Keeping it consistent
Jumpstarting from the vast success of their 2020 Korean-centered content, streaming giant Netflix is planning to roll out even more K-entertainment this year – $700M worth, (PHP 33B) that is.
Per Hypebeast, the site is investing over ₩770 billion this year for Netflix Entertainment Korea, a huge leap from its already whopping ₩333.1 billion KRW ($300M) budget back in 2020.
Netflix’s faith in Korean entertainment started in 2017 with then non-Oscar winner and cult favorite, Bong Joon Ho’s ‘Okja‘, where it gained critical acclaim and put the South Korean director on the international map.
At the start of the pandemic back in March, Netflix also gained a whopping 10,000% hike in Korean subscribers, with bangkokpost.com stating that consistently good content played a huge role in Netflix’s Q3 growth, with popular Korean-based shows now serving as one of their biggest income sources.
Since then, a slew of Korean content has made its mark on pop culture through the streaming site, such as 2019’s breakout hit ‘Crash Landing on You’, ‘Itaewon Class’, ‘Kingdom’, and their most recent post-apocalyptic title ‘Sweet Home.’
Still getting woozy over that PHP 33B
Banner graphic by Beatrix Zaragoza