🔹 Korean Dramas: From Romantic Stereotypes to Global Popularity
Although Korean dramas have often been criticized for focusing too heavily on romantic storylines, they have nonetheless gained widespread popularity across Asia and beyond. Their emotional storytelling, strong character development, and cultural appeal continue to resonate with global audiences.
🔹 Korean Cinema: From Artistic Recognition to Commercial Breakthrough
Korean films have long been recognized for their artistic merit. However, the international breakthrough came when Bong Joon-ho’s film Parasite won four Oscars in February 2020, including Best Picture. This milestone helped Korean cinema gain global recognition not just for its artistry but also for its commercial viability.
- Ironically, right after Parasite’s Oscar triumph, the COVID-19 pandemic began to spread, eventually causing a collapse in the traditional theatrical revenue structure due to repeated lockdowns.
- As a result, global OTT platforms like Netflix emerged as alternative distribution channels, and many professionals in the film industry shifted toward creating content for these platforms.
🔹 Korean Hits on Netflix: From Crash Landing on You to Sweet Home
Korean visual content such as Crash Landing on You, Itaewon Class, #Alive, and Sweet Home has gained massive global popularity through Netflix, leading to increased domestic investment driven by intensified OTT competition.
- Netflix reported KRW 415.4 billion in revenue from Korea in 2020, and announced an investment of KRW 550 billion in 2021.
- Recently, Netflix leased two large-scale studio facilities in Pocheon and Yeoncheon, totaling 16,000 square meters—larger than Namyangju Studio Complex—marking the establishment of its first production base in Asia.
📎 Netflix Builds 16,000㎡ K-Content Production Base in Korea
🔹 OTT War Heats Up in Korea
- Chinese OTT platform iQIYI has officially entered the Korean market, and Disney+ launched in Korea in November 2021.
- With Korean content gaining high global status, the so-called “OTT war” is expected to further expand domestic investment and production opportunities.
đź“Ž ‘K-Content in High Demand’ – Disney, Apple, iQIYI Join Global OTT Battle
🔹 Why Global OTT Platforms Are Betting on K-Content
To survive, global OTT platforms are fiercely competing to secure exclusive original content. Korea has become an ideal partner due to several key strengths:
- High production quality at relatively low cost
- Booming webtoon and web novel industries, providing a rich source of original IP
- Strong IT infrastructure and post-production capabilities
đź“Ž Why Netflix Is Obsessed with K-Content
These factors have led to increased investment by global OTT platforms, resulting in improved content quality and genre diversity in Korea. Shows like Kingdom, Sweet Home, and Squid Game introduced genres previously rare or nonexistent in Korean drama.
🔹 Netflix’s Competitive Edge: Localized Original Content
Netflix’s strategy of heavily investing in localized original content has proven to be successful:
💡 One of Netflix’s strengths is its rich catalog of local content. The platform customizes its content offering in each country to feature locally popular dramas and films. In Korea, many of the most-watched shows are produced by domestic studios such as CJ ENM and JTBC. This approach has helped Netflix achieve unparalleled diversity and engagement compared to other OTT services.
— The Economist Korea