number of export countries tends to increase. The points above the short dash line represent movies that are exported to more countries than the number of contracts signed. We segregate the interval of X-axis (the number of export contracts) into the two intervals: [0, 10] and [11, 30]. Then estimate two different slopes for the two separate intervals to make the comparison. Notice that the slope of fitted line (2.90) over the interval [11, 30] is higher than the slope (2.39) over the interval [0, 10]. As its popularity increases, the more countries this movie is likely to export. This implies that the higher quality movie, the less likely to face cultural barriers. This evidence indicates that high quality Korean movies tend to have broader international appeal, so that they can transcend cultural barriers. 3. Model III: Choice of Export Distribution Channel Since the copyright selection strategy plays a pivotal role in determining export performance of an exported film, it is crucial for international film distributors to select an appropriate copyright. All-rights contracted films have advantage of distributing across multiple channels. Holloway (2017) and Lehmann and Weinburg (2000) found that revenues from multiple channels tend to be highly correlated. For example, successful box office performance in international market often generates high revenue in ancillary markets. However, all-rights contracted films must incur marketing cost related to all the channel managements along with the fixed entry cost. [3] So all-rights contracted films must generate sufficient revenue to recover these expenses. Only high revenue expected films should be selected as the all-rights contract by international film distributors. Therefore, it is important for international film distributors to foresee the prospect of an imported film. However, it is difficult to foresee the success of a movie, ex-ante . Examining the success possibility of a movie is like solving for a complicated jigsaw puzzle. We list the keywords that can make up the competitive advantage of Korean movies. provides a clue to select the keywords: director power, PG-15, action and thriller genres. [4] These keywords pinpoint intrinsic features that can make up comparative advantage of Korean movies. The Korean movies with these features can penetrate into the international market via all-rights contract. As explained in Section II, Korean movies with PG-15 rating tend to exhibit strong outcome in the export market. PG-15 rating may possess some violence which may go along with action and thriller genres. Therefore, PG-15, action and thriller genres with director power make up the comparative advantage of Korean movies in the international market. In return, international film distributors pursue all-rights contracts for Korean movies with these features. [5] Two other interesting features deserve some attention from . As the year gap (export contracted year-released year) widens, it is unlikely for Korean films to export via all-rights. If the year gap widens, we have sufficient information regarding this film. International distributors already take advantage of all the information and there is no point of pursuing all-rights since fog is lifted. However, if the year gap (g) is 0, we are in fog and uncertainty prevails. In this case, international distributors have incentive to pursue all-right contracts. They are more likely to exhibit risk-taking behaviour since they have already invested in those movies and seek to eagerly recover their investments. Tversky and Kahneman (1981) explained similar behaviour based on their prospect theory. People tend to be risk taking if they perceive they are in the range of losses. This may be the reason why international film distributors are likely to pursue all rights as the year gap disappears. The second interesting feature is when Korean movies are exported to multiple countries. The sign is negative and significant from . This implies that it is unlikely to export via all-rights when exported to multiple countries. Notice that there can be huge marketing cost of channel management in case of all-rights contract. Thus, if several countries are involved, the marketing cost can be substantial. Furthermore, Holloway (2017) highlighted the high cost of international market entry. This explains why all-rights contracts are often not preferred when Korean movies are exported to multiple countries. V. Concluding Remarks Instead of repeating the summary of this paper, we focus on the future research. The following directions for future research can be explored. The K-culture recently receives salient attention but related studies lack of scientific implications to clearly explain the framework of K-cultures. In the future, it would be valuable to design the relationships among the K-cultures in order to propose implications and suitable strategies. Therefore, the main task of future research is to develop the framework of K-cultures and draw the relationships among K-cultural products. Suppose that our purpose is to draw the relationship between Korean drama and film exports, then the first task may explore the causality test between the two variables. Then examine the determinants of Korean dramas and film exports to estimate the spill-over effects. The accurate framework can provide insights and deliver proper policy implications. However, in order to achieve the purpose, we need to obtain more micro data of many Korean cultural products. This is the main obstacle for the future research. Another research agenda is to tackle the export strategies of another country. China can be an interesting candidate. The main objective is to make the comparison between the two (China and Korea) in order to highlight different export strategies and draw some policy implications accordingly. The two countries happen to be successful in the international film market and seem to actively pursue export strategies. Thus, it would be worthwhile to make the comparison between the two export strategies. This research could focus on the distinct strategies employed by each country. China, with its large diaspora around the world, often targets this audience in its export strategy, where cultural factors may play a less significant role. Moreover, the reputation of Chinese films (like Hollywood movies) is strong enough to transcend cultural barriers. However, as Chinese films gain influence in non-Chinese speaking countries, the role of cultural export and cross-cultural communication strategies warrants further investigation. In contrast, Korean films face substantial cultural barriers, as discussed in this paper. Unless Korea continues to produce high-quality films, these barriers may hinder its film exports. Therefore, future research could examine how Korean films can overcome these challenges through policy support, international collaboration, and innovative marketing strategies to expand their global influence. By comparing the successes of both countries, this research will not only deepen our understanding of the export strategies of film industry but also provide practical insights for formulating more effective cultural industry policies. Declarations Competing Interests The authors declare that they have no competing interests. Funding This research received no external funding. Ethics Approval Not applicable. Consent for Publication Not applicable. Author Contributions Shi Young Lee conceived and designed the study. Yun Su Kim conducted the statistical analysis and wrote the manuscript. Ji Yeong Kim and Aihua Zhang collected and edited the data. All authors read and approved the final version of the manuscript. Data Availability The datasets used in this study are available from the corresponding author upon reasonable request. References Bordalo, P., Gennaoli, N., Lanzani, G., and A. Shleifer (2024), “A Cognitive Theory of Reasoning and Choice,” a working paper. Brewer, S. M., Kelley, J. M., & Jozefowicz, J. J. (2009). A blueprint for success in the US film industry . Applied Economics , 41(5), 589-606. https://doi.org/10.1080/00036840601007351 Craig, C. S., Greene, W. H., & Douglas, S. P. (2005). 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Marketing science , 25(6), 638-661. https://doi.org/10.1287/mksc.1050.0177 Hennig-Thurau, T., Marchand, A., & Hiller, B. (2012). The relationship between reviewer judgments and motion picture success: re-analysis and extension. Journal of Cultural Economics , 36, 249-283. https://doi.org/10.1007/s10824-012-9172-8 Holloway, I. R. (2017). Learning via sequential market entry: Evidence from international releases of US movies. Journal of International Economics , 104, 104-121. https://doi.org/10.1016/j.jinteco.2016.10.008 Kim, S. H., Park, N., & Park, S. H. (2013). Exploring the effects of online word of mouth and expert reviews on theatrical movies' box office success . Journal of Media Economics , 26(2), 98-114. https://doi.org/10.1080/08997764.2013.785551 Lee, S., Kim, E., & Jun, S. (2009). On the exportability of Korean Movies. Review of Development Economics , 13(1), 28-38. https://doi.org/10.1111/j.1467-9361.2008.00463.x Lehmann, D. R., & Weinberg, C. B. (2000). Sales through sequential distribution channels: An application to movies and videos . Journal of Marketing , 64(3), 18-33. https://doi.org/10.1509/jmkg.64.3.18.18026 McKenzie, J. (2023). The economics of movies (revisited): A survey of recent literature, Journal of Economic Surveys , 37(2), 480-525. https://doi.org/10.1111/joes.12498 Nelson, R. A., & Glotfelty, R. (2012). Movie stars and box office revenues: an empirical analysis. Journal of Cultural Economics , 36, 141-166. https://doi.org/10.1007/s10824-012-9159-5 Palsson, C., Price, J., & Shores, J. (2013). Ratings and revenues: Evidence from movie ratings. Contemporary Economic Policy , 31(1), 13-21. https://doi.org/10.1111/j.1465-7287.2012.00315.x Ravid, S. and S. Basuroy (2004), Managerial objectives, the R‐rating puzzle, and the production of violent films. The Journal of Business , 77(S2), S155-S192. https://doi.org/10.1086/381638 Tang, Y., Yan, J., & Yu, F. (2018). Multi-product firms, heterogeneous quality and exporting behaviour: product-level evidence from the movie industry. Applied Economics , 50(54), 5920-5934. https://doi.org/10.1080/00036846.2018.1489506 Tversky, A. and D. Kahneman (1981), “The Framing of Decisions and the Psychology of Choice,” Science , 211, 453-458. DOI: 10.1126/science.7455683 Wirtz, B. W. (1999). Convergence processes, value constellations and integration strategies in the multimedia business . International Journal on Media Management , 1(1), 14-22. https://doi.org/10.1080/14241279909384482 Footnotes Among these, few films were exported with numerous export contracts, notably the Palme d'Or winner at the 2019 Cannes Film Festival, Parasite, which secured a total of 40 export contracts. The number of countries is the sum of the number of exported countries specified in the export contract for each film. In some export contracts, only the number of export countries is specified but the identities of export countries are not revealed. In this case, the exact number of export countries for each film cannot be counted. Instead, the above figure shows the number of export countries for each export contract. Therefore, we cannot exactly measure the number of export countries per film. However, the fixed entry cost per channel is relatively lower for all-rights contract than specific right contract. Even though fantasy genre is significant and positive from , we disregard this genre because of insufficient number of samples. When people make assessments prior to decisions, they tend to focus selective attention to certain features: Bordalo et al ( 2024 ). This is why people make different assessments and choices on the same issue. 