The surge of Korean shows streaming on Netflix has seen an increase over the years as fans become passionate about original Asian shows that traverse the ordinary with creative stories and, at the same time, display cultural pride.
Because of this, Netflix is allotting more budget for Korean projects. The global streaming giant has publicly announced that they are shelling out $2.5 billion (approx. KRW3.34 trillion) for South Korean movies and TV shows for the next four years.
Netflix Promises More Korean Films And Series For Avid Subscribers
Netflix’s co-CEO Ted Sarandos made this commitment at a conference in Washington DC with South Korean President Yoon Suk Yeol. In his statement, Sarandos expressed “great confidence” in the success of upcoming Korean projects (via Variety):
“We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories. We were also inspired by the President’s love and strong support for the Korean entertainment industry and fueling the Korean wave. I’d like to personally thank the President for his kind response letter.”
He also noted how people’s enthusiasm toward Korean shows encouraged this decision:
“It is incredible that the love towards Korean shows has led to a wider interest in Korea, thanks to the Korean creators’ compelling stories. Their stories are now at the heart of the global cultural zeitgeist.”
The success and fame of Korean hits such as Squid Game and The Glory have reached international level and even become the most streamed non-English shows in the platform. This passion has also allowed the Korean industry to showcase more of its creativity with the help of Netflix, which houses many highly-acclaimed East Asian series and films.
This new commitment also comes after rival companies such as Apple TV and Disney are also expanding their content and delivering more variety when it comes to entertainment.
Korean Entertainment Industry Continues To Thrive In The International Arena
Netflix has also made several arguments that promised itself to become one of the leading forces that would drive more exposure to the Korean show business community as well as the creators and artists behind it:
“The world’s interest has expanded not only to Korean content but also to the Korean creators who produce them. Netflix’s investment goes beyond producing great works to create a ‘virtuous circle’ that grows with Korean companies involved in content production, including special effects (VFX), special makeup (SFX), post-production, production finance, and line production.”
The upsurge in the popularity of Korean shows also demanded more jobs in the trade, which could be seen in the increase in dubbing and sub-titling industries in Korea. The statement cited a report from accounting firm Deloitte in 2021 that about 16,000 jobs have been created since the rise of the Korean wave.
This growth has also positively affected other Korean industries, such as fashion, food, beauty, music, and tourism. People’s growing fondness for Korean culture was immensely brought by media through the influence of Korean idols such as BTS and Blackpink, and actors like Song Hye-Kyo and Lee Min-ho, to name a few.
Source: Variety
