Published February 25, 2021, 5:57 PM
(Clockwise from top left) ‘The Silent Sea,’ ‘Hellbound,’ ‘D.P.,’ ‘Love Alarm 2,’ ‘So Not Worth It,’ ‘Kingdom: Ashin of the North’ and ‘Kim Minyoung’ (Netflix)
Video streaming giant Netflix is aggressively expanding its presence in Korea as it unveiled its plans to produce more K-dramas and movies this year.
Netflix held its “See What’s Next Korea 2021” presentation on YouTube on Feb. 25 wherein it revealed its roadmap to bring more Korean content to its global audience.
Kim Minyoung, Netflix’s vice president for Korea, Southeast Asia, Australia and New Zealand, said so far, Netflix has invested more than 770 billion won (about $694 million) in Korean content. Of the 200 Netflix Original content, 80 are Korean.
At a regional presentation, Netflix revealed that it had accumulated 3.8 million paid memberships in the country at the end of 2020. That tallies with recent estimates published by analysis firm Media Partners Asia and equates to a penetration rate of approximately 20% of Korean households.
The nearly $500 million production figure also means that South Korea may account for close to half of Netflix‘s estimated $1 billion Asia-Pacific content budget.
That figure may be justified by increasing overseas audiences for its increasingly diverse lineup of Korean content. “Audiences around the world are falling in love with Korean stories, artists, and culture,” Kim Minyoung, VP of content for Korea, Southeast Asia, Australia and New Zealand, said in a blog posting. “The K-Wave, or Hallyu as we call it here in Korea, is a huge moment of national pride and we’re proud to be part of it.”