At a regional presentation, Netflix revealed that it had accumulated 3.8 million paid memberships in the country at the end of 2020. That tallies with recent estimates published by analysis firm Media Partners Asia and equates to a penetration rate of approximately 20% of Korean households.
The nearly $500 million production figure also means that South Korea may account for close to half of Netflix‘s estimated $1 billion Asia-Pacific content budget.
That figure may be justified by increasing overseas audiences for its increasingly diverse lineup of Korean content. “Audiences around the world are falling in love with Korean stories, artists, and culture,” Kim Minyoung, VP of content for Korea, Southeast Asia, Australia and New Zealand, said in a blog posting. “The K-Wave, or Hallyu as we call it here in Korea, is a huge moment of national pride and we’re proud to be part of it.”