Netflix spends $2.5 billion acquisition in Korean content that appeals to people

May 15, 2023: Netflix has decided to spend $2.5 billion on Korean content and witnesses opportunities beyond the Asian area, said Don Kang, Netflix’s vice president of Korean content.

Over the upcoming four years, Netflix is investing $2.5 billion in various examples of Korean content, which spans TV series, films and nonfiction shows, Kang told. He said it would double the number of nonfiction shows it produces, from about four in 2022 to nearly eight this year, reflecting the Korean audience’s demand for variety shows.

These include the reality show “Physical 100”, released earlier this year, which features many contestants who fight each other in a series of physically strenuous challenges.

“I think that was the first nonfiction show to have global viewing, getting people excited,” he said. Korean competition or nonfiction shows don’t typically travel far away from Korea and the Asia-Pacific region, but Kang stated that the success of “Physical 100″ is a “really positive sign.”

“Physical 100” topped Netflix’s viewership for every week for non-English TV shows for two weeks in 2022. One more Korean variety show that earned global success in 2022 was the reality dating show “Single’s Inferno,” which Kang stated featured in the international top 10 list.

Kang stated that he worked on the international distribution of Korean shows before joining Netflix in 2018. “Back then, it was romantic comedies” that got the traction, he said. Distribution was limited to countries like Japan and different Southeast Asian nations due to language and cultural differences in other regions, he further stated.

But Netflix is investing in localization through subtitles and dubbing, which removes language as an initial barrier to entry and “makes a huge difference,” he stated.

“You cannot underestimate the diverse tastes that people have worldwide,” Kang said, citing the thriller series “Squid Game” as an example. Netflix had considered which changes its title to something with more recovery for international viewers but has kept its original “catchy title that provokes curiosity,” said Kang.

So far, Netflix’s slate of Korean content also diversifies away from romance, includings genres like drama and apocalyptic, and social commentary and conspiracy alongside its nonfiction shows.

Kang said Korea could tell stories that convey its unique culture but resonate with the universal emotions of global viewers. “When a Korean audience loves a show, it has a high likelihood of being liked by people around the world.”