“Squid Game” (Netflix)
After the success of “Squid Game” in 2021, Netflix released a trailer in January 2022, previewing more than 25 upcoming Korean TV shows and films. It’s no surprise that the streamer has chosen to continue focusing on Korean content amid growing consumer interest. Ampere’s survey data shows that in Q3 2021, 27% of UK and US consumers reported watching Korean content’ very often ‘or’ sometimes, ‘compared to just 17% in Q1 2020.
The success of “Squid Game” (and more recent hit “All Of Us Are Dead”) suggests that Korean content could not only draw new subscribers to Netflix’s platform, it could also be effective in re-engaging subscribers who have stopped watching the service. Data from Q3 2021, before the release of “Squid Game,” shows that UK and USA consumers who report watching Korean content at least ‘sometimes ‘are 6% more likely than average to have access to a Netflix subscription.
However, these fans are also 9% less likely to have watched the service in the previous month compared to the average subscriber. US and UK Netflix subscribers who are also fans of Korean content now have access to an average of 5.1 SVoD services, compared to 4.2 for the average subscriber, suggesting that competition for their attention is high. Releasing popular original Korean content could help Netflix attract these fans back to the service while also raising awareness of its deepening Korean content library, which may keep fans there.
Viewers of Korean content are a valuable group: They are 44% more likely than average to be aged 18 to 34 and 26% more likely to be earning over $50k. Moreover, 60% say they are willing to spend money on things that give them what they want, compared to 51% on average. Investing in Korean content, both to draw in new fans and re-engage existing subscribers, could prove beneficial for Netflix.