Netflix, Korea Creates Again This Year and the World Watches Together

Twenty-five Films Released This Year, Ten More Than Last Year
Over 1.32 Trillion Won Invested So Far, More Than 130 Films Introduced Overseas
"Long-term Collaboration with Domestic Creative Ecosystem... Continuing to Accelerate Export Journey"

Netflix, which enjoyed success with Korean content last year, is continuing the trend with massive investments. It plans to release twenty-five titles this year, ten more than last year.

On the 19th, Netflix unveiled nineteen Korean content titles set to debut this year: twelve dramas, six movies, and one variety show. Netflix stated, "We aim to capture both originality in our unique themes and high quality that meets viewers' expectations." Confident dramas include "All of Us Are Dead," directed by Lee Jae-gyu and Kim Nam-soo, premiering on the 28th; "Juvenile Justice" starring Kim Hye-soo and Lee Sung-min; "Money Heist: Korea ? Joint Economic Area" starring Yoo Ji-tae and Kim Yoon-jin; "Suriname" directed by Yoon Jong-bin; "The Fabulous" starring Chae Soo-bin; "Love and War" starring Kim Ok-bin; "Somebody" directed by Jung Ji-woo; "Anna" starring Ji Chang-wook; "Glitch" starring Jeon Yeo-been; "Delivery Man" starring Kim Woo-bin; "Black Bride" starring Kim Hee-sun; and "Model Family" starring Jung Woo. The movie lineup includes "Yaksha: Ruthless Operations" starring Sol Kyung-gu, along with four other productions Netflix directly participated in producing: "Moral Sense" starring Seo Hyun, releasing on the 11th of next month; "Carter" starring Joo Won; "Seoul Vibe" starring Yoo Ah-in; "Jung-E" directed by Yeon Sang-ho; and "20th Century Girl" starring Kim Yoo-jung. Expectations are also high for the new variety show "Celeb in the Meeting," featuring Kim Shin-young, Song Eun-i, Shin Bong-sun, and Ahn Young-mi.

Netflix has not disclosed the scale of its investment in Korean content this year. However, it explained that it has invested 1.32 trillion won so far to introduce over 130 titles overseas. The results are significant. The viewing time of Korean content by global subscribers has increased more than sixfold over the past two years. Notably, about 95% of the viewing time for "Squid Game" occurred overseas. It was most watched not only in Korea and the United States but also in ninety-four countries including Brazil, France, and Turkey. Following titles like "Hellbound" and "The Silent Sea" also topped the global TV non-English category, elevating the status of Korean content. Kang Dong-han, Netflix's Vice President of Korean Content, said, "This is the result of long-term collaboration and increased investment in the domestic creative ecosystem." He added, "We will continue to accelerate our journey of exporting Korean stories to the world together with domestic creators."

The bold investment is backed by high profitability. Netflix's stock price rose more than 10% thanks to the success of "Squid Game," increasing its market capitalization by about 24 trillion won (as of early November last year). This is forty-four times the 550 billion won invested in Korean content last year. By securing intellectual property (IP) whose value has recently surged, Netflix has gained substantial benefits. There has even been self-deprecating commentary that domestic production companies do the work while Netflix reaps the profits.

The remarkable achievements were made possible by a firm belief in Korean content. Reed Hastings, Netflix CEO, announced the full-scale production of Korean content in November 2018, saying, "I really like Korean content. The production infrastructure is better established than in other countries." This was already proven during the Korea-US Free Trade Agreement (FTA) negotiations in early 2006. Cultural and copyright industries emerged as major issues during the year-long talks, with many unresolved points even at the final meeting. At that time, the US was not only considering the Korean market but also the Asian market captivated by Korean culture.

Netflix also approached the Korean market with foresight. It did not limit itself to recruiting subscribers as a 'media market.' Instead, it viewed Korea as a foothold for expansion into China and Southeast Asia. Therefore, it invested 57 billion won in its first project, director Bong Joon-ho's "Okja," which was equivalent to 57 months of revenue generated in Korea at the time. Kim Min-young, Netflix's head of content for Korea, Southeast Asia, Australia, and New Zealand, announced the 550 billion won investment plan last February, stating, "Korean content holds a very important position in the Asian market." She added, "We will provide fresh content to many countries and lower entry barriers by paying more attention to subtitles and dubbing."

Exceeding expectations, CEO Hastings recently expressed gratitude in a video, saying, "At Netflix, there is a saying: 'Made in Korea, watched by the world.'" Vice President Kang said, "It seems that the effort to produce the highest quality and excellent content meeting outstanding service has revealed its true value." He added, "This year, the amount invested in content will not decrease compared to before."