The post Squid Game phase has hit the global streaming markets as they are on the lookout for the next best Korean show to keep on delivering.
South Korean content expectation peaked as Squid game became Netflix’s most-watched show. After the dystopian drama, the audience is expecting the next success. In recent weeks, among the most-watched non-English shows, four Netflix shows out of six were South Korean.
The debut dark fantasy series, Hellbound was crowned in the global charts last month.
Walt Disney Co.’s Disney+ and Apple TV+ recently launched in South Korea with high expectations. They plan to create Korean language content. The job postings on LinkedIn for staffing showed that AT&T Inc.’s HBO Max may also be preparing for a debut in Korea. However, the overseer of HBO Max at AT&T’s WarnerMedia declined this.
Disney+ unveiled 28 new original titles from the Asia-Pacific region among which seven are from South Korea.
The growth of streaming platforms can increase acquisition costs as companies seek to outbid each other for top shows. This can also put pressure on the entertainment industry of South Korea.
The executive director of Media Partners Asia said that there is a lot of content to produce over the next couple of years but the real question is on whether the quality is sustained. His company based in Singapore advises media and telecom companies.
According to the research firm Insider Intelligence, the users of subscription-video services have gone up from 457 million in 2016 to 1.7 billion as of now, worldwide. In Asia, there was 30% of total users in 2016 and now it has gone up to 60%.
Latin American, the Middle East and Europe have also seen the arrival of U.S.-based video streaming platform companies. Locally produced telenovelas, heist shows and crime thrillers have emerged to global stars as a result. Viewers in the U.S., U.K., Australia and Europe are getting into non-English language content.
South Korean shows include a variety of genres like rom-com, historical drama and zombie. These draw a diverse audience and persuade people to sign up for streaming services. This also helps to retain them and to get them to watch more.
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