At Netflix Partner Day, Kang Dong-han, VP of Korean content for Netflix (right), introduces the socio-economic ripple effect created by Netflix and the Korean ecosystem, and Lee Seong-gyu, general director of Netflix physical production (left), introduces the rear effect.
He emphasized that Netflix has grown together with the Korean content ecosystem by making continuous investments over the past five years after entering the Korean market. He explained that it had an economic value of 5.6 trillion won and created 16,000 jobs.
On the 29th, Netflix held ‘Netflix Partner Day’ to highlight the achievements of shared growth with the Korean creative ecosystem. The event was attended by companies specializing in special makeup, color and sound correction, dubbing and VFX (special effects).
According to a study by global consulting group Deloitte, it was found that the economic ripple effect of about 5.6 trillion won has occurred in all related fields beyond the domestic content industry. In addition, it was found that it contributed to the creation of about 16,000 jobs based on the investment of about 770 billion won in the domestic content industry. Netflix has also announced an investment plan worth about 550 billion won this year.
Kang Dong-han, VP of Korean content for Netflix, explained, “Korean content created by Netflix and Korean creators has gone beyond Asia, which is the traditional stage of the Korean Wave, and is literally establishing itself as a popular culture enjoyed by the whole world, including the Americas, Europe, and Africa.” , “The Netflix Korean series ‘DP’, which was recently released, has made a big impact in various fields of our society beyond the content industry. It surprised the whole world,” he said, emphasizing the globalization of Korean content through Netflix.
In fact, it was found that Netflix accounted for a very high proportion of the main channels for Korean content viewing by overseas viewers over the past year. As a result of a survey of 8,500 people by the Korea International Cultural Exchange Agency, it was found that Netflix plays an important role in expanding the stage of Hallyu, recording 64.3% and 63.2% of movies and 63.2%, respectively, and more than 50% of both entertainment and animation. Currently, Netflix is providing subtitles in up to 31 languages and dubbing in 20 languages so that members around the world can enjoy Korean content more closely.
Netflix also reminds us that a virtuous cycle is taking place where the love of fans around the world for Korean content is leading to the globalization of the Korean Wave and again to the growth of the domestic creative industry.
VP Kang Dong-han and director Lee Seong-gyu at the end of the event said, “It is an honor to be able to draw a bigger future together with creators who are writing a new history of Hallyu.” We will continue to work hard so that we can show our strong resonance to the wider world.”
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