Korean content has established itself as a core growth engine for Netflix, extending ripple effects across the broader cultural industry, including tourism, language, fashion, and dining.
202 Trillion Won Invested Over 10 Years; Economic Impact 2.4 Times That Amount
According to the "Netflix Effect" report released by Netflix on Wednesday, the company has invested $135 billion (approximately 202 trillion won) in content production over the past decade. The economic ripple effect generated from this investment is estimated at $325 billion (approximately 487 trillion won), 2.4 times the investment amount.
The report's key analysis centers on Korean content driving these results. Shows such as "Squid Game," "When Life Gives You Tangerines," "K-Pop Demon Hunters," and "Culinary Class Wars" have emerged as anchor content for Netflix, according to the report.
The influence of K-content is also confirmed by the numbers. Data from global education platform Duolingo in January showed that Korean language learners in the United States grew 22 percent year-on-year.
In the three months following the release of "K-Pop Demon Hunters," airline bookings to Korea (based on Trip.com data) jumped 25 percent from a year earlier. On Google Trends, all top five most-searched cosplay costumes during last year's Halloween period were outfits of "K-Pop Demon Hunters" characters.
Ted Sarandos, CEO of Netflix, wrote on the company's newsroom that "Netflix knew from 10 years ago that to become truly global, one must start thoroughly from the local."
'Tangerines' Engaged 4,000 Partner Companies; Webtoon Views Surge 123-Fold
The economic trickle-down effects of individual productions are also striking.
"Around 600 cast and crew members and more than 4,000 partner companies participated in the drama production process," the report said, adding that it "is estimated to have contributed more than 90 billion won to the Korean economy."
In the two weeks following the release of "Bloodhounds Season 2," global views of the original webtoon jumped 22-fold compared to the preceding two weeks. Chinese-language views surged 123-fold, while English and Thai views rose 20-fold and 12-fold, respectively.
After "Culinary Class Wars" aired, CJ CheilJedang's "Culinary Class Wars Chef Collection" meal kits surpassed 20 billion won in sales within three months of launch.
The trend of breaking down language barriers is also visible. The share of non-English content among Netflix's entire catalog has risen from around 10 percent a decade ago to 33 percent currently. Netflix explained that Korea, along with Spain and Japan, is leading this trend.
