Still from Netflix’s Squid Game
Source: Netflix
Popularity Netflixthe hit drama “Squid Game” and other Korean dramas, in addition to the recent success of movies comparable to “Minari” and “All the things In all places All At Once” have helped increase the demand for Asian-language movies and TV shows world wide.
Much of this demand is as a result of the proven fact that it is easier than ever for viewers within the US to access global content through major streaming services comparable to Netflix and Discovery Warner Bros‘s Max, in addition to area of interest offerings comparable to Rakuten Viki, which focuses on Asian entertainment.
The unwieldy libraries of streaming services have led some media corporations to take cost-cutting measures to make applications viable. But investment in Asian content, especially Korean content, is still high.
Loved everywhere in the world
In accordance with data provider Parrot Analytics, the share of worldwide demand for Asian-language content reached 25% in the primary quarter of this yr, up from around 15% in the identical period in 2020.
While the provision of such content has outpaced demand – meaning more is being created than individuals are watching – the gap between them is closing, said Brandon Katz, entertainment industry strategist at Parrot. In the primary quarter, supply was 4.7% higher than demand within the Asian language category, an improvement from 9.8% in the primary quarter of 2020.
“Some might think that global supply outpacing demand could mean a slight pullback. But that gap is shrinking quite a bit,” said Katz, pointing to the success of Netflix hits like We’re All Dead and Glory. “Constant progress is being made and this is reflected in 2022.”
Because the starting of this yr, these titles, along with “Squid Game” and “Extraordinary Attorney Woo”, have taken 4 spots on Netflix repeatedly. world top10 non-English TV hits. Thriller show “Squid Game” took first place for spell.
Netflix last month he said would increase its Korean content, roughly doubling its total investment because the company launched its offering in Korea in 2016. Streaming service behemoth said it plans to take a position $2.5 billion over the following 4 years to supply more Korean shows and movies. The investment comes after 60% of all Netflix members watched a minimum of one Korean title in 2022.
While global demand for Korean-language TV shows has increased since early 2020, content supply is still outpacing it. Meanwhile, in keeping with Parrot, this demand has stagnated in comparison with other Asian-language television series, specifically Japanese and Chinese.
Netflix will concentrate on greater than just the increasingly popular Korean drama genre, Don Kang, Netflix’s vice chairman of Korean Content, told CNBC’s “Squawk Box Asia.”
“Our primary focus is the local audience in Korea. We’ve got found on occasion that when a show is loved by the Korean audience, there is a really, very high likelihood that it’s going to be loved by the audience or members world wide,” said Kang.
Out of the mainstream
Netflix is part of a bigger trend. His popular shows – together with hit Asian-American movies comparable to “Minari” and “All the things In all places All At Once”, which recently won top prizes at this yr’s Oscars – benefited other streaming platforms and opened up American audiences to find more Asian movies and TV programs.
Rakuten Viki home page
source: Rakuten Viki
Rakuten Viki, a streaming service owned by the Japanese e-commerce giant Rakutenhas seen a surge in content in various Asian languages in recent times.
The corporate said its registered user base grew 27% globally in 2022, prompting the streamer to extend its content investment by 17% this yr. Korean content stays the vast majority of what is consumed on the service, but viewership for Japanese, Chinese and Thai programs has also increased.
Karen Paek, vice chairman of promoting at Rakuten Viki, said in an interview that while the corporate has been operating within the Asian entertainment space for greater than 10 years, there has recently been a growing interest and passion world wide for its mostly authorized shows.
“Wiki specifically, we’re seeing a shift within the ethnic composition of our audience towards non-Asians,” said Paek. “But at the identical time, the entire audience is growing.”
Paek said the streamer sees a rise in registered viewers and overall viewership as hits like “Squid Game” hit the mainstream.
Rakuten Viki’s user base was so passionate that the subtitles for most of its content are literally generated by a community of volunteers from everywhere in the world. Its content is primarily produced and created in Asian countries, although the service has licensed hits comparable to “The Farewell”, especially in Asia-Pacific Month, for US audiences.
Other streaming services follow an identical approach. max he said would increase and highlight Asian content during AAPI month.
“We’re seeing a shift in audiences when it comes to what they’re open to seeing outside of K-dramas,” Paek said, pointing to Chinese and Japanese dramas in addition to the “Thai boy love genre” that was an enormous hit for the service.