Netflix Year-End Meeting Held on the 23rd in Gangnam, Seoul
"Netflix, Dreaming of Becoming an IP Company, Realizes It with Squid Game 2"
Experts have analyzed that 'Squid Game 2,' which is set to be released on Netflix, has proven Korea's capabilities not only in content but also in expanding cultural experiences in everyday life.
At the Netflix year-end meeting held on the 23rd at the Grand InterContinental Seoul Parnas, (from left) popular culture critic Jeong Deok-hyun, Director of the Digital Industry Policy Research Institute No Chang-hee, and Professor Lee Seong-min of Korea National Open University are discussing the topic "Netflix and Korea's 8 Years of Partnership: Answering the Present and Future of K-Content." Photo by Hwang Seo-yul chestnut@
At the Netflix year-end meeting held on the 23rd at the Grand Intercontinental Seoul Parnas, Professor Lee Sung-min of Korea National Open University stated, "Netflix, which dreams of becoming an intellectual property (IP) company, has realized the imagination of meeting fandom through IP with Squid Game 2."
Professor Lee added, "This is an important experience that stimulates fans' hearts comprehensively and introduces content in daily life, and Netflix is also experiencing this together. If various experiences with Korean partners accumulate, I believe the platform can be expanded even when the next content is released."
This refers to the evaluation of collaborations with domestic and international lifestyle brands and everyday experiential spaces related to 'Squid Game 2,' which is scheduled to premiere on Netflix on the 26th.
Oh So-young, Senior Manager of Netflix's Consumer Product Division, said, "Squid Game 2 was designed as a festival to enjoy Korean culture beyond just a piece of content. In Korea, we planned collaborations across various cultural areas such as representative characters, food, beauty, fashion, and alcoholic beverages, and we thought it was necessary to create opportunities for these to be distributed overseas as well."
Netflix is releasing collaborative products with domestic and international brands such as Kakao Friends, Olive Young, Puma, and Johnnie Walker related to Squid Game. Additionally, experiential zones are being sequentially opened in major countries including New York, LA, Madrid in Spain, and Sydney in Australia.
There is also an assessment that the partnership between Netflix and the Korean content industry is producing mutually beneficial effects.
No Chang-hee, Director of the Digital Industry Policy Research Institute, said, "Squid Game 2 is expected to yield good results for both Korea and Netflix. Looking at Netflix's trajectory, beyond a simple willingness to produce content, it wants to establish a cultural cooperative relationship with Korea, including the scale of investment and value creation in both quantitative and qualitative aspects."
Professor Lee said, "Netflix has led changes that transcend the boundaries of ecosystems divided into broadcasting and film. Netflix has created things that could not be made due to the limits of imagination, which has been an important factor in the attention K-content has received over the past five years."
On the 17th, a sculpture of 'Young-hee,' a character from the Netflix drama 'Squid Game,' was installed at Gwanghwamun Square in Jongno-gu, Seoul. The Seoul Metropolitan Government will hold a special exhibition in collaboration with the Netflix drama 'Squid Game Season 2,' which premieres this month, to increase the attention on K-content during the Winter Festa period. Photo by Kang Jin-hyung
Discussing Netflix's view of Korea's status, Professor Lee cited Kim Min-young, Vice President in charge of Asia-Pacific content. He explained, "Vice President Kim's scope covers the Asia-Pacific region excluding India," and added, "Korea plays the role of a director that elevates the overall Asian creative ecosystem."
There was also a suggestion that the autonomy of the broadcasting media industry must be guaranteed for the sustainable development of K-content. Director No said, "What needs to be done in the short term is to free legacy broadcasting media, which are subject to various regulations," and added, "Terrestrial broadcasters are also distributing content to OTT platforms and creating their own studios."
He further emphasized, "Among these, collaboration with Netflix is important," and added, "While maximizing the sales of local operators is important, a collaborative structure with global operators is also indispensable."
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