Back in April, Netflix revealed its plan to invest $2.5 billion in South Korean content, from K-dramas to K-movies and unscripted shows, over the next four years. Though many welcome this idea, especially K-drama lovers, some worry it may affect the local market. But the streaming giant promises to do what is right and is confident that it will succeed.
Netflix co-CEO Ted Sarandos announced his plan in a meeting with South Korean President Yoon Suk Yeok at Blair House in Washington during the latter’s state visit. The President sees the move as a “big opportunity” for both the country and the streamer, but there are fears that it may impact the local platforms, like Tving, Wavve, and Watcha.
Netflix’s Huge Investment in South Korean Content
Sarandos said in a statement that the $2.5 billion investment they have made is twice the amount Netflix has invested in South Korea since it launched in 2016. It can’t be denied that it has seen the rise of many South Korean shows, like Squid Game, Physical 100, and The Glory, in the international TV scene since then.
“We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories,” he said. “We were also inspired by the President’s love and strong support for the Korean entertainment industry and fuelling the Korean wave.”
The co-chief executive added that the love these Korean shows have received has led to a “wider interest in Korea,” all thanks to the Korean creators’ compelling stories. “Their stories are now at the heart of the global cultural zeitgeist,” he continued.
That said, Sarandos is confident that their investment will help strengthen their “long-term partnership with Korea and Korea’s creative ecosystem.” But how about the local streaming platforms in the country?
The Fears Over Netflix’s Effect on Local South Korean Streaming Platforms
With Netflix’s announcement of a $2.5-billion investment in South Korean content, there are growing fears about its effect on local South Korean streaming platforms. South Korea has created some of the biggest shows on Netflix, with 60% of global users watching at least one Korean show last year.
Hence, there are calls for the government to “support locally funded projects and secure the rights for content” amid the increasing production costs. Thankfully, the government heard these cries and announced its plan to release 500 billion won ($390.09 million) to help the local streaming platforms go against its international rivals, like Netflix.
"The media and content industry will thrive when various platforms compete instead of being dominated by only a few, which will benefit both creators and consumers," Heo Seung, public affairs director at South Korean streaming platform Watcha, said (via Reuters).
South Korea has no law that requires foreign streaming services to produce or invest in local content. So, Korean politicians want Netflix to compensate creators better when their projects succeed. Fortunately, the streamer heeds and will pay local creators “fairly” even at the start of their shows’ production, regardless of the result.
Netflix’s Upcoming K-Dramas, K-Movies and more
This year, Netflix plans to release an array of South Korean content totaling 34 titles. Fans already saw the release of the successful K-dramas The Glory, Crash Course in Romance, King the Land, Love to Hate You, See You in My 19th Life, Blood Hounds, Celebrity, Queenmaker, The Good Bad Mother, and Black Knight. The K-movies JUNG_E, Kill, Boksoon, and Unlocked had also dropped.
Other upcoming must-watch series are Gyeonseong Creature, Song of the Bandits, Sweet Home Season 2, D.P. Season 2, A Time Call You, Behind Your Touch (working title), Destined with You, Mask Girl, Daily Dose of Sunshine, and Goodbye Earth. Of course, there will also be K-movies like Ballerina and The Match. For the complete list, visit Netflix’s site.
