Synergy Between the Two Companies...
Reviewing the Achievements of the 'Nenet Partnership'
Introducing Business Strengths and Current Service Status
On June 3, the executives of Naver and Netflix met at Netflix's Los Angeles office in the United States to discuss the potential for further collaboration.
Key executives from Naver, including CEO Suyeon Choi, Webtoon Entertainment CEO Kim Joongu, and CSO Kim Yongsoo, attended the meeting. Representing Netflix were Co-CEO Greg Peters and Maria Ferreras, Global Head of Partnerships.
During the meeting, the executives from both companies reviewed the achievements of the 'Nenet Partnership' currently underway in Korea and discussed various possibilities for collaboration based on these results.
CEO Choi shared Naver's successful experience in building a membership ecosystem by leading diverse forms of collaboration with major domestic and international partners, including the Nenet Partnership, with the Netflix leadership. The Netflix executives also expressed strong interest in Naver's achievements in areas such as membership partnerships and exchanged views on the future direction of membership-based services.
Since November of last year, Naver has been offering the Netflix ad-supported standard plan at no additional cost through its Naver Plus Membership. As a result of the collaboration, Naver saw a 1.5-fold increase in new Naver Plus Membership sign-ups compared to before the partnership, and Netflix was able to introduce its service to a broader user base. Both companies have reported a synergy effect from the partnership.
Building on these achievements, the executives from both companies introduced their respective business strengths, current service status, and expertise to explore the potential for further cooperation. In particular, Kim Joongu, CEO of Webtoon Entertainment, who is expanding the webtoon business in North America, presented his experience and vision for the content business at the meeting.
The executives from both companies highly valued the deepened mutual understanding gained from this initial meeting. However, they agreed to continue discussions on specific directions for collaboration through various channels in the future.
Meanwhile, CEO Choi also attended a closed-door roundtable with Maria Ferreras, Netflix's Global Head of Partnerships, and other Netflix employees. At the event, she emphasized the shared user-centric philosophy that innovation comes from users and mentioned the potential for expanding synergies in various ways based on this philosophy.
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