There’s more to Korean TV than a greenlit second season of “Squid Game” and Ted Sarandos, Netflix co-CEO, shed new light on what’s making the “Korean wave” worthy of large-scale commitment.
After meeting with leading helmer Park Chan-wook (“Oldboy” and upcoming series “War and Revolt”) and 100 film students a day earlier, Sarandos on Wednesday held a public forum at Seoul’s Four Seasons Hotel on the future of Korean content. The abundant glad-handing follows a public commitment made in April to spend $2.5 billion on original Korean content over the next four years.
“[Korean content] is very often unpredictable and catches the American audience by surprise,” said Sarandos at the event. “I think what’s brilliant is to see film, unscripted and series all grow according to the interests of our Korean audience.”
Over a few years, the company has expanded its role in the Korean industry from licensor and co-producer to commissioner and producer of a large slate of originals, including recent hits “The Glory” and “All of Us Are Dead.”
While the lineup has chiefly focused on drama series and films, Netflix is increasingly making Korean unscripted shows. It has recently enjoyed major success with reality-survival show “Physical 100” and is heading towards a third season of “Singles Inferno.”
“We have a lot of licensed films, but going forward we want to invest in more original films,” Don Kang, VP of content for Korea, echoed.
“You’ll see the investment in the ecosystem, in front and behind the camera, including training, to grow the industry,” said Sarandos.
Netflix is working with the Korean Video Promotion Association to help young creators gain experience in the production industry. Sarandos’s agenda in Korea also has him meeting with students, potential screenwriters and emerging directors. He predicted that between 2022 and 2025, a fifth of Netflix’s Korean titles will come from a first-time director or writer.
Within the country, Netflix also runs N Production Story, a training program that covers multiple aspects of production, including VFX. One six-month session has already been held and four more will run through 2025.
The press event also included two fireside chats, one with production partners and the other with VFX partners. Sarandos was joined by Lim Seung-yong, CEO of Yong Films; Kim Jiyeon, CEO of Firstman Studio; Byun Seungmin, CEO of Climax Studios; and Kim Su-ah, CEO of Shijak Company in the first panel. The VFX discussion included Daniel Son, CEO of Westworld, and Hong Sunghwan, head of Scanline/Eyeline Studios.
Panel members said that they felt Netflix allowed them to be innovative and that they appreciated its marketing strengths. However, Byun brought up questions of sustainability and an increase in profit-sharing for creators. Another highlighted Korean audiences’ strong dislike of product placement, which they felt has become intrusive and distracting.
“Not all shows have to go global, so instead of focusing on that, audience satisfaction is key,” said “Squid Game” executive producer Kim Jiyeon.
Sarandos also addressed the calls by a major Korean Internet service provider for Netflix to pay it a “network fee,” an issue which has a substantial degree of political support in Korea and is one of the trickiest aspects of its significant position in the Korean media-entertainment industry. Netflix maintains that it has a technological solution: the Open Connect system that reduces the impact of heavy video traffic on ISPs’ infrastructure, which it is willing to provide free of charge to operators.
Acknowledging a symbiotic relationship between related industries, and accepting that consumers want to watch content with efficient Internet speeds, Sarandos said, “We focus on what we do the best and create a better ecosystem to raise all vaults for everybody.” The Open Connect system, which Netflix spent $1 billion developing, has 18,000 servers at 6,000 locations in 175 countries, he said.