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Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {"props":{"pageProps":{"initialData":{"identity":"rs-6217584","acceptedTermsAndConditions":true,"allowDirectSubmit":true,"archivedVersions":[],"articleType":"Research Article","associatedPublications":[],"authors":[{"id":430216352,"identity":"35789397-46a5-42ce-8c21-cd4ab8478059","order_by":0,"name":"Shi Young Lee","email":"","orcid":"","institution":"Chung-Ang University Faculty of Business and Economics","correspondingAuthor":false,"prefix":"","firstName":"Shi","middleName":"Young","lastName":"Lee","suffix":""},{"id":430216353,"identity":"04958f83-6a41-417f-8b05-52077b32779a","order_by":1,"name":"Yun su Kim","email":"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAZAAAAAyAQMAAABI0h/eAAAABlBMVEX///8AAABVwtN+AAAACXBIWXMAAA7EAAAOxAGVKw4bAAAA3ElEQVRIiWNgGAWjYDCCGyDCwMaOsZn5ANFaGBsYCtKSmdvZEkjR8uEwY3s/jwFxOvhutz9/XGDAzMzbzPPtwc82m3wG9sNHN+DTInnnjGHzDAM2Pslm3u2GvW1plg08aWk38GkxuJHD2MxjwMNs2My7TYLnzGEDBgkeMwJa0h8CtUgw7j/M80zyz5n/xGhJMARqMWBsbOZhk+apOEBYC8gvs3kMEpIZm9nMpGUqkg3YCPkFGGIPPvP8+W/H2H/4meQbAzsDfvbDx/BqwQRspCkfBaNgFIyCUYANAADaOEhcKVgX0wAAAABJRU5ErkJggg==","orcid":"https://orcid.org/0000-0002-6618-424X","institution":"Chung-Ang University Faculty of Business and Economics","correspondingAuthor":true,"prefix":"","firstName":"Yun","middleName":"su","lastName":"Kim","suffix":""},{"id":430216354,"identity":"fc50f0a9-9f25-405a-b24e-7a0c373bd6b4","order_by":2,"name":"Ji Yeong Kim","email":"","orcid":"","institution":"Chung-Ang University Faculty of Business and Economics","correspondingAuthor":false,"prefix":"","firstName":"Ji","middleName":"Yeong","lastName":"Kim","suffix":""},{"id":430216355,"identity":"c92fedfd-d99e-429c-9d05-f701186cf6d1","order_by":3,"name":"Aihua Zhang","email":"","orcid":"","institution":"Chung-Ang University Faculty of Business and Economics","correspondingAuthor":false,"prefix":"","firstName":"Aihua","middleName":"","lastName":"Zhang","suffix":""}],"badges":[],"createdAt":"2025-03-13 07:49:24","currentVersionCode":1,"declarations":"","doi":"10.21203/rs.3.rs-6217584/v1","doiUrl":"https://doi.org/10.21203/rs.3.rs-6217584/v1","draftVersion":[],"editorialEvents":[],"editorialNote":"","failedWorkflow":false,"files":[{"id":78821784,"identity":"c3731fdb-bff7-4ce5-92e9-049be93014ce","added_by":"auto","created_at":"2025-03-19 11:43:50","extension":"png","order_by":1,"title":"Figure 1","display":"","copyAsset":false,"role":"figure","size":27699,"visible":true,"origin":"","legend":"\u003cp\u003eKorean Film Export Sales and Number of Export Contracts\u003c/p\u003e","description":"","filename":"1.png","url":"https://assets-eu.researchsquare.com/files/rs-6217584/v1/a431cb5c78369bd5e3b78238.png"},{"id":78821789,"identity":"549f5322-f3fc-48fb-8d7d-823cfb7db683","added_by":"auto","created_at":"2025-03-19 11:43:50","extension":"png","order_by":2,"title":"Figure 2","display":"","copyAsset":false,"role":"figure","size":15133,"visible":true,"origin":"","legend":"\u003cp\u003eDistribution of the Number of Export Contracts\u003c/p\u003e","description":"","filename":"2.png","url":"https://assets-eu.researchsquare.com/files/rs-6217584/v1/bb6c474871fc31a2d486ac27.png"},{"id":78822230,"identity":"5a483d33-406b-41ab-8a08-6653d34e3a5e","added_by":"auto","created_at":"2025-03-19 11:51:50","extension":"png","order_by":3,"title":"Figure 3","display":"","copyAsset":false,"role":"figure","size":25605,"visible":true,"origin":"","legend":"\u003cp\u003e\u003cstrong\u003eExport Share by Genre\u003c/strong\u003e\u003c/p\u003e","description":"","filename":"3.png","url":"https://assets-eu.researchsquare.com/files/rs-6217584/v1/c36700b85cd932a3dce787c4.png"},{"id":78822232,"identity":"51d74cf1-42dc-4a40-be32-3ea592339705","added_by":"auto","created_at":"2025-03-19 11:51:50","extension":"png","order_by":4,"title":"Figure 4","display":"","copyAsset":false,"role":"figure","size":22637,"visible":true,"origin":"","legend":"\u003cp\u003e\u003cstrong\u003eProportions \u0026amp; Volumes of Korean Film Exports: All Rights vs. Specific Rights\u003c/strong\u003e\u003c/p\u003e","description":"","filename":"4.png","url":"https://assets-eu.researchsquare.com/files/rs-6217584/v1/e09c285f83a812eaf1a7b201.png"},{"id":78821786,"identity":"c94fd6e3-4b7d-4f19-aa36-6a460583f604","added_by":"auto","created_at":"2025-03-19 11:43:50","extension":"png","order_by":5,"title":"Figure 5","display":"","copyAsset":false,"role":"figure","size":14455,"visible":true,"origin":"","legend":"\u003cp\u003eYear Gaps\u003c/p\u003e","description":"","filename":"5.png","url":"https://assets-eu.researchsquare.com/files/rs-6217584/v1/4a9d34aeef6f099ec2604d8b.png"},{"id":78821792,"identity":"5a597c1a-7899-4508-bd91-87e0796b9d66","added_by":"auto","created_at":"2025-03-19 11:43:50","extension":"png","order_by":6,"title":"Figure 6","display":"","copyAsset":false,"role":"figure","size":17496,"visible":true,"origin":"","legend":"\u003cp\u003eAll Rights vs. Specific Rights by Year Gap\u003c/p\u003e","description":"","filename":"6.png","url":"https://assets-eu.researchsquare.com/files/rs-6217584/v1/a6ddffbe9e11a599041bd715.png"},{"id":78822233,"identity":"38301f7c-df72-4fc5-a882-ad2a47748bd8","added_by":"auto","created_at":"2025-03-19 11:51:50","extension":"png","order_by":7,"title":"Figure 7","display":"","copyAsset":false,"role":"figure","size":24745,"visible":true,"origin":"","legend":"\u003cp\u003eCopyrights by Genre\u003c/p\u003e","description":"","filename":"7.png","url":"https://assets-eu.researchsquare.com/files/rs-6217584/v1/2610ccf94a932a086439de5e.png"},{"id":78821800,"identity":"3a4d1083-7c8f-49bd-90f3-f9ba6d35d969","added_by":"auto","created_at":"2025-03-19 11:43:50","extension":"png","order_by":8,"title":"Figure 8","display":"","copyAsset":false,"role":"figure","size":14827,"visible":true,"origin":"","legend":"\u003cp\u003eCopyrights \u0026amp; Number of Distributed Countries\u003c/p\u003e","description":"","filename":"8.png","url":"https://assets-eu.researchsquare.com/files/rs-6217584/v1/931d6b53171f5f2dab63f9f2.png"},{"id":78823095,"identity":"0e07dd9e-4e3a-4b02-8aac-f0e488033663","added_by":"auto","created_at":"2025-03-19 11:59:50","extension":"png","order_by":9,"title":"Figure 9","display":"","copyAsset":false,"role":"figure","size":28827,"visible":true,"origin":"","legend":"\u003cp\u003e\u003cstrong\u003eRelationship between Number of Export Contracts and Number of Exported Countries (of Korean Films)\u003c/strong\u003e\u003c/p\u003e","description":"","filename":"9.png","url":"https://assets-eu.researchsquare.com/files/rs-6217584/v1/bd58541be75f290916d1d8d2.png"},{"id":85308632,"identity":"391aac0a-b6d1-43cc-9965-9166be4cbc84","added_by":"auto","created_at":"2025-06-24 13:12:35","extension":"pdf","order_by":0,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":1167304,"visible":true,"origin":"","legend":"","description":"","filename":"manuscript.pdf","url":"https://assets-eu.researchsquare.com/files/rs-6217584/v1/6df78741-5b1b-4edc-9f0d-802e09ef4dd0.pdf"},{"id":78821785,"identity":"688199c8-7ff6-46f7-9234-c3a6421bacf0","added_by":"auto","created_at":"2025-03-19 11:43:50","extension":"docx","order_by":1,"title":"","display":"","copyAsset":false,"role":"supplement","size":15054,"visible":true,"origin":"","legend":"","description":"","filename":"Appendix.docx","url":"https://assets-eu.researchsquare.com/files/rs-6217584/v1/88018aa82b9bfe6951ed87b0.docx"}],"financialInterests":"","formattedTitle":"Export Strategies of Korean Movies","fulltext":[{"header":"Ⅰ. Introduction","content":"\u003cp\u003eThe Korean film industry has experienced rapid growth since the late 2000s, driven by investments in enhanced content quality, which earned recognition at international film festivals. According to the Motion Picture Association, Korean films generated \u003cspan\u003e$\u003c/span\u003e1.6\u0026nbsp;billion in revenue in 2019, capturing 3.8% of the global market (ranking fourth globally). Over the past decade, Korean film exports more than doubled, increasing from \u003cspan\u003e$\u003c/span\u003e15\u0026nbsp;million in 2010 to \u003cspan\u003e$\u003c/span\u003e37.8\u0026nbsp;million in 2019.\u003c/p\u003e \u003cp\u003eExisting literature has started to explore the rapid growth of Korean film exports. For instance, Lee, Kim, and Jun (\u003cspan citationid=\"CR11\" class=\"CitationRef\"\u003e2009\u003c/span\u003e) examined the exportability of Korean films and found that domestic performance variables, such as the number of domestic screens and the recognition of leading actors, turn out to be the significant predictors of exportability. Similarly, Kim, Park, and Park (\u003cspan citationid=\"CR10\" class=\"CitationRef\"\u003e2013\u003c/span\u003e) investigated ways to enhance export performance by reducing uncertainty, finding that frequent online word-of-mouth improves film awareness in international markets, helping audiences make informed choices.\u003c/p\u003e \u003cp\u003eWhile these studies provide valuable insights into the exportability and performance of Korean films, they overlook two key pillars that shape export strategies for motion pictures: (i) the number of export contracts, which indicates a movie\u0026rsquo;s popularity, and (ii) export distribution channels (e.g., theater, streaming, pay TV, internet, and VOD), which determine how films reach international audiences.\u003c/p\u003e \u003cp\u003eThe literature above overlooked these two pillars for the following reasons. First, in the past, many Korean movies lacked the popularity needed to secure multiple export contracts. Only a few outliers achieved success in the international market, making it challenging to identify consistent patterns in successful export strategies. Second, until the 2010s, export distribution channels were not sufficiently differentiated to make the strategic inference. As a result, it was unable to derive strategic implications regarding export distribution channels.