Scene from Netflix’s “Squid Game”
Source: Netflix
popularity of NetflixThe success of the hit series “Squid Game” and other Korean dramas, as well as recent films “Minari” and “Everything” has driven global demand for Asian-language movies and TV shows.
Thanks to Netflix and warner bros foundMax, and niche offerings like Rakuten Viki, which focuses on Asian entertainment.
The streaming service’s clunky library has led some media companies to implement cost-cutting measures to make the app profitable. But investment in content in Asia, especially South Korea, remains high.
loved by the world
Global demand for content in Asian languages reached 25% in the first quarter of this year, up from about 15% in the same period in 2020, according to data provider Parrot Analytics.
Brandon Katz, an entertainment industry strategist at Parrot, said that while the supply of such content outstrips demand — meaning more content is produced than people watch — the gap between the two is narrowing. In Q1, Asian language categories had 4.7% more supply than demand, an improvement from 9.8% in Q1 2020.
“Some people might think that global supply outstripping demand might mean that investment might pull back a bit. But that gap is closing a lot,” Katz said, referring to the success of Netflix hits like “We’re All Dead” and “glory”. “Steady progress is being made and this is reflected in 2022.”
These titles join “The Squid Game” and “Woo John Woo” in four consecutive Netflix slots since the start of the year Global Top 10 Non-English TV hits. The thriller show “Squid Game” took first place.
Last month, Netflix explain The company will increase its South Korean content by roughly doubling the total investment since the company started offering services in South Korea in 2016. The sprawling streaming service said it plans to spend $2.5 billion over the next four years to produce more Korean shows and movies. The investment comes after 60% of Netflix members will watch at least one Korean title by 2022.
Although the global demand for Korean-language TV programs has increased since the beginning of 2020, the content supply still cannot meet the demand. At the same time, demand has stagnated compared to other Asian-language dramas, especially Japanese and Chinese, Parrot said.
It’s not just the increasingly popular Korean drama genre that Netflix will focus on, Don Kang, Netflix Korea’s vice president of content, recently told CNBC’s “Squawk Box Asia.”
“Our main focus is the local Korean audience. We’ve found time and time again that when a show is loved by Korean audiences, it has a very, very high probability of being loved by viewers or members around the world,” Kang said. explain.
beyond the mainstream
Netflix is part of a larger trend. Its hit shows — and recent hit Asian-American movies like “Minari” and “Everything at the Same Time” Sweeping the major prizes at this year’s Oscars — benefiting other streaming platforms and opening the door for U.S. viewers to explore more Asian movies and TV shows.
Rakuten Viki Homepage
Source: Rakuten Viki
Rakuten Viki, the streaming service owned by the Japanese e-commerce giant LotteThe growth of content in various Asian languages has exploded in recent years.
The company said its global registered user base grew 27% by 2022, leading streamers to increase their investment in content by 17% that year. Korean content remains the majority of content consumed on the service, but Japanese, Chinese and Thai programming also saw an increase in viewership.
Karen Paek, vice president of marketing at Rakuten Viki, said in an interview that while the company has been in the Asian entertainment scene for more than 10 years, there has recently been growing global interest and enthusiasm for its shows, most of which are licensed.
“With Viki in particular, we’ve seen a shift in the racial makeup of our audience toward non-Asians,” Paek said. “But at the same time, the overall audience size is growing.”
When hits like “Squid Game” go mainstream, streamers see a boost in sign-ups and ratings, Paek said.
Rakuten Viki has such a passionate user base that the subtitles for most of its content are actually produced by a community of volunteers around the world. Its content is mostly produced and created in Asian countries, though licensing for the service, like “The Farewell,” was a hit, especially for American audiences during Asian American Pacific Islander Month.
Other streaming services are taking a similar approach.maximum explain It will increase and highlight Asian content during AAPI month.
“We’ve seen a shift in viewers’ viewing of content other than Korean dramas,” Bai said, referring to Chinese and Japanese dramas, as well as the popular “Thai boy love genre” service.