[Journalism Internship] K-content changed world in 2023

Journalism Internship

Published: 27 Jan. 2024, 00:32 Updated: 27 Jan. 2024, 00:45

[Journalism Internship] K-content changed world in 2023

Scenes from Netflix series “The Glory” (2023) [NETFLIX]

KIM HAE-JUN, LEE NA-EUN, PARK JU-HYUK, PARK SHIN-YOUNG

Programs like ‘The Glory’ shaped the global landscape

The global popularity of Korean original content — including TV programs “The Glory,” “Youngest Son of the Rich Family,” and “Extraordinary Attorney Woo” — shaped not only the domestic media market in 2023, but also the global entertainment scene.

Korean content has been gaining traction among worldwide viewers through the power of online streaming services, often referred to as overthe-top (OTT) services, springing off a surge of trends that reshaped the viewing habits and preferences of audiences.

Titles like “The Glory,” “Youngest Son of the Rich Family,” and “Extraordinary Attorney Woo” emerged as cultural phenomena, creating captivating narratives that resonated with viewers around the world and generating internet “memes” based on their compelling storytelling and relatable characters.

Netflix original series “The Glory” began this year by topping Netflix’s Top 10 list of TV programs for three consecutive weeks in 38 countries following the release of its second season in March. “Extraordinary Attorney Woo” also claimed the top spot on Netflix’s most-watched list in both English and non-English speaking regions.

Disney+ series “Moving” (2023) [DISNEY+]

A recent fantasy action series titled “Moving” from A-movie, which claimed the title of the most-watched content on Disney+, became the platform’s most-watched original series of the year in Korea. In fact, “Moving” helped Disney+ reach the 105 million subscriber milestone in the third quarter of this year, an on-year increase of 2.8 percent.

The successful trend of OTT services in 2023 has not only impacted Korea but also spread abroad. Korean content was the third most-watched content in Britain, Japan, Mexico and Brazil following series created in the United States and in viewers’ own respective countries, according to a report published by the Korea Communications Commission on Dec. 22.

Netflix series “Mask Girl” (2023) [NETFLIX]

Many recent Korean OTT programs, including “D.P.,” “Squid Game,” and “Mask Girl,” have seen great success due to their diverse themes resonating with global audiences.

The universal themes that Korean shows portray have been complimented by press and critics around the world. The most successful Korean dramas have allowed audiences to relate to their stories regardless of cultural background by exploring common topics like love, betrayal and friendship.

Streaming platforms such as Netflix are seeking to cash in on the trend with large sums of investment.

The international success of Korean shows has brought an influx of cash into its entertainment market, leading to new projects with high production quality and stunning cinematography. In fact, the upcoming season of “Squid Game,” a Korean Netflix series that accumulated 1.65 billion hours of viewing time within 28 days of its release, cost approximately 80 million dollars, surpassing its previous season’s production cost of about 23 million dollars.

President Yoon Sukyeol’s first agenda item during his visit to the United States last April was a meeting with Ted Sarandos, co-CEO of Netflix. In response to President Yoon’s enthusiasm and excessive support for Korea’s entertainment industry, Sarandos announced a commitment to invest $25 billion over four years into Korea’s content development, noting that stories created in the country “are now at the heart of the global cultural zeitgeist.”

“Who would have guessed that a TV show made in Korea, for Koreans, would cause a craze for green tracksuits in America or push sales of Vans sneakers up by nearly 8,000 percent when released on Netflix?” Sarandos told Korean reporters at a June press conference in Seoul. “That’s the power of Korean storytelling.”

Netflix, as well as competing platforms like Disney+, are substantial contributors to Korea’s global success. As the platforms are both diverse and globally accessible, they have helped Korean show business to join a massive market and find a supportive fanbase, despite the language barrier.

Some foreign fans have become so invested in Korean content that they’ve recreated it for themselves. Following the massive success of “Squid Game” (2021), a 2023 reality TV series called “Squid Game: The Challenge” recreated its competition with real-life competitors.

The Korean government continues pushing the country’s content across the globe. It is set to double its financial support for the export of Kcontent, with its investments set to jump from $754.5 million in 2023 to $1.61 billion in 2024. The Ministry of Science and ICT is fostering a “Global Digital Media Fund” tailored to both OTT and promising content ventures.

The Ministry of Science and ICT organized the International OTT Festival to promote outstanding domestic OTT platforms and content.

Minister Lee Jong-ho said, “With this event as a milestone, we will systematically support the development of South Korea’s OTT and content to reach global audiences, fostering a barrier-free exchange with foreign countries and evolving into a global media powerhouse.”

BY KIM HAE-JUN, LEE NA-EUN, PARK JU-HYUK, PARK SHIN-YOUNG [hjkim26@kis.ac, gemmajuleee0610@gmail.com, jhyukpark26@kis.ac, sypark24@kis.ac]