Amid criticism that global platforms capture the real profits even as K-content expands its influence, an expert has diagnosed that Korea must build a system to support sustained growth by strengthening its bargaining power.
Cho Young-shin, an adjunct professor at Dongguk University and CEO of media and entertainment research firm C&X, said in an interview with The Seoul Economic Daily, "The reality is that we have not been able to negotiate properly with global online video services (OTT) such as Netflix." He added, "As K-content's global influence has recently grown, we must focus on using this as leverage to build bargaining power." This means that since buyout contracts for original content are Netflix's business principle, the contract terms must be changed through negotiation. A buyout contract refers to a method in which creators are paid a lump sum instead of royalties, with the company taking future profits.
"The global standard that Netflix touts is merely a formal condition, and in reality, bargaining power determines all contract terms," Cho said. "In 2025 and 2026, Netflix renewed content supply contracts with Sony and Universal, and the fact that the contract terms at that time were 18-month broadcasting rights shows this clearly." Cho's assessment is that the 18-month contract, rather than the 10-year term applied to us, was driven by the track records built by Sony and Universal, as well as their strong bargaining power. In fact, as "Culinary Class Wars" continued through its third season, the negotiation terms reportedly changed from season one to season two, and from season two to season three.
Cho advises that Korea needs to follow the example of K-pop, which wields powerful influence in the global market. "It took about 30 years for K-pop to exert its influence," he said. "K-drama is just beginning. To use a music industry analogy, it is at the stage when 'BoA' was entering the Asian market." He added, "For drama production companies to become like Hybe, they must achieve results outside the Asian market," and "beyond domestic viewership ratings and popularity in Asia, more works must show a presence in Europe and the English-speaking world."
He also suggested that building bargaining power requires capital and staying power, and that the government must view content as a strategic industry and provide solid support from behind. "Over the next 10 years, we must be able to support our operators so that the creative fervor does not cool until they receive fair value in the global market," he stressed. "If we want not a flash of enthusiasm but cultural strength that endures over time, support fitting for that is urgently needed."
