Netflix’s Co-CEO, Ted Sarandos, recently visited Korea to discuss the partnership between Netflix and Korean creators and the success of Korean content abroad. During his visit, Sarandos highlighted the growing popularity of Korean content on Netflix. He mentioned that 60 percent of Netflix members have watched at least one Korean title, and K-content viewing has increased sixfold globally in the past four years.
Sarandos also spoke about the success of Korean romance genre on Netflix. He said that 90 percent of K-romance viewing now comes from outside Korea, indicating the wide appeal of Korean romantic dramas. He also mentioned that several Korean movies and TV shows, such as “Carter,” “All of Us Are Dead,” and “The Glory,” have reached the Netflix top 10 in over 90 countries. However, the biggest success story is undoubtedly “Squid Game,” which has become the biggest TV show in history on any metric.
To further strengthen its partnership with Korean creators, Netflix announced a $2.5 billion investment in Korea over the next four years. This investment will support the production of television series, films, and unscripted shows. Additionally, Netflix plans to fund training programs for aspiring filmmakers and the next generation of creators. For example, Netflix is working with the Korea Radio Promotion Association to help local students gain experience in the production industry.
Sarandos emphasized the importance of nurturing new talent in the Korean industry. He mentioned that between 2022 and 2025, one in five Netflix titles in Korea will come from a first-time writer or director. He also highlighted his meeting with 100 students, accompanied by director Park Chan-wook, who are future screenwriters and directors with great potential. Sarandos believes that investing in their talent collectively as an industry is crucial for the growth of Korean content.
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Netflix also stressed its commitment to partnering with local players in Korea. Daniel Son, the CEO of local VFX studio Westworld, participated in a panel discussion and shared the company’s growth as a partner for Netflix. Son mentioned that their studio began with three people in 2018 and now has 190 staff members. Their sales revenue has also increased significantly since 2018.
In terms of more delicate issues, Sarandos addressed concerns over Netflix’s profit-sharing structure and the acquisition of IP rights for dramas and films produced in Korea. He assured that when making deals, Netflix guarantees fair compensation for studios and creators. He stated that Netflix is competitive in the market and compensates creators at the top of the market. He also emphasized the importance of promoting a healthy ecosystem and providing sufficient support to creators.
Sarandos’ visit to Korea was seen as an effort to influence high-level decisions regarding Netflix’s conflicts with SK Broadband over network usage fees. He met with Prime Minister Han Duck-soo and other key officials to discuss the expanded partnership between the U.S. and South Korea. In 2021, a Seoul court ruled in favor of SK Broadband, stating that Netflix must make a restitution payment for its heavy traffic usage. Netflix has appealed the court’s decision, and the trial is ongoing.
Netflix did not provide specific details about the timing of its new password-sharing policy, which now prohibits sharing accounts outside of households. However, the company confirmed that this policy is a global initiative that will be implemented in the next few months. Eventually, Korea will also be targeted by this measure.
In conclusion, Ted Sarandos’ visit to Korea showcased Netflix’s strong partnership with Korean creators and the increasing popularity of Korean content on the streaming platform. Through its multi-billion dollar investment, support for training programs, and commitment to fair compensation, Netflix aims to further foster the growth of the Korean entertainment industry.
