Why is Netflix keep on boosting Korean Content?
It is the Golden Age of Korean Drama. The number of Korean content increased by five times in three years and ranked as the 'Netflix's Top 5 viewed content in Southeast Asia' with its special and unique storytelling.
This year, the entertainment industry around the world had to endure the harm caused by the infection of COVID-19. On the other hand, however, platforms such as Netflix and YouTube, which are online video providers, have triumphed as media content consumption has increased.
Korea is the entertainment supply market that Netflix has been paying attention to since it moved its focus to the new market, Asia, freeing it from the saturated market in the U.S. and Europe. It turns out to be the right choice.
Netflix took the first step in investing in Korean content by producing "Okja" directed by Bong Joon-ho in 2017. The 60 Korean contents that began this way grew to 325 as of May last year, increasing five times in three years.
The hottest K-drama in Asia recently is 'It's OK to Not Be Okay,' starring Kim Soo-Hyun, a popular Korean actor. The drama, which is seen in 190 countries via Netflix, ranked first in 'Most Watched Content' in 7 Asian countries, such as Hong Kong, Thailand, Vietnam, and Malaysia, ranked 2nd to 3rd in Japan.
It was ranked 6th in Netflix's global overall ranking, the highest-ranking ever for a Korean drama. Viewers all over the world are pouring out real-time positive responses such as "It's different from the K-drama we've seen so far," "You shouldn't think it's a typical romantic drama. It's certainly a drama of a different depth."
In addition to 'It's Okay to Not Be Okay', 'Youth Record',' Crash Landing on Love',' Itaewon Class', 'The King', and 'Was it love?' is receiving great love from all over the world via Netflix.
Netflix Chief Content Officer Ted Sarandos said, "Many people in Asian really enjoy Korean content, and Korea has a high level of storytelling, so Korea's position in Asia is significant. Thus we are planning to expand our investment."(Singapore, 2018)
Indeed, the investment has been made aggressively. Since 2017, Netflix has been providing programs in partnership with OCN, tvN, and JTBC(Korean local broadcasters). In particular, tvN's 'Mr. Sunshine' was known to have been purchased by Netflix for USD 26 million under the condition of global simulcasting without a holdback (the time it takes to rerun the content).
Netflix acknowledged the excellence of Korean content with variety, stories that encompass borders and cultures, and high-level technology. With its excellence, it boasts its impact on the global media content market and is also highlighted as an effective tool for content-based marketing strategies.