Streaming giant Netflix reported strong performance in South Korea’s competitive streaming market last year, with its local unit posting robust financial results. According to the company on April 13, Netflix Korea generated 899.6 billion won ($629 million) in revenue in 2024, up 9% from the previous year. Operating profit also jumped 44% year-on-year, reaching 17.4 billion won ($12.2 million). The global streaming giant continues to dominate the South Korean OTT market, especially as domestic rivals like TVING and Wavve remain in the red.
Netflix’s monthly active users (MAU) on Mobile Index grew 12%, reaching 12.99 million by the end of 2024, boosted by popular shows like “Culinary Class Wars” and “Squid Game” season 2. The ad-supported plan, launched in November 2022, has also boosted advertising revenue with increased subscribers.
Looking ahead, Netflix is poised to maintain its growth in South Korea, with expanded content partnerships expected to attract more subscribers. Starting this year, Netflix has secured a six-year deal with SBS for major content and will also provide dramas to local IPTV platforms like U+tv and Genie TV. With more content available, the company is likely to face less pressure on production costs.
Netflix has been expanding its revenue streams by turning its popular shows into offline experiences. In February, the company opened “Squid Game: The Experience” in Seongsu-dong, Seoul, allowing fans to engage with the show’s iconic games. It has also partnered with local businesses to launch products inspired by its latest series, “When Life Gives You Tangerines,” including lotions and stationery. Beyond subscription fees and advertising, Netflix is now leveraging its original content’s intellectual property to create new sources of income.