\u003c/p\u003e \u003cp\u003eThe purpose of this paper is three-fold. The first purpose is to re-investigate the exportability of Korean movies and compare the findings with those of Lee, Kim, and Jun (\u003cspan citationid=\"CR11\" class=\"CitationRef\"\u003e2009\u003c/span\u003e). This study also reports similar findings regarding the determinants of Korean movie exportability. It then focuses on two key pillars that the existing literature has previously overlooked. Therefore, the second purpose is to examine what determines the popularity of Korean export films. The final purpose is to explore how to select the copyright strategies (all-rights vs. specific rights). By analyzing these pillars, this study investigates how international distributors seek to maximize expected profits through export contracts and copyright choices in Korean films. To the best of our knowledge, this is the first in-depth study to focus on these two pillars, offering new insights for successful export strategies.\u003c/p\u003e \u003cp\u003eThese two pillars are crucial in determining the success of exported films in international markets. The first pillar reflects a film's popularity among international distributors. Various factors contribute to a film's international popularity, often requiring it to be exported to several countries. However, cultural barriers pose a major challenge for foreign movies. Unless these films overcome cultural barriers, they are unlikely to succeed in the global film market. Holloway (\u003cspan citationid=\"CR9\" class=\"CitationRef\"\u003e2017\u003c/span\u003e) emphasized that understanding and bridging cultural differences are essential for implementing a successful export strategy. While many Hollywood films are able to surmount these barriers, most foreign films face challenges that limit their international success. This study identifies specific factors that define high-quality Korean movies capable of overcoming cultural barriers. Despite cultural differences, high-quality movies can penetrate international markets and succeed.\u003c/p\u003e \u003cp\u003eThe second pillar is the copyright selection strategy. The revenue generated from exported films varies based on copyright structure, with different channels like theater, streaming, TV, and VOD offering unique revenue potentials. \"All-rights\" agreements allow for simultaneous or sequential distribution across channels, while \"specific rights\" restrict distribution to particular channels. According to Lehmann and Weinberg (\u003cspan citationid=\"CR12\" class=\"CitationRef\"\u003e2000\u003c/span\u003e) and Holloway (\u003cspan citationid=\"CR9\" class=\"CitationRef\"\u003e2017\u003c/span\u003e), revenue from one channel often correlates with that from another, prompting international distributors to prefer all-rights agreements for films expected to generate high returns. Films with lower expected profits often opt for limited channel distribution to minimize costs. This study explores the selective features that determine the comparative advantage of Korean movies in adopting all-rights distribution strategies. International distributors pay selective attention to these features and are more likely to adopt all-rights contracts for films with such characteristics.\u003c/p\u003e \u003cp\u003eThis paper contributes to the existing literature by offering a multifaceted analysis of Korean film exports. It explores the export strategies of Korean movies from two novel perspectives: film popularity and copyright selection strategies in the global market.\u003c/p\u003e \u003cp\u003eThe next section provides an overview of our research question. Section III describes the data and presents the models employed in this study. Our study analyzes 729 Korean films (2,013 export contracts) released between 2016 and 2019. We revisit the exportability of Korean movies using a binary probit model and compare our findings to those of Lee, Kim, and Jun (\u003cspan citationid=\"CR11\" class=\"CitationRef\"\u003e2009\u003c/span\u003e). Next, this paper examines the determinants of Korean movie popularity. To measure the number of export contracts signed, we employ a Poisson regression model. Additionally, we use a binary probit model to analyze the choice between all-rights and specific rights. Section IV reports the results and implications. In this section, we offer rationales for our findings by explaining how Korean movies are able to overcome cultural barriers and pinpointing selective features that determine the comparative advantage of Korean movies. The final section discusses potential extensions for future research.\u003c/p\u003e"},{"header":"Ⅱ. Overview","content":"\u003cp\u003eThis section provides an overview of the export performance of Korean films. \u0026lt;Figure 1\u0026gt; illustrates the trends in the box office performance of exported Korean films and the number of export contracts from 2010 to 2019. Export performance doubled over the 10-year period, with the number of export contracts steadily increasing since 2010.\u003c/p\u003e\n\u003cp\u003e\u0026lt;Figure 2\u0026gt; shows the number of export contracts per film. About 50% of released Korean films were exported, and most films signed fewer than 10 export contracts. In contrast, few films secured a large number of export contracts. This indicates that most Korean films are exported to a limited number of markets, while only a few films reach a wide range of international markets\u003csup\u003e\u003csup\u003e[1]\u003c/sup\u003e\u003c/sup\u003e.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eWe examine the relationship between film attributes and export performance. First, \u0026lt;Table 1\u0026gt; shows the mean differences in director and lead actor recognition between exportable and non-exportable films using a T-test. The results demonstrate that the mean values for director and star power are much higher for exported films than for non-exported films. Featuring renowned directors and stars provides an advantage in marketing films in the international market.\u003c/p\u003e\n\u003cp\u003e\u0026lt;Table 1\u0026gt; T-test: Exportability and Director/Star Power\u003c/p\u003e\n\u003ctable border=\"0\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"2\" style=\"width: 19px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eGroup\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"2\" style=\"width: 40px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eDirector Power\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"2\" style=\"width: 40px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eStar Power\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 19px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eMean\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 20px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eStd. err.\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 19px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eMean\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 20px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eStd. err.\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 19px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eExportable\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 19px;\"\u003e\n \u003cp\u003e0.0184\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 20px;\"\u003e\n \u003cp\u003e0.0115\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 19px;\"\u003e\n \u003cp\u003e0.0252\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 20px;\"\u003e\n \u003cp\u003e0.0086\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 19px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eNon-Exportable\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 19px;\"\u003e\n \u003cp\u003e0.0002\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 20px;\"\u003e\n \u003cp\u003e0.0001\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 19px;\"\u003e\n \u003cp\u003e0.0006\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 20px;\"\u003e\n \u003cp\u003e0.0001\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 19px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eDifference\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 19px;\"\u003e\n \u003cp\u003e0.0182\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 20px;\"\u003e\n \u003cp\u003e0.0117\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 19px;\"\u003e\n \u003cp\u003e0.0246\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 20px;\"\u003e\n \u003cp\u003e0.0088\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003e\u0026lt;Table 2\u0026gt;shows audience reviews for exported and non-exported films. The audience reviews for exported films were 5.47 points, which is 3.45 points higher than those for non-exported films. Since audience reviews can reduce uncertainty about a film\u0026apos;s box office performance, films with better reviews tend to have a higher likelihood of securing export contracts.\u003c/p\u003e\n\u003cp\u003e\u0026lt;Table 2\u0026gt; T-test: Audience Reviews and Exportability\u003c/p\u003e\n\u003ctable border=\"0\" cellspacing=\"0\" cellpadding=\"0\" width=\"612\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 204px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eGroup\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 204px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eMean\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 204px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eStd. Err.\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 204px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eExported\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 204px;\"\u003e\n \u003cp\u003e5.473\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 204px;\"\u003e\n \u003cp\u003e0.131\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 204px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eNon-Exported\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 204px;\"\u003e\n \u003cp\u003e2.018\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 204px;\"\u003e\n \u003cp\u003e0.167\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 204px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eDifference\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 204px;\"\u003e\n \u003cp\u003e3.455\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 204px;\"\u003e\n \u003cp\u003e0.212\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003e\u0026lt;Table 3\u0026gt; displays the number and export share of Korean films released during the study period categorized by film rating. The lowest proportion of exported films was among G-rated films, at 26.7%, while PG-15 films boasted the highest export share at 61.1%. Generally, G-rated films have an advantage in sales as they target all age groups. However, the higher export share of PG-15 rated Korean films suggests that these films possess a unique appeal that resonates with international audiences. This distinctive aspect seems to make PG-15 rated Korean films particularly attractive in the global market.