There have been no locally-based global hits in the two years following the sensational worldwide popularity of ‘Squid Game.’ (Image courtesy of Yonhap)
SEOUL, Oct. 5 (Korea Bizwire) – Many attribute the global success of Netflix’s original series ‘Squid Game’ to the fact that the company faithfully followed its motto of ‘the most local is the most global.’
However, from a global perspective, the data suggests that South Korea was the only country where Netflix’s strategy yielded significant results.
According to the Global Media Report published by Direct Media Lab, there have been no locally-based global hits in the two years following the sensational worldwide popularity of ‘Squid Game.’
While ‘La Casa de Papel,’ among non-English content, enjoyed substantial popularity, its viewing hours were less than half of those for ‘Squid Game.’
In contrast, U.S.-based English content like ‘Wednesday’ and ‘Weird Story’ continues to maintain strong popularity.
Direct Media Lab pointed out that international content has garnered increased attention and hope since the mega-hit ‘Squid Game,’ yet true global TV blockbusters remain rare among non-English productions.
In fact, the performance of Netflix’s local original content varies significantly by country. According to the technology consulting firm PlumResearch and Omdia, only two countries, namely Korea and the U.S., had local programs accounting for over 20 percent of Netflix’s original viewing hours in the first quarter of this year. In Germany, this share was less than 3 percent.
In Korea, the share of local originals is low compared to Netflix originals, but viewing hours are remarkably high. This suggests that while the number of local original productions is limited, their consumption is high.
Omdia suggested that among Netflix originals available in Korea, Korean originals accounted for about 5 percent. However, in terms of viewing hours, Korean originals constituted a share of 68 percent. This implies that out of 100 shows, five shows occupy 70 percent of the viewing time.
Ashley Song (ashley@koreabizwire.com)
