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South Korea
AsiaEast Asia

Netflix launched South Korea’s entertainment industry to superstardom. But is the ‘Netflix Effect’ really paying off?

  • Korean shows are hugely popular on Netflix, with 60 per cent of global users watching at least one Korean title last year
  • But calls are growing for it to better reward creators when their projects succeed – and for the government to help secure the rights for content

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The creator of “Squid Game” has said the series was rejected multiple times before being picked up by Netflix. But are Korean creators being fairly compensated for their runaway successes? Photo: Netflix
Reuters
When Netflix co-CEO Ted Sarandos visits South Korea this week he will find an entertainment industry that has achieved global fame through hits such as Squid Game and The Glory, but also growing worries about its effects on the local market.
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South Korea has created some of Netflix’s biggest shows, which have become synonymous with the broader international success of the country’s cultural exports and spurred the Californian company to invest US$2.5 billion in local content.

Sarandos is expected to arrive in Seoul on Tuesday, according to industry sources, and meet with Prime Minister Han Duck-soo on Thursday, his first visit as co-CEO.

But while Korean shows are hugely popular on Netflix, with 60 per cent of global users watching at least one title last year, calls are growing for the government to support locally funded projects and secure the rights for content.

01:25

‘I feel proud’: South Koreans celebrate as Squid Game TV show makes history at 2022 Emmys

‘I feel proud’: South Koreans celebrate as Squid Game TV show makes history at 2022 Emmys

The government last week announced plans to provide 500 billion won (US$390 million) to help local streaming platforms compete with global rivals such as Netflix amid soaring production costs.

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