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A scene from “Squid Game” by Netflix
Source: Netflix
popularity NetflixThe hit drama “Squid Game” and other Korean series, as well as the recent success of films like “Minari” and “Everything Everywhere All At One,” have helped drive demand for Asian-language films and TV shows globally.
Much of this demand comes because American viewers have easier access to global content than ever before thanks to major streaming services like Netflix and Discovery Warner BrothersMax, as well as specialty shows like Rakuten Viki, which focus on Asian entertainment.
Unwieldy streaming service libraries have led some media companies to implement cost-cutting efforts to make the applications profitable. But investment in Asian content, especially Korean, is still high.
Loved all over the world
The share of global demand for Asian language content was 25% in the first quarter of this year, up from about 15% in the same period in 2020, according to data provider Parrot Analytics.
Brandon Katz, Parrott’s entertainment industry strategist, said that while supply of such content has outpaced demand — meaning there’s more being produced than people are watching — the gap between the two is narrowing. During the first quarter, supply was 4.7% greater than demand in the Asian language category, an improvement from 9.8% in the first quarter of 2020.
“Some might think that an excess of supply over demand globally might mean a slight dip in investment. But that gap shrinks a lot,” Katz said, pointing to the success of Netflix hits like “All of Us Are Dead” and “The Glory.” “There is steady progress being made, which is reflected in 2022.”
Since the beginning of this year, these titles, along with “Squid Game” and “Extraordinary Attorney Woo,” have consistently occupied four spots on Netflix. Top 10 global Non-english TV hits. The thriller “Squid Game” held first place for a while.
Last month, Netflix He said It will grow its Korean content, nearly doubling the total investment since the company began showing in Korea in 2016. The streaming service giant said it plans to invest $2.5 billion over the next four years to produce more Korean shows and movies. The investment comes after 60% of all Netflix members watched at least one Korean title in 2022.
While the global demand for Korean-language TV shows has increased since early 2020, it is still outpaced by the supply of content. Meanwhile, this demand has slowed compared to other Asian-language television series, specifically Japanese and Chinese, according to Parrott.
Netflix will focus more on the genre of Korean dramas that are growing in popularity, Don Kang, vice president of Korean content at Netflix, recently told CNBC’s Squawk Box Asia.
“Our main focus is on the local audience in Korea. We’ve found time after time, when a show is loved by the Korean audience, it’s very, very likely to be loved by audiences or members all over the world,” said Kang.
beyond the mainstream
Netflix is part of a larger trend. Its popular shows – along with popular Asian American films like “Minari” and “Everything Everywhere Every Time”, which It swept the majors at the Oscars this year — it took advantage of other streaming platforms and opened up US audiences to exploring more Asian movies and TV shows.
Rakuten Viki home page
Source: Rakuten Viki
Rakuten Viki, a streaming service owned by the Japanese e-commerce giant Rakutenhas seen increased growth in recent years across various Asian language contents.
The company said its registered user base grew 27% globally in 2022, increasing its investment in content by 17% that year. Korean content still accounts for the majority of what is consumed on the service, but viewership of programs in Japanese, Chinese, and Thai has also increased.
Karen Pike, Vice President of Marketing for Rakuten Viki, said in an interview that while the company has been in the Asian entertainment business for more than 10 years, it has recently seen growing interest and passion around the world for its shows, which are often licensed.
“For Vicky specifically, we’ve seen a shift in terms of the racial makeup of our viewers toward non-Asians,” said Paik. “But at the same time, the size of the entire audience is increasing.”
Pike said that the live viewer sees an increase in both recorded viewership and viewership in general when songs like “Squid Game” reach the mainstream.
Rakuten Viki’s user base has been so enthusiastic that translations of much of its content are actually generated by a worldwide volunteer community. The content is primarily produced and created in Asian countries, although licenses to the service reach such as “The Farewell”, especially during the Asian American Pacific Islands month, to its audience in the United States.
Other streaming services are taking a similar approach. the above He said Will increase and highlight Asian content during the AAPI month.
Paik said, referring to Chinese and Japanese dramas, as well as the “Thai boy-type love” that has been a hit for the service.
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