| ▲ This file photo shows Squid Game, ranking the most-watched series on Netflix. (Yonhap) NEW YORK, Dec. 29 (Yonhap) – The global streaming industry is competing for content over the Korea’s television industry, according to the Wall Street Journal (WSJ) on Dec. 28(U.S. time).
WSJ has analyzed the war over the Korean TV industry in the article "Streaming services competing over Korean TV shows in hunt for the next ‘Squid Game.’"
There has been an analysis that "Squid Game," which aired on Netflix, has become the most-watched program in the world, raising expectations for the Korean content.
| ▲ This file photo shows the Korean Netflix drama "Hellbound." (Yonhap)
In fact, the Korean content has taken up 4 out of “TOP 6” most watched non-English-language TV shows in last few weeks, while the Netflix drama “Hellbound” ranked No.1 in Netflix’s global charts upon its debut.
S. Korean SF drama “The Silent Sea,” which was recently released, has also ranked No.3 on TOP TV Shows on Netflix in the World on Dec. 28, according to FlixPatrol.
A series of success of Korean Netflix content have provided an opportunity for rivals in the streaming business to expand to the Korean industry.
According to WSJ, Apple TV+ and Disney+ have recently launched in Korea and HBO Max has announced the recruitment in Korea, suggesting that it might be preparing a debut. However, it added that AT&T WarnerMedia, the parent company of HBO Max, refused to mention any related details.
The industry officials evaluated that it will be effective for Korean TV shows of different genres to attract diverse viewers to the streaming services.
Luke Kang, Walt Disney’s Asia-pacific president, told WSJ, "We believe that markets like Korea will soon become global content powerhouses for the media and entertainment industry.”
Disney+ has revealed 28 new original series in Asia-Pacific regions in October and 7 of them are the Korean content.
The fact that the production costs for Korean dramas is as low as one-tenth of those of Hollywood is also considered as a competitive advantage.
In fact, the production cost of the Squid Game is around $2.4 million per episode, which is far below the investment cost of "Stranger Things" and "The Crown,” the other Netflix's popular series, which are $8 million and $10 million per episode.
However, the value of K-content is also being raised as competitors, such as Disney+, join one after another, following Netflix.
Studio Dragon has mentioned that sales prices of streaming content in terms of global platforms jumped 24% in the third quarter from the same period last year.
Yeon Sang-ho, the director of “Hellbound,” has told WSJ that Korea’s quick pace of decision making was also very effective for creating content, such as dramas.
It only takes a week for the approval of new projects in Korea, compared to half a year in other countries.
Director Yeon said, "It paves the way for more experimental content in diverse genres.”
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