A file picture shows South Korea's Hallyu fair in Hong Kong. [Yonhap News Photo]
More South Korean TV production companies are considering Netflix as an alternative to the Chinese market, the single-largest market for Korean cultural exports, as Beijing remains adamant against lifting a sweeping ban on Korean cultural products.
Since opening its South Korean service in January 2016, major Korean TV shows first began appearing on Netflix since April of this year, starting with JTBC's "MAN x MAN" in April. The 16-episode series starring Park Hae-jin as an undercover government agent was sold for 6.4 billion won (5.67 million US dollars) to Netflix to be streamed concurrently throughout the two-month programming.
tvN's legal thriller "Stranger," starring Bae Doona, who previously worked with Netflix in its original series "Sense 8," was also picked up for 3.6 billion won. OCN's upcoming show "Black," starring Song Seung-heon, is reportedly under negotiation with Netflix for a simultaneous streaming deal.
When it first launched in January 2016, one of the biggest gripes against Netflix's South Korean service was its lack of Korean content. The US streaming giant had a reputable catalogue of original series, but for top-tier Korean programs such as "Descendants of the Sun" or the "Reply" series, you had to look somewhere else.'
Many users and industry observers have wondered: Why has it taken more than a year for Netflix to commit itself to bringing quality Korean content? On the flip side, another important question would be: Why are Korean TV productions now starting to look at Netflix as a viable option?
New partnerships between Korean companies and Netflix are apparently partly d ue to Beijing's continued escalation of economic retaliatory steps against Seoul since June last year -- when Seoul and Washington agreed on the former's introduction of the Terminal High Altitude Area Defense system, a missile defense system.
Before the culture ban, Korean TV dramas enjoyed massive commercial success in China, beginning with the 2014 series "My Love from the Star" and culminating with 2016's "Descendants from the Sun" and "Moon Lovers: Scarlet Heart Ryeo," which were sold for $250,000 and $457,000 per episode, respectively, in China.
But following the culture ban from their single-largest importer, Korean production companies have scrambled to make up losses by better tapping Southeast Asia and the Americas. Since the ban, Netflix also emerged as an alternative to China.
On Netflix's part, the company has also reportedly loosened up from its previous strong demands for exclusive deals, courting Korean programs in order to up its game in Asia.
(Yonhap)
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