From K-pop to K-drama… Yesterday Netflix said it plans to spend $2.5B over the next four years to produce South Korean shows and movies, doubling its investment in the market. Over half of Netflix viewers watched Korean content last year, and 40% of its most-watched non-English-language shows are Korean, from revenge drama “The Glory” to reality hits like “Single’s Inferno.” As Netflix rolls out its largest-ever lineup of K-content, Disney, Amazon, and Apple are investing in the streaming K-wave. With good reason:
Untapped potential: Last quarter, Netflix added 1.5M paid subscribers in Asia Pacific, making it the fastest-growing region by far.
Red-jumpsuit mania: “Squid Game” was a phenomenon, earning a half dozen Emmys and becoming Netflix’s most watched show or film ever — topping 110M viewers.
Ram-Don gold: Korean dark comedy “Parasite” made Oscars history in 2020 as the first foreign-language film to win Best Picture.
From “Beef” to Black Pink… Korea has become a pop-culture powerhouse and entertainment leader. Just a few examples: K-pop band BTS added $5B/year to the Korean economy (nearly 0.5% of the country's GDP) as the mega-stars took over charts worldwide. This month, the group Black Pink made history as the first Asian band to headline Coachella.
One wave can reach many shores… South Korea’s entertainment industry isn’t only boosting the Korean economy; it’s also fueling international engagement for streamers as its popularity spreads everywhere. While Hollywood has long been the main purveyor of entertainment, Korea’s solidified its place as an industry leader.