Netflix, it seems, is ready to make a big bet on this! Its influence has been recognized by the company’s recent announcement that it will invest $2.5 billion in South Korean content over the next five years, from 2024 to 2028. This massive influx of investment reinforces the platform’s deeply rooted conviction in South Korean stories. These stories are immensely popular—they’re presently responsible for 8-9% of all views on Netflix. South Korean shows have been the hottest trend! Now they have come to rank only behind US productions in terms of global viewership and stand well ahead of UK productions.
South Korean titles are all the rage now thanks to mega-hits such as Hwang Dong-hyuk’s dystopian drama “Squid Game.” This revolutionary series has defined a viewership standard that other less intersectional shows like the romance drama “Love Next Door” and cooking reality competition “Culinary Class Wars” now want to comply with. Netflix might have left the biggest footprint thus far as an early entrant in South Korea. Recommended Blog Posts They run amazing local facilities, such as Studio 139 and Samsung Studio.
Expanding Local Operations
Netflix, on the other hand, has cultivated deep relationships with local broadcasters and media conglomerates for licensing and distribution. That includes production partnerships with heavyweights such as CJ ENM, JTBC, KBS, SBS and MBC. These collaborations have enabled Netflix to enhance its library with high-quality South Korean content that resonates with both domestic and international audiences. The company knows well that South Korean shows have become the bedrock of its growing popularity overseas, right at the center of its international success.
Research from Ampere Analysis highlights that South Korean content is now consistently among the most widely exported and consumed globally. For those who still refuse to believe viewership statistics, here’s an eye-opening detail. Indeed, a remarkable 17% of the 500 most popular non-US series and movies on Netflix are South Korean.
“Ampere’s analysis of Netflix viewing data confirms that South Korean content is now consistently among the most widely exported and consumed content globally. It plays a pivotal role in the streamer’s international success, driving both breakout hit titles (such as Squid Game and Kingdom) and sustained viewing time.” – Orina Zhao, Research manager at Ampere Analysis
The Growing Influence of CJ ENM
CJ ENM, South Korea’s largest entertainment conglomerate, has influenced the industry with bold moves. The company recently announced a jaw-dropping $818 million content budget for this year alone. They hope to extend their international footprint by partnering with the likes of big US studios including their parent company, the independent Fifth Season and Warner Bros Discovery.
This contentious move will significantly increase the accessibility of South Korean content on international platforms. It’ll help CJ ENM better engage with audiences around the world on a global scale. Almost a third (29) of the top 100 South Korean titles on Netflix are originals or exclusives to the platform. In fact, that number is actually a robust 31%!
A Cultural Phenomenon
This worldwide sensation has been taking the world by storm! This cultural phenomenon, known as the Korean Wave, has propelled South Korean music, television and film to the heights of worldwide acclaim. Consequently, the appetite for premium content from the territory remains as strong as ever.
Then, Netflix must ensure at least half of the top 100 South Korean titles released in the latter half of 2024 are originals. This decision further underscores the platform’s solid commitment to South Korean storytelling.