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On April 21, a Netflix Insight session was held in Seoul, which had Professor Lee Sung Min from the Department of Media Arts and Sciences at Korea National Open University and Kang Dong Han, VP of Korean Content at Netflix, as panelists.
At the event, experts discussed how the influence of K-content is expanding beyond Asia to the rest of the world and how this is strengthening Korea's soft power.
Professor Lee Sung Min explained the ties between OTT platforms, K-content, and the Hallyu Wave, and among other things, he highlighted how Netflix occupies a significant share of the platforms through which global audiences access K-content.
He said, "The scope of Hallyu's influence and its impact on national branding have grown. And through Netflix, we are introducing Korea's strengths and cultural appeal — even aspects we ourselves may not have fully realized — to the world."
He also pointed out an analysis by the Korea Development Institute (KDI), which found that Korean content has become a key driver of national economic growth. Since 2010, content exports have increased approximately fourfold over 11 years, and the industry has continued to break export records every year since statistical tracking began.
In 2023, Netflix announced an investment of $2.5 billion in K-content over the following four years. Though many high-quality Netflix original Korean productions have gained immense popularity among international audiences, the move also sparked public criticism. Some pointed out that the OTT, as a major financial backer, may be contributing to the sharp rise in production costs within the industry, raising concerns about its impact on the domestic production ecosystem.
In response to this, Professor Lee commented, "I believe the content production market is also resilient. What we're seeing now is part of an adjustment period. Every time the market has experienced rapid growth, there have been concerns about a crisis. For example, when the Korean Wave was booming in China, issues around actors' appearance fees also surfaced. At times like that, we saw the emergence of web drama production companies, and new talents were discovered. Netflix has opened the door to a global stage, and now is the time to look for the small, new attempts happening at the grassroots level."
VP Kang Dong Han also shared his perspective, saying, "When it comes to making content, there's also the question: 'Is rising production cost necessarily a bad thing?' We're not importing steel from China to make content. The production budget is essentially compensation the creators get for their creativity and skills."
He continued, "In that sense, the rise in production costs isn't necessarily a bad thing. Just 7 to 8 years ago, Korean content was something people abroad often watched for free. They didn't pay for it. It was often distributed illegally back then." "But now, Korean content has become premium content that people overseas are willing to pay for. A big door has opened, and the status [of K-content] has been elevated. In that sense, I believe new opportunities are emerging now, and will continue to do so in the future."
He went on to say, "To meet the expectations surrounding such premium content, investments in certain areas are absolutely essential. There are aspects that require funding in order to present the work to the world in a compelling and convincing way."
He added, "As the industry grows and more stories are made, it's natural that some less successful works may come out. We've seen these kinds of cycles in the past, and they can certainly happen again. But I believe it's a cycle that will repeat."
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