The Spectacle of Success
Netflix, racing ahead with a 40.8% surge this year, has outpaced the Consumer Discretionary sector’s sluggish 1.2% decline. Their secret weapon? International content.
This streaming giant now rules as South Korea’s favored video streaming platform.
Recently, the company, ranked #3 by Zacks, unveiled a riveting collaboration with director Yeon Sang-ho and writer Choi Gyu-seok. Together, they bring to life the captivating comic series Revelations post the rave reception of their thriller Hellbound.
Steering through themes of life and death in Hellbound, Yeon and Choi promise to enthrall viewers yet again with Revelations. This film delves into the realms of religion, humanity, conviction, and belief. Starring Ryu Jun-yeol as Min-chan, the vengeful pastor, and Shin Hyun-been as Yeon-hee, the relentless detective, the narrative unfolds a tale of retribution and justice amidst personal turmoil.
Adding to the stellar lineup, acclaimed director Alfonso Cuarón joins as an executive producer, infusing his magic into this project. With production by WOW POINT, a global content powerhouse in Korea, the legacy of Yeon and Choi’s storytelling is set to strike a chord.
Netflix’s Steady Path
Surpassing competitors, Netflix thrives but faces growing rivalry in the South Korean video-on-demand market. To stay at the helm, Netflix must innovate and broaden its content offerings to satisfy the evolving South Korean taste.
Evidence from the Economic Times reveals a booming subscription video market in South Korea, which gained over 700,000 subscribers recently, soaring to a total of 19 million. This data underscores the surging demand for video-on-demand services in the country.
Disney’s Disney+ emerges as the frontrunner with a whopping two million subscribers added in a short span. The dynamic growth underscores Disney’s successful strides in the competitive South Korean market, driven by rich content and strategic marketing.
While Disney+ shines, Netflix and Tving hold fort as leaders in the market. Netflix’s diverse content catalogue secures its loyal following. The local player, Tving, captures hearts with its array of Korean dramas and movies.
Trailblazing Tubi by Fox offers 200+ free Korean titles, ranging from the ’90s to the future, under the K-Drama Plus tag. With captivating subtitled and English-dubbed content, Tubi caters to varied tastes and provides an enriching viewing experience.
Alphabet’s YouTube Red shone bright in 2016 with its ad-free subscription service. Now evolved into YouTube Premium, it delivers an ad-free, immersive experience with a vast video library at the viewer’s fingertips.
The Path Ahead for Netflix
Anticipation rises for upcoming Korean content like You Have Done Well, Hong Rang, and Agents of Mystery, poised to drive subscriber growth and bolster Netflix’s APAC revenues in the coming quarters.
Forecasts predict NFLX’s 2024 APAC revenues to scale to $4.23 billion, marking a robust 12.7% uptick. Earnings are expected to soar to $18.31 per share, reflecting a 52.2% surge from the previous year.