Netflix is set to invest $2.5 billion in Korean content over the next four years, double the amount invested since 2016. This decision was made due to the increasing popularity of Korean culture worldwide, as seen through the “Hallyu” or “Korean wave.”

Why is Netflix investing so heavily in Korean content?

South Korea saw a record-breaking $12.4 billion in content exports in 2021, with Netflix’s viewership being a significant contributing factor. Over 60% of Netflix’s 230 million+ global subscribers watched Korean content in 2022, with the Asia-Pacific region being a consistent source of growth. The success of Korean dramas such as “Squid Game,” which was watched for 1.6 billion+ hours, and other shows like “The Glory,” “Extraordinary Attorney Woo,” and “Physical: 100” further cemented the popularity of Korean content on the platform.

What are other streaming platforms doing in response?

While other streaming platforms are trying to catch up, Netflix’s dominance in the Korean content market remains evident. Warner Bros. Discovery’s new Max rollout will not hit the Asia-Pacific region until 2024, a move Variety noted as a “dreadful blunder.” Meanwhile, Disney+ has teamed up with K-pop superstars BTS and announced numerous Asian titles for 2023, citing stories from the region as a “key pillar” for the platform for the next 100 years. Amazon recently tried to gain market share in the Asia-Pacific region through ads featuring anime and Korean dramas, but it remains to be seen whether these efforts will pay off.

What can viewers expect from Netflix’s upcoming slate of Korean content?

Netflix’s slate of Korean content for 2023 will feature 34 new and returning titles across genres, promising to provide something for everyone. Some of the most anticipated releases include “Hellbound,” a thriller about a supernatural phenomenon, “D.P. 2,” a continuation of the military drama, and “Zombieverse,” a reality competition show set in a zombie apocalypse. The team behind the Korean hit “All of Us Are Dead” will create the game’s monsters. These upcoming shows are expected to further solidify Netflix’s place as the leader in Korean content streaming.

In conclusion, Netflix’s decision to invest $2.5 billion in Korean content over the next four years is a testament to the growing popularity of Korean culture worldwide. With other streaming platforms trying to catch up, it remains to be seen whether Netflix’s dominance in the market will continue, but with its upcoming slate of 34 new and returning Korean titles, it looks like the platform is set to maintain its lead in the Korean content streaming market for the foreseeable future.

Frequently Asked Questions

• What is “Hallyu” or “Korean wave”?

  “Hallyu” or “Korean wave” refers to the global phenomenon sparked by the rise of K-pop bands, the success of the movie “Parasite,” and the popularity of Korean content on platforms such as Netflix.

• How much did Netflix invest in Korean content and over what period of time?

  Netflix announced a $2.5B investment in Korean content over the next four years, which is twice the amount it has invested in the market since 2016.

• What are some of the Korean hits on Netflix?

  Some of the Korean hits on Netflix include the global sensation “Squid Game,” revenge drama “The Glory,” legal drama “Extraordinary Attorney Woo,” and reality competition show “Physical: 100.”

• What other streaming platforms are investing in Asian content?

  Disney+ has announced numerous Asian titles for 2023 and has said that stories from the region will be a “key pillar” for the platform for the next 100 years. Amazon has also tried to gain APAC market share via ads in the region featuring anime and Korean dramas. Meanwhile, Warner Bros. Discovery’s new Max rollout won’t hit the Asia-Pacific region until 2024.