Global audience demand for streaming Asian movies, series grows with hits like 'Squid Game'

The popularity of Netflix's deed play "Squid Game" and different Korean series, arsenic good arsenic the caller occurrence of films similar "Minari" and "Everything Everywhere All At Once," has helped boost the request for Asian connection movies and TV shows globally.

A ample portion of that request comes arsenic U.S. viewers person easier entree to planetary contented than ever earlier acknowledgment to large streaming services specified arsenic Netflix and Warner Bros. Discovery's Max, arsenic good arsenic niche offerings similar Rakuten Viki, which focuses connected Asian entertainment.

Streaming services' unwieldy libraries person led to immoderate media companies implementing cost-cutting efforts to marque the apps profitable. But concern successful Asian, particularly Korean, contented is inactive high.

The stock of planetary request for Asian connection contented reached 25% successful the archetypal 4th of this year, up from astir 15% successful the aforesaid play successful 2020, according to information supplier Parrot Analytics.

While proviso of specified contented outstripped request — meaning there's much produced than radical are watching — the spread betwixt the 2 is narrowing, said Brandon Katz, an amusement manufacture strategist astatine Parrot. During the archetypal quarter, proviso was 4.7% greater than request successful the Asian connection category, an betterment from 9.8% successful the archetypal 4th of 2020.

"Some mightiness deliberation that proviso outstripping request globally could mean a flimsy pullback successful concern could beryllium connected the table. But that spread is precise overmuch shrinking," Katz said, pointing to the occurrence of Netflix hits specified arsenic "All of Us Are Dead" and "The Glory." "There is dependable advancement being made, which was reflected successful 2022."

Since the opening of this year, those titles, on with "Squid Game" and "Extraordinary Attorney Woo" person continuously claimed 4 spots connected Netflix's global apical 10 non-English TV hits. Thriller amusement "Squid Game" took the archetypal spot for a spell.

Last month, Netflix said it would turn its Korean content, astir doubling the full concern since the institution began its offering successful Korea successful 2016. The behemoth streaming work said it plans to put $2.5 cardinal implicit the adjacent 4 years to nutrient much Korean shows and movies. The concern comes aft 60% of each Netflix members watched astatine slightest 1 Korean rubric successful 2022.

While planetary request for Korean-language TV shows has accrued since aboriginal 2020, it has inactive been outpaced by the proviso of the content. Meanwhile, that request has stagnated successful examination to different Asian connection TV series, specifically Japanese and Chinese, according to Parrot.

Netflix volition absorption connected much than the progressively fashionable Korean play genre, Don Kang, Netflix's vice president of Korean content, recently told CNBC's "Squawk Box Asia."

"Our superior absorption is the section assemblage successful Korea. We've recovered clip aft time, erstwhile a amusement is loved by a Korean audience, it has a very, precise precocious likelihood of being loved by the audiences oregon members astir the world," Kang said.

Rakuten Viki, a streaming work owned by Japanese ecommerce elephantine Rakuten, has seen a surge successful maturation successful caller years crossed assorted Asian connection content.

The institution said its registered idiosyncratic basal grew by 27% globally successful 2022, starring the streamer to summation its concern successful contented by 17% that year. Korean contented remains the bulk of what is consumed connected the service, but viewership for Japanese, Chinese and Thai-language shows increased, too.

Karen Paek, vice president of selling astatine Rakuten Viki, said successful an interrogation that portion the institution has been successful the Asian amusement abstraction for much than 10 years, it's precocious seen a increasing involvement and passionateness astir the satellite for its shows, which are mostly licensed.

"For Viki specifically, we person been seeing a displacement successful presumption of the taste constitution of our viewership toward non-Asians," Paek said. "But astatine the aforesaid time, the full assemblage size is growing."

Paek said the streamer sees a boost successful registered viewers and viewership successful wide erstwhile hits similar "Squid Game" deed the mainstream.

The idiosyncratic basal for Rakuten Viki has been truthful passionate that the subtitles for overmuch of its contented are really generated by a unpaid assemblage astir the world. Its contented is chiefly produced and created successful Asian countries, though the work licenses hits similar "The Farewell," particularly during Asian American Pacific Islander month, for its U.S. audience.

Other streaming services are taking a akin approach. Max said it would summation and item Asian contented during AAPI month.

"We are seeing an assemblage displacement successful presumption of what they are unfastened to watching extracurricular of K-dramas," Paek said, pointing to Chinese and Japanese dramas, arsenic good arsenic the "Thai lad emotion genre," which has been a large deed for the service.