Netflix increases subscription fees, with the ad-supported plan costing 7,000 won.
Rewritten Article
Behold the shining Netflix logo adorning one of the company's Hollywood buildings in Los Angeles, July 12, 2023 [REUTERS/YONHAP].
Relevant Articles
- Netflix connives with Kocca and Kofic to engender Korean content via training programs.
- Netflix teeters on meager taxes while garnering a hefty 1 trillion won earnings.
- Naver Plus membership bestows Netflix access.
Scoop: Netflix's Strategic Alliances in Korea
Content Gigs and Licensing Deals
- Netflix has forged a six-year pact with SBS for a cornucopia of content, and the streaming giant will start dishing out dramas to local IPTV platforms like U+tv and Genie TV come this year. This alliance underscores Netflix's ambitious endeavor to bolster its content roster in the Korean market [1].
- Media powerhouses like CJ ENM and broadcasters including JTBC, KBS, SBS, and MBC are bound by partnerships with Netflix. These arrangements have reaped substantial success for Netflix's Korean content on the global stage [3][4].
Educational Programs
- In conjunction with the Korea Creative Content Agency (Kocca) and the Korean Film Council (Kofic), Netflix has sealed an agreement to initiate training programs intended to nurture up-and-coming content creators in Korea. This collaboration spurs growth in the local content industry by offering internships, networking events, and seminars [2].
- Between 2022 and 2024, Netflix joined hands with several companies to institute training programs for over 2,400 university students and industry workers [2].
Fiscal Matters
Resources like financial statements were not available to unravel the tax implications stemming from Netflix's partnerships in Korea.
Partnership Plot with Naver
Information on Netflix's collaborations with platforms like Naver couldn't be found in the search results, though it's strategic maneuvering in Korea primarily revolves around partnerships with major media companies and local IPTV platforms to upgrade its content stable and distribution network.
Investment and Growth
- In 2024, Netflix Korea rang in an impressive revenue of 899.6 billion won ($629 million), a 9% boost from the preceding year. The company's operating profit saw a staggering 44% rise [1].
- Netflix announced a whopping $2.5 billion investment into Korean programming over a four-year period, a testament to its dedication to developing and disseminating South Korean content globally [3].
- The Netflix logo gleams on a Hollywood building, signifying the company's significant presence in the entertainment industry, particularly in television and technology, as it navigates the Korean market.
- Netflix, despite paying minimal taxes, has amassed an impressive 1 trillion won earnings in Korea, a figure that underscores its profitability in the Asian business landscape.
- In 2023, Netflix will begin distributing dramas from SBS to local IPTV platforms like U+tv and Genie TV, a move that solidifies its content empire in the Korean market.
- Partnerships with media powerhouses like CJ ENM and broadcasters such as JTBC, KBS, SBS, and MBC have propelled Netflix's Korean content to success on the global stage.
- In conjunction with Kocca and Kofic, Netflix has organized training programs to nurture future content creators in Korea, fostering growth in the local content industry.
- Netflix Korea reported an operating profit increase of 44% in 2024, a testament to its investment strategies and growth potential in the Korean business and finance sector.
