This study aims to apply the logic of exploration and exploitation to cultural content in order to establish an analytical framework for the processes through which content is created and utilized, and to derive implications for strategic application. The creative process of exploring new cultural content is classified into two methods: transformation, which does not alter the essential attributes of existing content archetypes, and transmutation, in which two or more content archetypes combine to change existing attributes. The transformation method, exemplified by the adaptation of the comic "Tazza" into a film, involves recreating only the external form while maintaining the essence of the original content archetype. In this case, it is more effective when the core elements of the content archetype are preserved while being recombined into new content. The transmutation method, on the other hand, involves changes to the attributes of the original archetype itself; for example, "The Lion King" borrowed its overall storyline from Shakespeare's "Hamlet," but new creation was achieved through the combination of multiple sources (multi-source). In this case, it is more effective when a greater variety of content archetypes are tacitly recombined to compose new content. The utilization methods for cultural content are classified into direct and indirect utilization. Direct utilization is the expansion method, which reuses the content archetype as-is in ancillary markets. The expansion process based on one source multi-use accelerates in speed and broadens in scope as digital technology advances, as confirmed in the SKT case of rapidly expanding content utilization domains through digital technology. Indirect utilization of cultural content is classified into internalization, which embeds value from another dimension into the archetype, and externalization, which materializes the archetype offline. A representative type of internalization is indirect advertising such as PPL (product placement), where indirect exposure is more effective than direct exposure. Externalization is realized in forms such as characters, theme parks, and film tourism. In this case, it is more effective when the areas to be commercialized are clearly defined from the planning stage of tangibilizing intangible content, and when those areas are broader. Synthesizing these discussions, a strategic implication can be derived that cultural content must appropriately combine multi-sources in the creation process, and must be directly and indirectly multi-used in the utilization process to be more effective.