'The Silent Sea'
Revenue for the streamer's local unit, which was required to issue a profit and loss statement for the first time due to a new local law, more than doubled.
Netflix provided a rare snapshot of its business fundamentals in South Korea this week — a new requirement for all large companies based there under local law. The results show the global streaming giant building a robust business in the East Asian country despite steadily escalating content spending.
Netflix's South Korean business unit saw its revenue climb to $356 million (415.45 billion won), a surge of 123.5 percent compared with 2019. Operating profit, meanwhile, reached $7.5 million (8.82 billion won), up 295 percent, according to the filing.