"There's the proven demand of international content, and increased acceptability within US audiences." "In general, shows produced outside of the US can be cheaper while still maintaining a high level of quality, which is definitely advantageous for Netflix," Lumley said. Netflix is entering its next phase of content growth as the company looks to trim costs and boost engagement in an increasingly competitive streaming landscape. Currently, about two-thirds of Netflix subscribers stem from outside the US. Netflix's first original Korean title debuted in 2018, illustrating its steady push into local-language films and series over the years. Sarandos' comments come as the company transitions from a Korean content licensor to full-fledged producer, with recent original series like "The Glory" and "All of Us Are Dead" taking off on the platform.Īccording to Sarandos, about three-fifths of Netflix’s users have watched a Korean show. "You’ll see the investment in the ecosystem, in front and behind the camera, including training, to grow the industry." "I think what’s brilliant is to see film, unscripted and series all grow according to the interests of our Korean audience," Sarandos said during an event at Seoul’s Four Seasons Hotel on Wednesday. Netflix's global pushĮarlier this week, Netflix Co-CEO Ted Sarandos reiterated his $2.5 billion commitment to fund original Korean content over the next four years, adding the company has plans to further expand its original programming to include Korean unscripted series and movies. It's still very much prevalent.But now with the change in priorities, the idea is that they need to be a bit more strategic."Īs Netflix adopts a more strategic approach to driving its content engagement, Wall Street analysts have called out two big drivers of future growth: international content and live sports. "For the longest time, the running industry joke was Netflix would pay for everything and throw as much as they could at the wall and see what sticks," Lumley said. Netflix declined to comment at the time of that report. It will cut costs in other areas with plans to slash its overall spending by about $300 million this year, according to the Wall Street Journal. Netflix has said its content spend will be flat year-over-year at $17 billion. Fishman predicted a "flattening in 2023" when it comes to content spending, which previously enjoyed two strong years of double-digit growth: "As more companies shift their focus away from solely subscriber growth, we would expect industry content spending to be relatively flat or even decline in the out-years."
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