At Busan’s inaugural Entertainment Intellectual Property (E-IP) Market, Kirin Productions has sold web drama series The Cravings to China’s Beijing Alpha Transmedia, marking the first IP contract signed at the new event.

According to the deal, Beijing Alpha Transmedia acquires the IP rights to The Cravings for the Chinese market and the two companies will co-produce the Chinese version of the series.

A web series about single life with a cheerful foodie tone, The Cravings was launched in 2013 and is playing on different platforms and channels in Korea and internationally.

The Chinese version is to be about “wedding planner Susu’s hot, bitter, and sweet romance in between two men after ending her seven-year romantic relationship with her boyfriend”.

Kirin Productions will develop the script and the two companies will co-produce with Chinese directors and cast with a mix of Korean and Chinese crew.

An affiliated of animation producer and toy manufacturing company Guangdong Alpha Animation and Culture Co., Ltd., Beijing Alpha Transmedia will distribute the Chinese version.

Kirin Productions was founded in 2012 by filmmakers Kim Tae-yong and Park Kwansu and since has produced seven web drama series including the popular Incomplete Life: Prequel and The Cravings.

The deal is an example of one of the themes covered in the E-IP Forum here on Saturday (Oct 3) where CJ E&M Film Business Unit CEO Jeong Taesung spoke about how his globally expanding company is implementing the “one source, multi territory” strategy, using one IP to make content in different languages and in different versions specific to different territories.