▲ Drama 'Squid Game'


The Wall Street Journal reported that the global streaming industry is fighting for content over the Korean television industry.



The Wall Street Journal reported an article titled 'Finding the Next Squid Game and Streaming Services at War over Korean TV Shows'.



The newspaper analyzed that as 'Squid Game', aired on Netflix, became the world's most watched program, Korean content opened a new horizon and raised expectations for the next successful film.



Four of the top six non-English programs watched by Netflix users in recent weeks were Korean content, with the Netflix drama 'Hell' rising to the top of the world rankings right after its release last month.



This success earned Korea a reputation for 'creating high-quality content at low cost', and at the same time served as an opportunity for the streaming industry to enter the Korean market.



The Wall Street Journal reported that after Apple TV Plus and Disney Plus recently landed in Korea, HBO Max announced the possibility of advancing into Korea by announcing the recruitment of personnel.



In particular, Korean TV shows that cross several genres such as romantic comedies, zombies, and historical dramas are effective in attracting a variety of viewers and leading them to subscribe to streaming services, industry officials said.



In fact, Luke Kang, president of Walt Disney Asia Pacific, predicted that "a market like Korea will soon become a global content powerhouse in the media and entertainment industry."



Disney Plus released 28 new original contents in the Asia Pacific region last October, of which 7 are Korean works.



The low cost of Korean drama production is only 1/10 of that of Hollywood, making it competitive.



The streaming service company that pioneered the Korean market is Netflix, and Netflix has invested 1.4 trillion won in Korean movies and dramas since entering Korea in 2015.



Of this, about 600 billion won was intensively invested this year.



Currently, there are over 130 Korean dramas and movies on Netflix.



As competitors such as Disney Plus are joining in, the price of K-content is also rising.



Studio Dragon announced that the price of streaming content on global platforms increased by 24% in the third quarter compared to the same period last year.



Director Yeon Sang-ho, who directed 'Hell', told the Wall Street Journal the secret that Korea's fast decision-making speed is helping the development of content such as dramas.



In Korea, approval for a new project takes only a week at the earliest, but in other countries it takes half a year.



Director Yeon said, "This has paved the way for more experimental content in various genres."



(Photo = provided by Netflix, Yonhap News)