With “K-Pop Demon Hunters” and “Squid Game” gaining global attention, interest in Korean culture and content is hotter than ever.
But at the same time, this question follows:
Why isn't the success ours, even though it's based on K-pop, features Korean actors, and was directed by a Korean director? Why haven't we truly acquired the IP?

This question captures the essence of the content business today.
We now live in the age of 'liquid media'.
Rather than consuming content centered around a specific broadcaster or platform like in the past, we live in an era where people follow their favorite stories and characters, or IP.

As we move from 'solid media' to 'liquid media,' IP is becoming more than just a work of art; it is becoming a key channel for business expansion.
That's why it's more important than ever to understand how a piece of content grows into an IP and how it expands into the global market based on its fandom.

This book walks you through that process.
This article explains how works become content, how they expand into IP businesses through the power of fans and fandom, and what role companies play in managing and strategically leveraging this.
The 59th habit suggested by the Good Habits Institute is “the habit of becoming a content company.”
Content is no longer the exclusive domain of a select few; it's a new opportunity for everyone and every business.

Before we begin this book, the reason for discussing Kedehern's case is clear.
Kedeheon is the latest example of a content IP (Intellectual Property) business.
By taking this case as a starting point and following the discussion in this book, we can deeply consider why IP has become important in today's media environment, or "liquid media," and the strategies that content companies should pursue.

--- p.5

Finally, many people ask why Korea can't produce works like Kadehen, and why we don't have such IP.
Perhaps the reason I search for and read this book is because of that longing.
In conclusion, while it's clear that our desire to own a super IP is certainly significant, as previously discussed, a more realistic option is to consider how we can participate in the IP ecosystem and what contributions and benefits we can exchange.

--- p.10

Now, all content is competing within a single screen.
It has changed from a 'solid media' with clear boundaries to a 'liquid media' that has merged in a digital environment.
In this environment, people no longer follow specific broadcasters or platforms, but rather follow their favorite stories and characters, or 'IPs'.
It is at this point that the book begins.

--- p.13

But digital technology has begun to melt away the rigid boundaries of media.
We now watch movies and dramas, and read books, webtoons, and web novels through a single 'digital screen.'
All media that were previously separate have been merged into one screen in the form of software.
I would like to call this phenomenon ‘Liquid Media’, borrowing the concept of ‘Liquid Modernity’ used by sociologist Zygmunt Bauman.

--- p.24

Copyright and trademark are two core pillars supporting content IP.
While copyright empowers creators to create and expand their own worlds, trademarks provide the power to connect and sustain the value of those worlds into real-world businesses.
A successful IP business begins with a clear understanding of the characteristics of these two rights and developing a strategy that organically links them from the creative stage to the commercialization stage.

--- p.43

When all content creation is viewed from the perspective of long-term "IP assetization," companies can maintain strategic direction without being swayed by short-term box office failures.
Just as important as the success of an individual work is designing what role that work will play within the overall portfolio and how it will contribute to expanding IP value.

--- p.50

Each piece of content is enjoyable in its own right, but only when all the pieces are put together can you fully experience the entire world of the IP.
This encourages fans to actively consume all forms of content, making their experience with the IP richer and more three-dimensional.
Transmedia storytelling is ultimately a strategic way to grow the value of an IP by allowing fans to experience it more deeply and diversely.

--- p.57

Now, when we create any content, we must ask ourselves the following questions:
Instead of asking, “How will this content end?”, ask, “What kind of service will this content serve as the starting point for?”
Viewing a piece of content not as a finished product, but as the starting point of an endless story and experience.
This change in perspective is precisely what creators and companies in the IP era must have.

--- p.65

The goal of the IP business is to provide this ‘one complete experience’ in various dimensions.
The original 2D animated film of The Lion King is a moving narrative experience of narrative and music.
Broadway musicals offer an intense, immersive experience where the audience shares time and space through the gestures and stage direction of living actors.
At this time, each piece of content is not simply repeating the same story.
By utilizing the essence of the different media of animation and musical, we were able to experience the IP called The Lion King in a completely different way as a ‘complete experience.’

--- p.73

The content IP business is an industry that most deeply connects with human nature.
It is not simply a business selling attractions, but a journey to gift people with unforgettable experiences and nurture those experiences together as lifelong assets.
Therefore, the core competency that future content companies must possess should not be how much content they produce, but rather how deeply and meaningfully they can design and manage 'experiences.'

--- p.96

Fandom is now recognized as a crucial industrial resource and a key element defining the characteristics of the content industry.
The capitalist market pours out various products and services, wondering how to further stimulate their passionate activities.
The shift in perception of fandom from negative to positive, from a problematic group to a source of value, is due to the development of academic discussions that focus on their "proactivity."

--- p.107

Fandom is a group that goes beyond simple emotional affection and has a clear goal of accumulating subcultural capital and realizing the desire to contribute.
A successful IP business depends on deeply understanding fans' inherent desire to contribute and providing a platform where they can joyfully participate.

--- p.117

In the age of liquid media, content can always be reconfigured and recombined in new ways.
Rather than viewing content as a single, complete form, we must understand it as a bundle of materials that can be experienced in various ways, and strategically reconfigured and utilized.
This way, we can discover the core elements of the most attractive content and commercialize them.

--- p.141

Ultimately, at the core of successful character IPs is the 'persona' that moves people's hearts.
The public is willing to engage with these virtual beings, empathize with their narratives, and support them.
The success of a character IP depends on how attractive and authentic the digital persona is created and how well the persona can grow together with fans.

--- p.154

The way small IPs grow is strikingly similar to the "lean startup" methodology followed by Silicon Valley startups.
The core of Lean Startup is to create a 'minimum viable product (MVP)' and quickly launch it into the market.
Instead of pouring a lot of time and resources into creating a perfect product, this strategy involves building a product with only the minimum features necessary to verify a core hypothesis, observing actual customer reactions, and improving the product based on that feedback, thereby increasing the probability of success.

--- p.173

A successful IP business doesn't depend on the success of a single piece of content.
Rather, we recognize the connection with fandoms formed through content as a core asset, and we build a 'portfolio of connections' by sharing and expanding this asset with various partners.

--- p.182

Pinkfong's "Baby Shark" myth demonstrates the greatness of this strategy.
Pinkfong's success wasn't a home run from the start.
After releasing hundreds of nursery rhyme videos as 'small tests' to the market, the company poured all its resources into 'Baby Shark' and developed it into a super IP when it received an explosive response.
This means that you can endure hundreds of small failures before you can achieve one huge success.

--- p.189

I would like to propose a method to estimate the potential value of IP by multiplying three variables: ‘size’, ‘intensity’, and ‘duration’.

--- p.203

A culture of mutual respect is essential, with creators respecting their business partners' market acumen and business partners understanding the creators' IP philosophy.
Once a foundation of mutual respect has been established, the next step is to document sensitive matters such as roles and responsibilities, profit sharing, and attribution of rights in a clear and fair contract from the outset.
This is a measure to prevent misunderstandings and disputes that may arise in the future and to establish a solid foundation of mutual trust.

--- p.224

In the IP era, the scope of marketers' work extends far beyond the boundaries of traditional advertising.
They serve as key producers who design IP experiences.
It's no exaggeration to say that once writers and directors create content, most of what happens at the point of contact with the fandom is done by marketers.

--- p.229