South Korean content has taken the world by storm, beginning with ‘Squid Game’ in 2021, Netflix’s top non-English show. Following this, ‘Physical: 100′ and ‘The Glory’ have smashed viewing records, earning global acclaim. In response, Netflix CEO Ted Sarandos announced a $2.5 billion investment in the genre, with 60% of viewers having explored these offerings. This year, a lineup of sequels to these globally beloved hits is set. ChosunBiz delves into the creative minds behind these phenomena, offering an insider’s look at the magic of K-content. [Editor’s Note]
Ranked as the top non-English TV series on Netflix and the top global TV show in the first half of 2023, ‘Physical: 100′ has made a significant mark. Produced by Galaxy Corporation, a South Korean metaverse startup founded in August 2019, this series has transcended language barriers to become a worldwide sensation.
During an interview at the company’s headquarters in Yeouido, Seoul, on Mar. 15, Choi Yong-ho, the CEO of Galaxy Corporation, said, “We thought that using physical communications we could overcome the language barrier allowing us some competitive edge on the global stage but we never expected such an overwhelming response.”
Physical: 100, which debuted on Netflix in January 2023, is a survival-style reality show where 100 contestants compete for a total prize of 300 million won, aiming to prove who has the best physique. Since its premiere, it has become the first Korean program to top Netflix rankings, sparking discussions about creating an international version. Netflix’s CEO, Ted Sarandos, who visited Korea in February, praised the show, saying, “Out of all the Korean content I’ve watched, Physical: 100 has been the most captivating.”
The show showcases a ‘body war,’ capturing global attention, leading many to wonder about its widespread appeal. The Guardian described Physical: 100 as “It’s Squid Game meets Gladiators.” The universal appeal of physical strength and fitness crosses cultural and linguistic boundaries.
Despite being an entertainment TV show, Physical: 100 carries the gravitas of a documentary, resonating deeply with the younger demographic, particularly those in their teens to 30s. Korean experts suggest that in a world filled with uncertainties such as a rise of unemployment rates and interest rates, maintaining physical fitness has become a means of ensuring personal safety.
The highly anticipated Season 2, titled ‘Physical: 100 - Underground,’ is set to launch globally on Netflix on Mar. 19. This season, moving away from the ancient Greek temple aesthetic, ventures into the depths of a colossal underground mine, expanding the show’s scope and doubling the production scale from its predecessor.
The series boasts a cast that includes former and current members of the Korean national team, such as Olympic gold medalists like Lee Won-hee (judo), Jung Ji-hyun (wrestling), and Mo Tae-bum (speed skating). The show has also enlisted ten professional referees to ensure fairness.
Behind the success of Physical: 100 is Galaxy Corporation, a five-year-old metaverse startup. The company’s ‘4321 strategy’ emphasizes a blend of 40% media, 30% intellectual property (IP), 20% commerce, and 10% technology, fostering a unique synergy across these domains.
Choi said, “Our strategy of integrating these four sectors is set to yield more success stories shortly.”
The firm’s aggressive M&A strategy has been a key growth driver, broadening its capabilities and producing over 400 Korean programs annually, with Physical: 100 being a standout project. This is how the media business has become the largest part of Galaxy’s business.
The series garners international endorsements, with Nike providing sneakers for all 100 contestants in Season 2—a first in Korean entertainment program sponsorship. Coca-Cola has also come on board, sponsoring its flagship sports drink, Powerade.
The unique culture is also a key factor behind the success of both the show and the company. Choi, who prefers Chief of Happiness Officer (CHO) over CEO, said, “Our emphasis on love, family, and happiness, in line with my role as Chief of Happiness Officer, has been fundamental. This, coupled with a shift in mindset and an expanded worldview, has been pivotal.”
Did you expect ‘Physical: 100′ to receive this level of global love?
