According to Yonhap News,

(NEW YORK = Yonhap News) The New York Times, one of the most influential daily newspapers in the United States, introduced the active investment moves of Korean investors in the Broadway musical industry as a lead story in the arts section of its New Year’s issue.

The newspaper started the article by mentioning a million-dollar investment by Kim Byeong-seok, Managing Director of the Korean entertainment company CJ E&M, in the Broadway musical “Kinky Boots.”

It pointed out the rarity in the industry of the large investment, which attracted the attention of producers in New York.

“Kinky Boots” won six 2013 Tony Awards including “Best Musical,” “Best Original Score (Music and/or Lyrics) Written for the Theatre,” “Best Performance by an Actor in a Leading Role in a Musical,” “Best Choreography,” “Best Orchestrations” and “Best Sound Design of a Musical.” American pop singer Cyndi Lauper participated in writing both the music and lyrics for the musical and won the award for “Best Original Score.”

Gathering momentum from its success in the United States, Kim plans to open “Kinky Boots” in the fall in Seoul.

Another Broadway musical, “Priscilla Queen of the Desert,” which concluded its recent U.S. tour, received an investment from Korean producer Seol and Company.

Song Seung-hwan, CEO of PMC Production, invested USD 1 million in the musical “Legally Blonde” in 2007. The musical was also staged in Korea and became a hit as Jessica, a member of the Korean girl band Girls’ Generation, starred as the main character.

Mr. Song is currently looking for another Broadway production to attract younger audiences by starring a famous Korean celebrity.

New York’s Broadway and British musical producers are eager to take over the Chinese market, but they hesitate to take their business to the largest market in Asia due to a lack of relevant standards and regulations. This gives advantages to Korean investors to strengthen their influence in the industry.

The New York Times also analyzed that the investment strategy by Korean investors is supporting Broadway producers who lack the funds to finance their shows.

The newspaper used the example of Frank Wildhorn’s “Jekyll & Hyde.” The musical had lost money in New York but was hugely successful in Seoul and just celebrated its 10th anniversary.

Wildhorn said that his work gained new life in Seoul.