K-dramas must quickly escape the 'Netflix trap'
Published: 16 Jan. 2025, 00:02

The author is a columnist of the JoongAng Ilbo.
The success of the second season of “Squid Game” (2021-), which has held the No. 1 spot globally on Netflix for three consecutive weeks, is undeniable in terms of viewership. According to FlixPatrol, as of Jan. 15, two Korean dramas — the second season of “Squid Game," at No. 1, and tvN’s “When the Stars Gossip" (2024) at No. 8 — ranked in Netflix's Top 10 TV shows, tying Korea with Britain in the number of featured dramas. Yet, the triumph is bittersweet, as growing concerns over the Korean drama industry’s sustainability continue to deepen.
The Golden Globe Awards earlier this month provided a stark reminder of this. While “Squid Game” garnered global attention, it was overshadowed by FX's “Shogun” (2024), which dominated the event, winning Best Drama Series and major acting awards. Notably, “Shogun” featured a predominantly Japanese cast and dialogue that was 70 percent Japanese.
Media expert Cho Young-shin in his recent book “After Netflix," analyzes how the Korean drama industry, once thriving under the Netflix boom, has found itself ensnared in what he describes as the “Netflix trap,” deepening its crisis rather than sustaining its momentum. The critical question remains — Is there a way out?
The double-edged sword of the Netflix era
Next year marks the 10th anniversary of Netflix’s entry into Korea, a development that initially promised immense opportunities for the country’s creators and producers. Netflix invested over 1 trillion won ($6.85 million) in original Korean content, helping elevate K-dramas to global prominence. For Netflix, the partnership was equally lucrative; with 60 percent of new subscribers hailing from Asia, Korea’s high-quality, cost-efficient dramas became a cornerstone of its localization strategy. Today, Korean dramas dominate Netflix’s Top 10 rankings across Asia and maintain substantial popularity in Latin America, followed by North America and Europe.
However, this symbiotic relationship has also exposed vulnerabilities within the Korean drama ecosystem. The intense competition spurred by Netflix escalated production costs, leaving smaller studios struggling to keep the pace. Between 2019 and 2020, the number of dramas produced annually surged from 100 to over 140. High-budget productions like “Squid Game” and “Narco-Saints” (2022) now exceed 3 billion won per episode. Even supporting actors reportedly command fees of 300 to 400 million won per episode, especially when opting out of Netflix projects in favor of domestic productions.
This surge in production has led to an oversupply crisis, compounded by the financial woes of traditional broadcasters, which have scaled back drama programming. Netflix, too, has adjusted its strategy since 2023, reducing its investment in Korean originals while increasing its focus on Japanese anime and other pan-Asian content. The fallout is stark: stocks of drama production companies have plummeted to one-fifth of their 2021 value, while production costs have doubled. Over 100 "shelved dramas" remain unmarketable, emblematic of Netflix's dominant yet destabilizing market influence.
Surviving post-Netflix
Jo Young-shin advocates for a bold strategy of “post-Netflix, “post-Asia” diversification. To break free from Netflix’s grip, Korean production companies should collaborate with Asian partners — such as Japan and Thailand — to target North American and European audiences. Drawing parallels with the rise of Latin content in North America, Jo suggests leveraging the growing Asian diaspora in these regions, which is projected to account for 10 percent of the North American population by 2034.
This strategy is already gaining traction. Studio Dragon has embarked on a remake of the 2003 Japanese drama “Like Asura,” combining Korea’s production expertise with Japanese intellectual property (IP) and acclaimed talent such as Hirokazu Kore-eda, Rie Miyazawa and Yu Aoi. Similarly, CJ ENM has signed a partnership with Toei Animation — home to iconic IPs like “Dragon Ball” (1984-95), “One Piece” (1997-) and “Slam Dunk” (1990-6) — to co-produce global content, including live-action adaptations and new IPs.
By uniting pan-Asian creative and production capabilities, Korean content could expand its reach to Western platforms like HBO, Amazon Prime Video and Paramount+. Such diversification could counterbalance the challenges posed by Netflix’s evolving strategies, offering a path toward sustainable growth and global influence for K-dramas.
![Still from the second season of ″Squid Game″ (2021-) [NETFLIX]](https://koreajoongangdaily.joins.com/data/photo/2025/01/16/ea40cc9a-424e-4b75-a0e7-fa7d96e39f50.jpg)
Still from the second season of ″Squid Game″ (2021-) [NETFLIX]
Translated using generative AI and edited by Korea JoongAng Daily staff.
with the Korea JoongAng Daily
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