This study aims to apply the logic of exploration and exploitation to cultural content, establish an analytical framework for the processes through which content is created and utilized, and derive implications for strategic application. The creative process of exploring new cultural content is classified into transformation, which does not alter the essential properties of existing content archetypes, and transmutation, in which two or more content archetypes combine to change their existing properties. Transformation refers to cases where the essence of an existing content archetype is maintained while only its form is recreated, such as when the comic "Tazza" is adapted into a film. In this case, it is more effective when the core elements of the content archetype are preserved while being recombined into new content. Transmutation, on the other hand, involves changes to the properties of existing archetypes themselves; 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, the more diverse content archetypes are tacitly recombined to form new content, the more effective the outcome. The utilization of cultural content is classified into direct and indirect utilization. Direct utilization is an expansion method that 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 by the SKT case of rapidly expanding content utilization domains through digital technology. Indirect utilization of cultural content is further classified into internalization, which embeds values of a different dimension into the archetype, and externalization, which brings the archetype into the offline domain. 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 the form of characters, theme parks, film tourism, and similar ventures; in this case, it is more effective when the domain to be commercialized is clearly defined from the planning stage of converting intangible content into tangible form, and the broader that domain, the better. Synthesizing these discussions yields the strategic implication that cultural content should appropriately combine multi-sources during the creation process and should be utilized through both direct and indirect multi-use during the utilization process for greater effectiveness.