In this news, we discuss the South Korea’s pop culture machine boosts Netflix’s international growth: source.
NEW YORK / SEOUL (Reuters) – A zombie drama, TV series about a supernatural nurse, and an anti-social children’s book author have helped make South Korea one of Netflix’s biggest sources of growth in international markets, a source familiar with the subject told me.
Netflix said 46% of its third-quarter net new global paying customers were from the Asia-Pacific region, where revenue grew 66% from last year, mostly in Japan and South Korea, said the company reported Tuesday in a letter to investors. (Graphic: tmsnrt.rs/3jhdq7e)
The source cited data that could be released later this week when a representative from Netflix is expected to appear for South Korea’s annual parliamentary audit in which the company’s investment is likely to occur. What will be discussed at the meeting was not immediately clear.
The company is eager to demonstrate its large investments in the region as well as its role in making Korean pop culture more accessible outside of Korea.
Netflix’s South Korean business played a major role in third quarter growth. The world’s largest paid video streaming service now serves 3.3 million paid members in the region as of September 30, the source said.
Overall, Netflix now serves more than 195 million paying subscribers.
The company has helped fuel and is fueled by the worldwide popularity of South Korea’s pop culture machine. Since 2015, the world’s largest subscription streaming video platform has invested nearly $ 700 million in funding partnerships and co-productions, the source said.
Since the end of 2019, it has increased investments and entered into multi-year content partnerships with major Korean studios, including CJ ENM / Studio Dragon and JTBC, to access their Korean shows.
Over 70 Korean creative shows from local creators have been released as Netflix branded originals around the world and are available in 31 subtitled languages and over 20 dubbed languages.
In October, Netflix released the original documentary “Black Pink: Light Up the Sky” about the Billboard 100 highest-rated Korean female act. The band’s recent music video for “How You Like That” broke a historic record on YouTube. as the most viewed video in a 24 hour period with 86.3 million views.
South Korea passed overhauled the country’s telecommunications companies law, dubbed the “Netflix law,” in May to require all content providers, including foreign companies, to share the burden of network costs with local Internet service providers.
The review came after Netflix filed a lawsuit in April against South Korean internet network operator SK Broadband, a subsidiary of the country’s largest mobile operator, SK Telecom Co Ltd.
The two companies failed to reach an agreement on the US streaming giant’s use of SK Broadband’s Internet service without sharing the cost of the network despite the expansion of SK Broadband’s network infrastructure to support loads the growing traffic of Netflix.
Netflix asked the Seoul Central District Court to rule that it was not required to pay additional fees.
Reporting by Kenneth Li in New York and Heekyong Yang in Seoul; Editing by Lisa Shumaker
Original © Thomson Reuters
Originally posted 2020-10-21 02:16:10.