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u0026lt;Table 3\u0026gt; Classification Ratings\u003c/p\u003e\n\u003ctable border=\"0\" cellspacing=\"0\" cellpadding=\"0\" width=\"612\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 153px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eRating Group\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 153px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eTotal\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 153px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eNon-Exported\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 153px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eExported\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 153px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eG\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 153px;\"\u003e\n \u003cp\u003e86\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 153px;\"\u003e\n \u003cp\u003e63\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 153px;\"\u003e\n \u003cp\u003e23 (27%%)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 153px;\"\u003e\n \u003cp\u003e\u003cstrong\u003ePG 12\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 153px;\"\u003e\n \u003cp\u003e199\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 153px;\"\u003e\n \u003cp\u003e102\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 153px;\"\u003e\n \u003cp\u003e97 (48.7%)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 153px;\"\u003e\n \u003cp\u003e\u003cstrong\u003ePG 15\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 153px;\"\u003e\n \u003cp\u003e278\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 153px;\"\u003e\n \u003cp\u003e108\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 153px;\"\u003e\n \u003cp\u003e170 (61.1%)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 153px;\"\u003e\n \u003cp\u003e\u003cstrong\u003ePG 18\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 153px;\"\u003e\n \u003cp\u003e100\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 153px;\"\u003e\n \u003cp\u003e54\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 153px;\"\u003e\n \u003cp\u003e46 (46.0%)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003e\u0026lt;Figure 3\u0026gt; illustrates the export share by film genre. The Korean drama genre holds the highest export share at 37%. In terms of export share, crime films rank first (75%), followed by action films (69.6%) and horror films (66.7%). In contrast, documentaries have the lowest export share, at only 15.1%. One reason crime and action films perform well in international markets is that these genres can transcend language and cultural barriers, making them more appealing to global audiences. On the other hand, since documentaries often focus on Korea-specific political and social issues, they face considerable cultural barriers in export markets.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u0026lt;Figure 4\u0026gt; shows the proportion of all-rights and other types of copyrights in annual export revenue. Export revenue has steadily increased with all-rights accounting for approximately 70%. All-rights contracts are preferred due to the lowered relative fixed cost of entry (per channel) and correlated revenue across the export channels. Therefore, many international film distributors are inclined to favour all-rights export contracts.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eThe year gap represents the time difference between a film\u0026apos;s release and the signing of its export contract: g(gap)=export contracted year-released year. A smaller year gap indicates that the film entered the international market more quickly, while a larger year gap means the film took longer after its release to secure an export opportunity. As shown in \u0026lt;Figure 5\u0026gt;, the export density of Korean films drastically decreases as the year gap increases. This trend suggests that pubic interest in films tend to accelerate right after the release. However, as time passes, the audience\u0026rsquo;s novelty wears off, leading to the decline of its initial popularity in the international market.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u0026lt;Figure 6\u0026gt; illustrates the distribution of copyrights based on the year gap. The choice of copyrights changes for different year gaps. For films with g=0, approximately 70% of exported Korean films are sold abroad through all-rights contracts. However, this proportion decreases to 25% for films exported one year after their release (g = 1), and further drops to 12% for films exported two years after their release (g = 2). It is likely to select all-rights distribution strategy despite of fog about their prospective sales. With limited information gauging interest is challenging for international distributors. In contrast, as fog is lifted, international distributors can predict their sales potentials more accurately. Consequently, older films often choose specific rights to target niche markets.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u0026lt;Figure 7\u0026gt; illustrates the distribution of export contracts and corresponding copyright strategies by genre. Drama has the highest number of export contracts, with approximately 56% opting for all-rights contracts. In most film genres, the choice of all-rights contracts hovers around 60%. However, melodrama/romance and documentary genres have relatively lower proportions of all-rights contracts. This may be due to cultural differences that make these genres less appealing in international markets, leading distributors to prefer specific rights strategies to cater to niche audiences.\u003c/p\u003e\n\u003cp\u003eIf a film is contracted to distribute to only one country, then all rights export contracts prevail (64.8%). However, when a film is contracted for distribution across multiple countries, the proportion of all-rights contracts slightly decreases to 52.4%: \u0026lt;Figure 8\u0026gt;. In export contracts for a single country, distributors find it easier to develop targeted marketing strategies. However, for export contracts involving multiple countries, due to the challenges in coordinating multi-national channel management and marketing, international distributors tend to prefer specific rights over all-rights contracts.\u003c/p\u003e"},{"header":"III. Data and Model","content":"\u003cp\u003eOur research utilizes the KOFIC data of Korean films. The sample period is from 2016 to 2019. We excluded the sample based on following criteria: (i) films with either animation or unclear genre (ii) Export contracts of ancillary rights such as inflight and hotel (iii) export contracts signed with a region (not a country).\u003c/p\u003e\n\u003cp\u003e\u0026lt;Table 4\u0026gt; presents the description of dependent and independent variables and their sources.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eDependent Variables\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eWe measure Korean film exports using three criteria. First, we classify each film based on whether it was exported during the research period. Films that were exported are coded as 1, while those that were not are coded as 0. Second, the number of export contracts for each film is considered. The total number of contracts executed for each released film serves as a measure\u0026nbsp;popularity of Korean films. Finally, the type of copyright associated with each export contract is used as a dependent variable. All- rights contracts are coded as 1, while contracts granting specific rights are coded as 0.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eIndependent Variables\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eIndependent variables are similar to Lee, Kim and Jun (2009). First, domestic box office sales in Korea are employed as an independent variable. A film's success in the domestic market can partially mitigate the uncertainty surrounding its potential success in international markets.\u003c/p\u003e\n\u003cp\u003eStar/Director Power is another variable that can predict success in overseas markets. In our study, we used IMDb's Star/Director Ranking data. To facilitate smooth analysis, we divided 1 by the Star/Director rankings. Actors or directors without ranking data were assigned a value of 0 Since the recognition of actors and directors typically increases after a film's release, we used the Star/Director Power data from one year prior to the film's release.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eAudience reviews were analyzed using data provided by IMDb, which provides an indirect estimation of the film's quality. Ratings were categorized according to the Korea Media Rating Board (KMRB) criteria: G, PG12, PG15, and PG18. The variable 'D_Year_Gap' represents the difference between the film's release year and the year of the export contract. A value of ‘0’ indicates that both occurred in the same year, while a ‘1’ signifies that the contract year was later than the release year. 'Ln_Multiple_Countries' reflects the number of target countries specified in the export contract, acknowledging that some overseas distributors distribute to multiple countries with a single contract. Lastly, dummy variables for each genre were included in the analysis.\u003c/p\u003e\n\u003cp\u003e\u0026lt;Table 4\u0026gt; Description of Variables\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd\u003e\n \u003cp\u003e\u003cstrong\u003eDependent\u003c/strong\u003e\u003c/p\u003e\n \u003cp\u003e\u003cstrong\u003eVariables\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003e\u003cstrong\u003eDescription\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003e\u003cstrong\u003eSource\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd\u003e\n \u003cp\u003eD_Exportability\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003eExport films are recorded as 1, otherwise recorded as 0\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003eKOFIC\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd\u003e\n \u003cp\u003eN_Contract\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003eNumber of export contracts concluded per film\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003eKOFIC\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd\u003e\n \u003cp\u003eD_All Rights\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003eThe copyright type of the export contract is all rights=1, otherwise=0\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003eKOFIC\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd\u003e\n \u003cp\u003e\u003cstrong\u003eIndependent\u003c/strong\u003e\u003c/p\u003e\n \u003cp\u003e\u003cstrong\u003eVariables\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003e\u003cstrong\u003eDescription\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003e\u003cstrong\u003eSource\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd\u003e\n \u003cp\u003eLn_Korea_Box\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003eThe logarithm of the Korean film box office value of a film in the release year.