DRAMAFEVER IS SHUTDOWN. It's Gone FOREVER!
DramaFever, the streaming-video service specializing in Korean dramas and other Asian programming, is shutting down immediately.
Founded in 2009, New York-based DramaFever was acquired by Warner Bros. in 2016 from Japan's SoftBank Group. DramaFever has operated as a unit of Warner Bros. Digital Networks, which has touted the streaming infrastructure and expertise it obtained through the acquisition. Offacial statesments say that.
"Today, Warner Bros. Digital Networks will be closing its DramaFever OTT service due to business reasons and in light of the rapidly changing marketplace for K-drama content, a staple of the service's programming," the company said in a statement Tuesday. "Warner Bros. Digital Labs, which encompasses more than two-thirds of the DramaFever workforce, will continue operating, serving as the tech engine behind many of WBDN's operations."
According to a source familiar with DramaFever, licensing costs for U.S. distribution commanded by top K-dramas have rapidly increased in recent years, bid up by larger SVOD players like Netflix and Amazon -- making the genre-focused over-the-top video business unsustainable. A show that used to cost $800,000 to license for streaming now goes for around $1 million per season, according to the source.
A message posted on the DramaFever website Tuesday said in part, "Thank you for nine great years. As of October 16, DramaFever has been shut down... While this decision is difficult, there are a variety of business reasons that have led to this conclusion."
The DramaFever site's message also said, "We'll be issuing refunds as applicable, and subscribers will receive an email from us with details in the coming days."