
The 320 Studios space in Manhattan’s Garment District was rocking the night of Oct. 10, 2013. About 150 people had gathered at the venue for a premiere screening of “Heirs,” a new Korean soap opera. The show was a major milestone for DramaFever, a subscription video streaming service focused on Korean dramas, as it was the company’s first “original series” thanks to a co-production deal with Korean studio Hwa & Dam Pictures.
This called for a party — and a party it was, with an open bar, prizes ranging from branded T-shirts to a Google Chromecast, and the crowd cheering loudly throughout the pilot episode. DramaFever was riding high; with consumer usage of streaming services on the rise, the company had raised $6 million in a Series B round just a year earlier to bring its total backing to $7.5 million at the time.
Five years later, those passionate fans of Korean dramas still exist, but DramaFever, which became the biggest provider of such programming with 13,000 episodes and operations across 12 countries, is no more. On Tuesday, Warner Bros., which acquired DramaFever in 2016, announced it was shutting down the service effective immediately. In a widely circulated press statement, the studio said it was shutting the service down due to “business reasons” and “in light of the rapidly changing marketplace for K-drama content, a staple of the service’s programming.” (Warner Bros. declined to provide additional comment for this story.)
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