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[Reporter s Notebook] Netflix s freeloading should end
Posted : 2021-05-03 16:47
By Kim Bo-eun
Netflix s earnings in Korea spiked last year, as people flocked to online-based home entertainment amid the COVID-19 pandemic.
Netflix Services Korea raked in 414.45 billion won in sales in 2020, up 123.54 percent from the previous year backed by a surge in subscribers. Netflix Korea s subscribers exceeded 3 million as of the end of last year, up from 2 million in October 2019.
Netflix and YouTube operator Google collectively account for more than 70 percent of online traffic generated here.
But these foreign players do not pay the telecommunications firms for using their networks. Local content providers Naver and Kakao, on the other hand, are paying tens of billions of won each year in return for servicing their content using the companies telecom infrastructure. This has long been a point of dispute here, as local firms are required by law to pay for network usage while global
Global tech firms post hefty gains in Korea in 2020
Posted : 2021-04-16 15:05 By Kim Bo-eun
Global tech companies saw their earnings in Korea surge last year, according to regulatory filings made earlier this week. The earnings of local subsidiaries of tech giants such as Google, Facebook, Netflix and Tesla were unveiled for the first time after revised regulations went into effect last November.
Google Korea saw its 2020 net profit skyrocket 741 percent year-on-year to 6.18 billion won ($5.53 million), while operating profits surged 52.9 percent to 15.59 billion won. The regulatory filing showed Google s earnings mostly came from marketing related to advertisements.
Facebook Korea s regulatory April 5 filing showed the company s operating profit soar 553 percent in 2020 year-on-year to 11.77 billion won, as its net profit jumped 314 percent to 6.33 billion won.
Netflix Korea s revenue more than doubles in 2020
Posted : 2021-04-13 10:01
gettyimagesbank
Netflix saw its revenue more than double in South Korea last year as the video streaming giant enjoyed rapid user growth amid the pandemic, its filing showed Tuesday.
Netflix Services Korea Ltd. s sales last year stood at 415.45 billion won (US$356 million), up 123.5 percent from the previous year, while operating profit reached 8.82 billion won, up 295 percent over the cited period, according to the filing.
Most of the company s sales last year came from user streaming fees, which stood at 398.8 billion won, compared with 175.6 billion won the previous year.
This is the first time that the company has disclosed its financial statement since 2016, when it started offering its services in South Korea.
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