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003eKOFIC\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd\u003e\n \u003cp\u003eStar_Power_t-1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003eDivide 1 by the star rank t-1 and multiply by 100\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003eIMDb\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd\u003e\n \u003cp\u003eDirector_Power_t-1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003eDivide 1 by the star rank t-1 and multiply by 100\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003eIMDb\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd\u003e\n \u003cp\u003eAudience Reviews\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003eAudience ratings for films\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003eIMDb\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd\u003e\n \u003cp\u003eRating\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003eKorean film rating is divided into 4 levels, G, PG 12, PG 15 and PG 18\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003eKOFIC\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd\u003e\n \u003cp\u003eD_Year_gap\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003eThe difference between the release year and the year in which the export contract was signed, coded as 1 if there is no difference (i.e., the same year), and 0 otherwise.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003eKOFIC\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd\u003e\n \u003cp\u003eLn_Multiple_Countries\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003eThe logarithm of number of countries in which the importer shows the films.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003eKOFIC\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd\u003e\n \u003cp\u003eFilm Genre\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003eA total of 10 film genres are included：Horror, Documentary，Drama, Melodrama/Romance, Mystery, Crime, Thriller, Action, Comedy, Fantasy.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd\u003e\n \u003cp\u003eKOFIC\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003eModel I: Exportability e of Korean Films\u003c/p\u003e\n\u003cp\u003eTo analyze the exportability of Korean films, we use a Probit model. This study does not use export volumes, since reliable data on the export volumes of individual Korean films is unavailable. Instead, the export status of film (whether exported or not) is used as a dependent variable to analyze the exportability of Korean films.\u003c/p\u003e\n\u003cp\u003e\u003cu\u003eThe model Ⅰ is described below.\u003c/u\u003e\u003c/p\u003e\n\u003cp\u003eP(Export=1/No Export=0)\u003csub\u003ei\u003c/sub\u003e=α\u003csub\u003ei\u003c/sub\u003e+β\u003csub\u003e1\u003c/sub\u003elog(Korea box office sales)\u003csub\u003ei\u003c/sub\u003e+β\u003csub\u003e2\u003c/sub\u003elog(Star power)\u003csub\u003eit-1\u003c/sub\u003e+\u003c/p\u003e\n\u003cp\u003eβ\u003csub\u003e3\u003c/sub\u003elog(Director power)\u003csub\u003eit-1\u003c/sub\u003e+β\u003csub\u003e4\u003c/sub\u003e(Reviews)\u003csub\u003ei\u003c/sub\u003e+β\u003csub\u003e5\u003c/sub\u003e(Rating)\u003csub\u003ei\u003c/sub\u003e+β\u003csub\u003e6\u003c/sub\u003eD(Film Genre)\u003csub\u003ei\u003c/sub\u003e+ε\u003csub\u003ei\u003c/sub\u003e\u003c/p\u003e\n\u003cp\u003eModel II: Popularity of Korean Films\u003c/p\u003e\n\u003cp\u003eModel II uses a Poisson regression model to examine popularity of Korean films .The dependent variable in this case is the number of export contracts signed per movie. Since 0 is included for non-exportable, OLS is not suitable. \u0026nbsp;Therefore, we use Poisson regression for estimation.\u003c/p\u003e\n\u003cp\u003e\u003cu\u003eThe model II is described below.\u003c/u\u003e\u003c/p\u003e\n\u003cp\u003e(Number of Contracts)\u003csub\u003ei\u003c/sub\u003e=α\u003csub\u003ei\u003c/sub\u003e+β\u003csub\u003e1\u003c/sub\u003elog(Korea box office sales)\u003csub\u003ei\u003c/sub\u003e+β\u003csub\u003e2\u003c/sub\u003elog(Star power)\u003csub\u003eit-1\u003c/sub\u003e+β\u003csub\u003e3\u003c/sub\u003elog(Director power)\u003csub\u003eit-1\u003c/sub\u003e+β\u003csub\u003e4\u003c/sub\u003e(Reviews)\u003csub\u003ei\u003c/sub\u003e+β\u003csub\u003e5\u003c/sub\u003e(Rating)\u003csub\u003ei\u003c/sub\u003e+β\u003csub\u003e6\u003c/sub\u003eD(Film Genre)\u003csub\u003ei\u003c/sub\u003e+ε\u003csub\u003ei\u003c/sub\u003e\u003c/p\u003e\n\u003cp\u003eModel III: Copy Rights Choice\u003c/p\u003e\n\u003cp\u003eFinally, this article analyzes the export distribution (copyright) channel to investigate the profit-maximizing strategy perceived by international film distributors, \u003cem\u003eex-ante.\u0026nbsp;\u003c/em\u003eA Probit model is to analyze the copyright choice strategy. The dependent variable is the export distribution (copyright) contract, coded as 1 if an all-rights copyright is chosen and 0 if specific rights are selected. The year gap and the number of countries involved in distribution are included as independent variables to enhance the explanatory power of distribution strategy.\u003c/p\u003e\n\u003cp\u003e\u003cu\u003eThe model III are described below.\u003c/u\u003e\u003c/p\u003e\n\u003cp\u003eP(All rights=1/Other copyright=0)\u003csub\u003ei\u003c/sub\u003e=α\u003csub\u003ei\u003c/sub\u003e+β\u003csub\u003e1\u003c/sub\u003elog(Korea box office sales)\u003csub\u003ei\u003c/sub\u003e+β\u003csub\u003e2\u003c/sub\u003elog(Star power)\u003csub\u003eit-1\u003c/sub\u003e+β\u003csub\u003e3\u003c/sub\u003elog(Director power)\u003csub\u003eit-1\u003c/sub\u003e+β\u003csub\u003e4\u003c/sub\u003e(Reviews)\u003csub\u003ei\u003c/sub\u003e+β\u003csub\u003e5\u003c/sub\u003e(Rating)\u003csub\u003ei\u003c/sub\u003e+β\u003csub\u003e6\u003c/sub\u003eD(Film Genre)\u003csub\u003ei\u003c/sub\u003e+\u0026nbsp;β\u003csub\u003e7\u003c/sub\u003eD(Year gap)\u003csub\u003ei\u003c/sub\u003e+\u0026nbsp;β\u003csub\u003e8\u003c/sub\u003elog(Multiple Countries)\u003csub\u003ei\u003c/sub\u003e+ε\u003csub\u003ei\u003c/sub\u003e\u003c/p\u003e\n\u003cp\u003e\u0026lt;Table 5\u0026gt; is Summary Statistics of Model1 and Model2. and \u0026lt;Table 6\u0026gt;is Summary Statistics of Model 3.\u003c/p\u003e\n\u003cp\u003e\u0026lt;Table 5\u0026gt; Summary Statistics: Model Ⅰ \u0026amp; Ⅱ\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\" width=\"653\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eVariable\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eObser\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eMean\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eStd. Dev.\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eMin\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eMax\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eLn Korea Box\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e663\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e18.444\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e3.547\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e8.517\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e25.662\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eN_Contracts\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e663\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e3.036\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e5.069\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e40.000\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eStar_power_t-1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e663\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.013\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.113\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1.639\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eDirector_power_t-1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e663\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.009\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.151\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e3.448\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eAudience reviews\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e663\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e2.591\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.897\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e4.000\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eDummy Variable\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eObs\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eFrequency\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eExportability\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e663\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003eDomestic=327, Export=336\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eRating\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e663\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003eG=86, PG12=199, PG15=278, PG18=100\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eHorror\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e663\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003e1=15, Otherwise=648\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eDocumentary\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e663\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003e1=124, Otherwise=539\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eDrama\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e663\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003e1=293, Otherwise=370\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eMelodrama_romance\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e663\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003e1=75, Otherwise=588\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eMystery\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e663\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003e1=33, Otherwise=630\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eCrime\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e663\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003e1=48, Otherwise=615\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eThriller\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e663\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003e1=58, Otherwise=605\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eAction\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e663\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003e1=46, Otherwise=617\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eComedy\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e663\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003e1=83, Otherwise=580\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eFantasy\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e663\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003e1=20, Otherwise=643\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003e\u0026lt;Table 6\u0026gt; Summary Statistics: Model Ⅲ\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\" width=\"653\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eVariable\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eObs\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eMean\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eStd. Dev.