Factual
South Korean format factory Something Special gets cash injection
MUMBAI: Seoul-based format agency Something Special has secured a financial booster shot from two South Korean investment heavyweights, Daekyo Investment and SB Partners, to fuel its global expansion ambitions.
The deal, whose financial particulars remain under wraps, sees Daekyo providing the lion’s share of capital with SB Partners chipping in supporting funds. The cash injection comes as Something Special celebrates its fifth birthday, giving it ample ammunition for its next growth phase.
The format agency, helmed by president and executive producer Jin Woo Hwang and executive VP and head of content InSoon Kim, has already made significant inroads in the global format marketplace. Its smash hit Battle in the Box has been snapped up in 23 territories, while Still Alive has found homes in 11 markets.
Its latest offering, Unforgettable Duet—a heartstring-tugging format featuring dementia patients reconnecting with memories through beloved songs—debuted on MBN as one of 2024’s highest-rated unscripted launches. The show has since secured a full ten-episode commission for 2025 and caught the fancy of Helium Pictures, which optioned it for Australia and New Zealand in December 2024.
Daekyo Investment, which manages the Daekyo K-Contents Scale Up Fund targeting small and medium-sized venture companies in Korea’s cultural content sector, seems pleased with its new portfolio addition. The firm’s executive director Roh Jai Seung gushed: “Something Special has proven itself to be a globally known and highly respected content company. They are shining a light on the best of Korean creativity to the world.”
Hwang and Kim responded: “We are honoured that Daekyo Investment and SB Partners recognise Something Special’s vision and potential. As the leading independent Korean agency representing A-list producers and formats worldwide, we remain committed to our motto: We connect and create.”
The Seoul outfit also represents the white-hot format The Traitors in Korea and boasts partnerships with format behemoths including FremantleMedia, Banijay, ITV UK, UKTV and Warner Brothers International Television.
DUBLIN: Ireland is betting big on reality television. In a move that has Hollywood scouts scrambling for their passports, Dublin has unveiled Europe’s first tax credit dedicated solely to unscripted programming—think The Traitors rather than Game of Thrones.
The scheme offers producers a juicy 20 per cent rebate on qualifying expenditure, capped at €15 million ($17.5 million) per project. It’s a cultural credit with strings attached: programmes must pass a test proving they genuinely promote Irish and European culture. No word yet on whether Love Island derivatives need apply.
Ireland tánaiste and minister for finance Simon Harris says the incentive will cement Ireland’s reputation as a “centre of excellence” for audiovisual production. His colleague, minister for culture, communications and sport Patrick O’Donovan, insists Ireland has “the talent, creativity and production expertise to lead” in unscripted television. Bold claims for a nation that has spent decades exporting scripted drama.
The timing is canny. Unscripted production costs have soared globally, making Ireland’s existing infrastructure—and now its tax breaks—increasingly attractive. Fox Entertainment Studios already churns out shows like Beat Shazam and The Floor from Irish studios. Whether these American productions will pass the cultural test remains to be seen.
Producers must secure an interim cultural certificate before filming begins, allowing them to claim credits during production rather than waiting until wrap. A final certificate follows completion. The European Commission has blessed the scheme through December 2028.
Minimum thresholds apply: productions must cost at least €250,000, with eligible expenditure above €125,000. Only one season per project can claim relief in any 12-month period, though producers can juggle multiple projects.
Britain, take note. The UK industry has clamoured for similar support for 18 months, but Westminster has dithered. India’s ministry of information and broadcasting pay heed. Its incentive scheme for co-productions excludes unscripted television. To what end, no one knows! Ireland, meanwhile, is already rolling out the red carpet—or should that be green?
The message from Dublin is clear: when it comes to backing reality TV, Ireland isn’t messing about. Lights, camera, tax action.
