The impact of Netflix on the Korean drama industry is being widely discussed. The appearance fees for lead actors have sharply increased to the range of 300 to 500 million Korean won, leading domestic OTT companies to reduce the number of movie and drama productions due to the burden of production costs. Meanwhile, Netflix recorded close to 900 billion won in revenue last year, with a corporate tax of only 1.3 billion won. With the success of Korean dramas like “Hospital Playlist” and “Squid Game,” Netflix’s performance has risen, while domestic OTT companies have reported deficits. Netflix has achieved global success with original dramas and the hit series “Squid Game,” surpassing 14 million Monthly Active Users (MAU) in South Korea. The public, industry, and experts are discussing the reactions and analyses from various perspectives. The impact of this situation on the K-POP and Hallyu market, as well as the opinions of experts on future prospects, are also drawing attention.