\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eMin\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eMax\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eLn Korea Box\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1784\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e22.167\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e2.530\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e9.393\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e25.662\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eStar_Power_t-1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1784\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.001\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.016\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eDirector_Power_t-1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1784\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.001\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.034\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eAudience Reviews\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1784\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e3.718\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e3.237\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e8.600\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eDummy Variable\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eObs\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eFrequency\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eCopyrights type\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1735\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003eAll rights=1167, Otherwise=568\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eRating\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1784\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003eG=50, PG12=472, PG15=968, PG18=294\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eYear gap\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1784\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003eNew=1445, Old=339\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eHorror\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1784\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003e1=57, Otherwise=1727\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eDocumentary\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1784\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003e1=1784, Otherwise=47\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eDrama\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1784\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003e1=1001, Otherwise=783\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eMelodrama_romance\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1784\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003e1=1625, Otherwise=159\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eMystery\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1784\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003e1=1630, Otherwise=154\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eCrime\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1784\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003e1=1525, Otherwise=259\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eThriller\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1784\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003e1=1559, Otherwise=225\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eAction\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1784\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003e1=1504, Otherwise=280\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eComedy\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1784\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003e1=1530, Otherwise=254\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eFantasy\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1784\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"4\" valign=\"top\"\u003e\n \u003cp\u003e1=1727, Otherwise=56\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e"},{"header":"Ⅳ. Results \u0026 Implications","content":"\u003cp\u003e\u0026lt;Table 7\u0026gt; presents the empirical results for three different models. The results derived from these models provide rich insights of export strategies of Korean films.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u0026lt;Table 7\u0026gt; Empirical Results\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\" width=\"100%\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e \u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eExportability\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eNumber of Contract\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCopyright\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e(1)\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e(2)\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e(3)\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003eLn_Korea_Boxoffice_sales\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e0.212***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e0.268***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e0.064***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.026)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e(0.011)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.018)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003eStar_Power_t1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e6.963\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e0.244*\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e0.097\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(10.679)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e(0.125)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.182)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003eDirector_Power_t1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e4.096\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e0.276***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e0.254**\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(15.564)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e(0.057)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.106)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003eRating\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e0.067\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e0.245***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e0.094*\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.078)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e(0.036)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.054)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003eAudience_Reviews\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e0.095***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e0.179***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e0.008\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.022)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e(0.018)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.027)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003eD_Year_gap\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e1.497***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.088)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003eLn_Mutiple_Countries\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e-0.205***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.040)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003eGenre_Horror\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e0.504\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e0.399***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e0.302\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.431)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e(0.145)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.231)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003eGenre_Documentary\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e-0.792***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e-0.806***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e-0.107\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.222)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e(0.158)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.236)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003eGenre_Drama\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e-0.007\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e0.038\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e-0.112\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.169)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e(0.059)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.091)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003eGenre_Melodrama_romance\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e0.273\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e0.198**\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e-0.249*\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.211)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e(0.087)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.132)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003eGenre_Mystery\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e-0.114\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e0.121\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e0.073\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.297)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e(0.091)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.145)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003eGenre_Crime\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e-0.114\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e-0.077\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e-0.079\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.258)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e(0.071)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.111)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003eGenre_Thriller\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e-0.078\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e-0.043\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e0.276**\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.242)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e(0.078)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.133)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003eGenre_Action\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e-0.133\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e0.094\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e0.263**\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.275)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e(0.075)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.121)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003eGenre_Comedy\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e-0.031\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e0.046\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e-0.106\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.196)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e(0.070)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.111)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003eGenre_Fantasy\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e-0.221\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e0.051\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e0.567***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.332)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e(0.131)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.218)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003eConstant\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e-4.278***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e-6.046***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e-2.376***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.557)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e(0.251)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e(0.390)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003ePseudo