While the limited domestic market is the major constraint for Korean cultural content industry’s growth, the emphasis has been on developing an effective strategy for global market exploitation, Finding out the potential of Asian market which has been proved by the Korean Wave in early 2000’s, Korean cultural industry has aggressively pursued the Asian co-production with Asian partners as the most effective approach for Asian market. In spite of sophisticated business and production scheme with risk management structure, the results of several large scaled multinational co-production projects were disappointing so far. The major problem is that, the focus has been too much on the business structure of co-production project, rather than the possibility of Asian market appeal of the content produced. The case studies showed that the success of the project is mainly relying on the consumers’ acceptance, not on the project structure, and the creation of Asian content is the critical key. Former studies showed that there exist the ‘deep metaphor’ in consumers’ mind related with certain subject and object, and the consumers share the deep metaphor across the various cultures. If the research could identify the shared deep metaphor of consumers in Asian countries, it can be useful component of Asian cultural content and it also can be utilized for developing an effective marketing tool for Asian countries.