Seoul Overtook Japan Because of the K-Drama Craze

(Seoul = Yonhap News) Reporter Choi Jae-seo = Bloomberg News reported on the 6th (local time) that streaming companies are flocking to the Korean market as Korean dramas such as ‘The Glory’ are gaining worldwide popularity.

Bloomberg reports that Seoul has been reborn as one of the world’s “entertainment capitals” thanks to the success of Bong Joon-ho’s movie “Parasite” and the Netflix series “Squid Game.”

According to reports, Netflix evaluates Korea as the country that has produced the most hit series outside the United States.Last year, more than 60% of Netflix subscribers watched Korean content.

The series ‘The Glory’, which was also popular in Korea this year, was counted as the most watched program on Netflix for two consecutive weeks last month.In addition, it has also set a record in the popular Netflix series ‘Top 10’ in 90 countries, including Argentina, France, and India.

Thanks to this popularity, investments from major global streaming companies such as Netflix, Disney+, and Apple TV+ are rushing into the K-drama market.

After investing $500 million (about 660 billion won) in Korea in 2021, Netflix decided to show at least 34 Netflix original works this year.According to market research firm Media Partners Asia, Netflix’s annual investment in South Korea recently reached $1 billion (approximately 1.32 trillion won).

Disney+ and Apple TV+ are reviewing to expand investment, and Amazon, which does not operate a streaming service in Korea, is also buying Korean content.

Bloomberg said that as Netflix first entered the Asian market, it focused on Japan, which was considered the cultural capital of the region, and gradually “realized that the key to attracting subscribers in Asia lies not in Japan but in Korea.”

At that time, broadcasting companies in Japan, Taiwan, and Hong Kong were already buying and airing Korean TV dramas.

In 2019, Netflix signed a streaming-related contract with Studio Dragon, and K-drama began to grow rapidly.

According to Bloomberg, the number of drama series produced by Korean studios has increased by more than 50% over the past three years, and 125 series were aired last year alone.