R\u003csup\u003e2\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e0.369\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e0.525\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e0.214\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003eObservations\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e663\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 22px;\"\u003e\n \u003cp\u003e663\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 23px;\"\u003e\n \u003cp\u003e1,736\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003e*** p\u0026lt;1%, ** p\u0026lt;5%, * p\u0026lt;10%\u003c/p\u003e\n\u003cp\u003eNote: Standard error is shown in parentheses. \u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e1. Model I: Exportability\u0026nbsp;\u003c/strong\u003e\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eWe re-examine the exportability of Korean movies. To make the comparisons, this paper adopts a similar model to Lee, Kim, and Jun (2009) and replicates the exportability of Korean movies with more current set of data. The significant and positive coefficient for the box office sales indicates that the domestic performance of a Korean film is a strong predictor of exportability. De Vany and Walls (1999) argued that predicting a film\u0026apos;s success \u003cem\u003ea priori\u003c/em\u003e is inherently difficult. McKenzie (2023) further argued that cultural difference turns out to be the main barrier to export films abroad. However, successful box office performance in the domestic market serves as an effective signal of successful exports. Lee, Kim and Jun (2009) also found that domestic performance variables such as the number of screens exhibited and star power contribute to the exportability of Korean films. Even though domestic performance variables are less than perfect, they serve as an effective guiding light for international film distributors.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eIn our study period (2016-2019), director and star power did not significantly influence the exportability of Korean movies. Even though few Korean directors and stars recently have been spotlighted, Korean movie industry still does not generate many world well-known stars and directors. The audience review on the other hand exhibits significant positive effect on the exportability of Korean movies. Favorable reviews often signal the quality of a movie and serve as the success indicator in the exports market.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eSurprisingly, no genre significantly affects the exportability in Model I (except documentary genre). In case of documentary genre, the sign is negative and significant. This implies that Korean documentary films are unlikely to export. Many Korean documentary films deal with domestic political and social issues, which may not resonate with \u003cs\u003emany\u0026nbsp;\u003c/s\u003eforeign audiences. \u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e2. Model II: Popularity of Korean Films (Number of Export Contracts)\u003c/strong\u003e\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eThe popularity of a movie in the international market can be gauged by the number of export contracts signed, as more contracts generally indicate a broader reach across countries. However, with an increase in the number of export destinations, cultural barriers also grow (Holloway, 2017), posing a major challenge for foreign movies. To succeed, exporting films must overcome these barriers, yet many struggle to do so, resulting in limited international success.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u0026lt;Table 7\u0026gt; supplies a clue to this problem. Notice that domestic box office sales, director and star power, audience reviews, and rating have positive signs and significant in Model II. These factors make up high quality Korean movies which are more likely to succeed in the international market. The distinct feature of high quality movies is that they can overcome cultural barriers by attracting large audiences in overseas market. It is apparent that high quality Korean movies are popular despite of cultural differences. In contrast, Korean documentaries were unable to connect to foreign audiences for the reasons mentioned above. Some Korean horror and melodrama/romance films may possess emotional appeal that resonates with audiences but the number of these films is not numerous enough, making difficult to confirm as solid evidence.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u0026lt;Figure 9\u0026gt; illustrates the relationship between the number of export countries and the number of export contracts for Korean films.\u003csup\u003e[2]\u003c/sup\u003e The short dashed line serves as the base line, where the number of export contracts equals the number of export countries. \u0026lt;Figure 9\u0026gt; demonstrates a positive relationship between the number of export contracts and the number of export countries; as the number of export contract rises, the number of export countries tends to increase. The points above the short dash line represent movies that are exported to more countries than the number of contracts signed. We segregate the interval of X-axis (the number of export contracts) into the two intervals: [0, 10] and [11, 30]. Then estimate two different slopes for the two separate intervals to make the comparison. Notice that the slope of fitted line (2.90) over the interval [11, 30] is higher than the slope (2.39) over the interval [0, 10]. As its popularity increases, the more countries this movie is likely to export. This implies that the higher quality movie, the less likely to face cultural barriers. This evidence indicates that high quality Korean movies tend to have broader international appeal, so that they can transcend cultural barriers. \u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e3. Model III: Choice of Export Distribution Channel\u0026nbsp;\u003c/strong\u003e\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eSince the copyright selection strategy plays a pivotal role in determining export performance of an exported film, it is crucial for international film distributors to select an appropriate copyright. All-rights contracted films have advantage of distributing across multiple channels. Holloway (2017) and Lehmann and Weinburg (2000) found that revenues from multiple channels tend to be highly correlated. For example, successful box office performance in international market often generates high revenue in ancillary markets. However, all-rights contracted films must incur marketing cost related to all the channel managements along with the fixed entry cost.\u003csup\u003e[3]\u003c/sup\u003e So all-rights contracted films must generate sufficient revenue to recover these expenses. Only high revenue expected films should be selected as the all-rights contract by international film distributors. Therefore, it is important for international film distributors to foresee the prospect of an imported film. \u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eHowever, it is difficult to foresee the success of a movie, \u003cem\u003eex-ante\u003c/em\u003e. Examining the success possibility of a movie is like solving for a complicated jigsaw puzzle. We list the keywords that can make up the competitive advantage of Korean movies. \u0026lt;Table 7\u0026gt; provides a clue to select the keywords: director power, PG-15, action and thriller genres.\u003csup\u003e[4]\u003c/sup\u003e These keywords pinpoint intrinsic features that can make up comparative advantage of Korean movies. The Korean movies with these features can penetrate into the international market via all-rights contract. As explained in Section II, Korean movies with PG-15 rating tend to exhibit strong outcome in the export market. PG-15 rating may possess \u003cem\u003esome violence\u003c/em\u003e which may go along with action and thriller genres. Therefore, PG-15, action and thriller genres with director power make up the comparative advantage of Korean movies in the international market. In return, international film distributors pursue all-rights contracts for Korean movies with these features.\u003csup\u003e[5]\u003c/sup\u003e\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eTwo other interesting features deserve some attention from \u0026lt;Table 7\u0026gt;. As the year gap (export contracted year-released year) widens, it is unlikely for Korean films to export via all-rights. If the year gap widens, we have sufficient information regarding this film. International distributors already take advantage of all the information and there is no point of pursuing all-rights since fog is lifted. However, if the year gap (g) is 0, we are in fog and uncertainty prevails. In this case, international distributors have incentive to pursue all-right contracts. They are more likely to exhibit risk-taking behaviour since they have already invested in those movies and seek to eagerly recover their investments. Tversky and Kahneman (1981) explained similar behaviour based on their prospect theory. People tend to be risk taking if they perceive they are in the range of losses. This may be the reason why international film distributors are likely to pursue all rights as the year gap disappears. \u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eThe second interesting feature is when Korean movies are exported to multiple countries. The sign is negative and significant from \u0026lt;Table 7\u0026gt;. This implies that it is unlikely to export via all-rights when exported to multiple countries. Notice that there can be huge marketing cost of channel management in case of all-rights contract. Thus, if several countries are involved, the marketing cost can be substantial. Furthermore, Holloway (2017) highlighted the high cost of international market entry. This explains why all-rights contracts are often not preferred when Korean movies are exported to multiple countries.