애니메이션 산업의 1차·2차 매출 구조 비교 분석 -기업 사례를 중심으로- = Revenue Structure of the Korean Animation Industry –A Case Study of Selected Companies–

다국어 초록 (Multilingual Abstract)

This study aims to empirically analyze the revenue structure of Korea’s animation industry based on the financial data of leading animation companies. In recent years, the domestic animation industry has undergone a transition in its revenue model, shifting from contentbased earnings toward secondary businesses centered on merchandising and brand licensing. Accordingly, this study seeks to verify how such industrial changes are reflected in the actual financial structures of animation companies.
The analysis targets four companies, SAMG Entertainment, Iconix, Locus, and FunnyFlux, for which public financial statements are available. Their revenue flows were categorized into primary income derived from video distribution and content sales, and secondary income generated through licensing and merchandising revenues, and were compared and analyzed accordingly. Based on total sales, these companies were further divided into medium and large enterprises and small and medium enterprises, and the characteristics of each group were examined.
The results indicate that medium and large enterprises such as SAMG Entertainment and Iconix generate relatively low direct profits from content itself, while a substantial portion of their revenues derives from secondary income sources, including character merchandise, stationery, and space businesses. In contrast, small and medium companies such as FunnyFlux and Locus showed higher proportions of revenue from content production but recorded lower profit margins, relying heavily on outsourced or project service contracts, and thus demonstrating weak long term profitability based on proprietary IP.
These findings reveal that the Korean animation industry remains heavily dependent on secondary revenue structures centered on merchandising and brand licensing rather than on content sales. This reflects a structural limitation in which stable business operations cannot be sustained by content sales alone, potentially reinforcing an industry trend that prioritizes commercialization over creative or qualitative development. Moreover, such a structure risks intensifying market concentration, allowing only a few IP-holding corporations to sustain long term operations while limiting the growth of smaller studios. Therefore, to foster a healthier and more sustainable animation ecosystem, it is essential to strengthen the profitability of original animated content and implement policy and institutional measures that can reduce the industry’s excessive dependence on derivative product markets.