“We had no idea it would be this successful. We’ve produced over 400 Korean shows through our subsidiary, where we’ve achieved ratings, popularity, social media reactions, and continuity. The one aspect we were missing was its ‘global’ appeal. We were curious if Korean shows would resonate worldwide. With ‘Physical: 100′, we tested this and found success. Ranking 15th among all 18,000 Netflix shows and first among reality shows is an achievement we deeply appreciate.”
Why do you think ‘Physical: 100′ was so successful?
“When I reviewed the concept from producer Jang Ho-gi, it eased my concerns about its global appeal. I believed that physical competition could transcend verbal barriers. The global enjoyment of the show confirmed our hypothesis. Now, it’s up to us to broaden its reach so more people can enjoy it. With Netflix available in 121 countries, we aim to expand the show’s universe. You’ll notice this expansion in Season 2.”
Any regrets regarding Season 1?
“There was controversy in Korea over the ranking of the top contestants. Jang and Netflix addressed these concerns in a press conference, ensuring transparency and fairness. For Season 2, we introduced ten professional referees to avoid similar issues. However, I was disappointed with the lack of post-production use of the set. We invested significantly in constructing the set at KINTEX in Ilsan, only to spend more on demolition. We couldn’t extend this to the set’s use despite our focus on content sustainability.”
How does Season 2 differ from the first?
“The scale of Season 2 is immense. We’ve doubled the set size and expanded our staff. The thematic scope has also broadened. While the first season was confined to a Greco-Roman narrative, Season 2 delves into the underground world, reflecting the struggle and desperation of Korea’s mine workers. This thematic expansion significantly enriches the narrative, adding depth to the show’s appeal.”
Are you confident in Season 2′s success?
“Having experienced Season 1, I have complete confidence in Season 2. Unlike the first, where we refrained from extensive pre-marketing due to its uncertain nature, this season has seen significant promotional efforts, including commercials and LED displays. We’re also planning numerous events post-launch.”
How has the Galaxy changed since ‘Physical: 100′ premiered?
“Global recognition has increased. We’ve seen heightened interest from various countries in Galaxy’s operations, and direct communication with Netflix headquarters signifies a major shift, a distinction shared only by ‘Squid Game’ and ‘Physical: 100′ in Korea. Netflix CEO Sarandos’s recent visit and praise for the show underscored this transformation for us.”
What personal changes have you experienced?
“Certainly. Joining President Yoon Suk-yeol’s economic delegation to Saudi Arabia in October 2023 as a youth representative brought significant attention, leading to my inclusion in the Korea-Middle East Economic Cooperation Public-Private Joint Committee. It’s somewhat surreal to be among the leaders of major corporations as the only venture company representative.”
Despite starting as an AI metaverse company, media has become the biggest. Why is that?
“While we identify as a super IP-based AI metaverse company, our extensive involvement through our subsidiaries has broadened our scope. The synergy between Media, IP, commerce, and technology, each marking up 40, 30, 20, and 10% of our business, respectively, is poised for explosive growth. We’re dedicated to turning this potential into real success.
With G-Dragon joining Galaxy, what new ventures are you exploring?
“G-Dragon’s keen interest in emerging technologies like AI and the metaverse is leading us to exciting projects, such as an AI concert at the Sphere in Las Vegas next year. This will exemplify the groundbreaking potential of integrating these four sectors.
Beyond his artistic contributions, G-Dragon is preparing to establish a foundation focused on areas that for-profit organizations often overlook. The foundation, named JUSPEACE, embodies his commitment to essential justice and peace. Its primary mission is to combat drug abuse, with a particular focus on youth prevention. We look forward to sharing more about his vision and initiatives later this year.”
Finally, what are Galaxy’s goals for this year?
“Our valuation is currently around 500 billion won, but we aim to reach unicorn status with a valuation of 1 trillion won within the year. Reaching unicorn status requires a robust foundation, as resilience is rooted in a clear philosophy. This year, we focus on solidifying this base for sustained success.”