\u0026nbsp;\u003c/p\u003e"},{"header":"V. Concluding Remarks ","content":"\u003cp\u003eInstead of repeating the summary of this paper, we focus on the future research. The following directions for future research can be explored.\u003c/p\u003e\n\u003cp\u003eThe K-culture recently receives salient attention but related studies lack of scientific implications to clearly explain the framework of K-cultures. In the future, it would be valuable to design the relationships among the K-cultures in order to propose implications and suitable strategies. Therefore, the main task of future research is to develop the framework of K-cultures and draw the relationships among K-cultural products. \u0026nbsp;\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eSuppose that our purpose is to draw the relationship between Korean drama and film exports, then the first task may explore the causality test between the two variables. Then examine the determinants of Korean dramas and film exports to estimate the spill-over effects. The accurate framework can provide insights and deliver proper policy implications. However, in order to achieve the purpose, we need to obtain more micro data of many Korean cultural products. This is the main obstacle for the future research. \u0026nbsp;\u003c/p\u003e\n\u003cp\u003eAnother research agenda is to tackle the export strategies of another country. China can be an interesting candidate. The main objective is to make the comparison between the two (China and Korea) in order to highlight different export strategies and \u003cs\u003edraw some\u003c/s\u003e policy implications accordingly. The two countries happen to be successful in the international film market and seem to actively pursue export strategies. Thus, it would be worthwhile to make the comparison between the two export strategies. \u0026nbsp; \u0026nbsp;\u003c/p\u003e\n\u003cp\u003eThis research could focus on the distinct strategies employed by each country. China, with its large diaspora around the world, often targets this audience in its export strategy, where cultural factors may play a less significant role. Moreover, the reputation of Chinese films (like Hollywood movies) is strong enough to transcend cultural barriers. However, as Chinese films gain influence in non-Chinese speaking countries, the role of cultural export and cross-cultural communication strategies warrants further investigation. In contrast, Korean films face substantial cultural barriers, as discussed in this paper. Unless Korea continues to produce high-quality films, these barriers may hinder its film exports. Therefore, future research could examine how Korean films can overcome these challenges through policy support, international collaboration, and innovative marketing strategies to expand their global influence. By comparing the successes of both countries, this research will not only deepen our understanding of the export strategies of film industry but also provide practical insights for formulating more effective cultural industry policies.\u003c/p\u003e"},{"header":"Declarations","content":"\u003cp\u003e\u003cstrong\u003eCompeting Interests\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe authors declare that they have no competing interests.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eFunding\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThis research received no external funding.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eEthics Approval\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eNot applicable.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eConsent for Publication\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eNot applicable.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eAuthor Contributions\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eShi Young Lee conceived and designed the study. Yun Su Kim conducted the statistical analysis and wrote the manuscript. Ji Yeong Kim and Aihua Zhang collected and edited the data. All authors read and approved the final version of the manuscript.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eData Availability\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe datasets used in this study are available from the corresponding author upon reasonable request.\u003c/p\u003e"},{"header":"References","content":"\u003col\u003e\n\u003cli\u003eBordalo, P., Gennaoli, N., Lanzani, G., and A. Shleifer (2024), \u0026ldquo;A Cognitive Theory of Reasoning and Choice,\u0026rdquo; a working paper. \u003c/li\u003e\n\u003cli\u003eBrewer, S. M., Kelley, J. M., \u0026amp; Jozefowicz, J. J. (2009). A blueprint for success in the US film industry\u003cem\u003e. Applied Economics\u003c/em\u003e, 41(5), 589-606. https://doi.org/10.1080/00036840601007351\u003c/li\u003e\n\u003cli\u003eCraig, C. S., Greene, W. H., \u0026amp; Douglas, S. P. (2005). Culture matters: Consumer acceptance of US films in foreign markets. \u003cem\u003eJournal of International Marketing\u003c/em\u003e, 13(4), 80-103. https://doi.org/10.1509/jimk.2005.13.4.80\u003c/li\u003e\n\u003cli\u003eDalton, J. T., \u0026amp; Leung, T. C. (2017). Strategic decision-making in Hollywood release gaps. \u003cem\u003eJournal of International Economics\u003c/em\u003e, 105, 10-21. https://doi.org/10.1509/jimk.2005.13.4.80\u003c/li\u003e\n\u003cli\u003eDe Vany, A., \u0026amp; Walls, W. D. (1999). Uncertainty in the movie industry: Does star power reduce the terror of the box office?. \u003cem\u003eJournal of cultural economics\u003c/em\u003e, 23, 285-318.\u003c/li\u003e\n\u003cli\u003eElberse, A., \u0026amp; Eliashberg, J. (2003). 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International Journal on Media Management\u003c/em\u003e, 1(1), 14-22. https://doi.org/10.1080/14241279909384482\u003c/li\u003e\n\u003c/ol\u003e"},{"header":"Footnotes","content":"\u003col\u003e\u003cli\u003e\u003cspan\u003e Among these, few films were exported with numerous export contracts, notably the Palme d'Or winner at the 2019 Cannes Film Festival, Parasite, which secured a total of 40 export contracts.\u003c/span\u003e\u003c/li\u003e\u003cli\u003e\u003cspan\u003e The number of countries is the sum of the number of exported countries specified in the export contract for each film. In some export contracts, only the number of export countries is specified but the identities of export countries are not revealed. In this case, the exact number of export countries for each film cannot be counted. Instead, the above figure shows the number of export countries for each export contract. Therefore, we cannot exactly measure the number of export countries per film.\u003c/span\u003e\u003c/li\u003e\u003cli\u003e\u003cspan\u003e However, the fixed entry cost per channel is relatively lower for all-rights contract than specific right contract.\u003c/span\u003e\u003c/li\u003e\u003cli\u003e\u003cspan\u003e Even though fantasy genre is significant and positive from \u0026lt;\u0026thinsp;Table\u0026nbsp;7\u0026gt;, we disregard this genre because of insufficient number of samples.\u003c/span\u003e\u003c/li\u003e\u003cli\u003e\u003cspan\u003e When people make assessments prior to decisions, they tend to focus selective attention to certain features: Bordalo et al (\u003cspan citationid=\"CR1\" class=\"CitationRef\"\u003e2024\u003c/span\u003e). This is why people make different assessments and choices on the same issue.\u003c/span\u003e\u003c/li\u003e\u003c/ol\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":false,"hideJournal":true,"highlight":"","institution":"","isAcceptedByJournal":false,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true},"keywords":"Exportability, Number of export contracts, Copyrights (distribution) strategy, Cultural barriers","lastPublishedDoi":"10.21203/rs.3.rs-6217584/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-6217584/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003e\u003cstrong\u003ePurpose\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe first purpose of this paper is to re-investigate the exportability of Korean movies. The second purpose is to examine what determines the popularity of Korean export films. The final purpose is to explore how international distributors select the copyright strategies (all-rights vs. specific rights).\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eData \u0026amp; Methodology\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThis study analyzes 729 Korean films released between 2016 and 2019. A binary probit model is employed to re-investigate the exportability of Korean movies, while a Poisson regression model is used to explore the popularity of Korean films to cover 2013 export contracts. Finally, we utilize a binary probit model to examine the choice of export copyright strategies.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eFindings\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eOur finding aligns with the previous literature, indicating that the domestic performance variables serve as an effective signal for the exportability of Korean movies. The popularity of Korean movies in the international market is determined by domestic box office performances, director /star power, positive audience reviews, and suitable ratings. These factors make up quality of Korean movies that can attract large foreign audiences and transcend cultural barriers. Finally, Korean movies with PG-15 ratings, action and thriller genres, and strong director power reflect the comparative advantage. As a result, international distributors are likely to select all-rights copyright strategies for Korean films with these features.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eContribution\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThis study explores the two pillars of export strategies of Korean movies that the previous literature has ignored. This focus provides new insights about strategies that can overcome cultural barriers and highlight the comparative advantage of Korean movies.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eJEL Classification\u003c/strong\u003e: F14, Z11\u003c/p\u003e","manuscriptTitle":"Export Strategies of Korean Movies","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2025-03-19 11:43:46","doi":"10.21203/rs.3.rs-6217584/v1","editorialEvents":[{"type":"communityComments","content":0}],"status":"published","journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true}}],"origin":"","ownerIdentity":"43b68777-36fb-4639-8126-0a6a4854c0de","owner":[],"postedDate":"March 19th, 2025","published":true,"recentEditorialEvents":[],"rejectedJournal":[],"revision":"","amendment":"","status":"posted","subjectAreas":[],"tags":[],"updatedAt":"2025-06-24T13:04:28+00:00","versionOfRecord":[],"versionCreatedAt":"2025-03-19 11:43:46","video":"","vorDoi":"","vorDoiUrl":"","workflowStages":[]},"version":"v1","identity":"rs-6217584","journalConfig":"researchsquare"},"__N_SSP":true},"page":"/article/[identity]/[[...version]]","query":{"redirect":"/article/rs-6217584","identity":"rs-6217584","version":["v1"]},"buildId":"8U1c8b4HqxoKbykW_rLl7","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[84888],"gssp":true,"scriptLoader":[]}