Streaming giant Netflix will be looking to capitalize on the growing global fame of the South Korean entertainment industry. It is no news that South Korean TV shows and K-pop are taking the world by storm amassing feverish fans and have become global successes.
The company announced on Thursday that will it be spending close to half a billion dollars on Korean content in the current year and expand its production slate.
Netflix at a regional presentation disclosed 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 $500 million production fund means 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.
Kim Minyoung, VP of content for Korea, Southeast Asia, Australia, and New Zealand said, “Audiences around the world are falling in love with Korean stories, artists, and culture. Adding: “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.”
Netflix’s current year line-ups include Korean dramas, reality series, documentaries, and the platform’s first Korean sitcom.
Earlier this year, Netflix said that it was taking long-term leases on two studio facilities near Seoul to be able to house accelerate local production.