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Netflix revealed that the success of Korean content is one of the major reasons for the boost in its second-quarter earnings.
Netflix's second-quarter performance exceeded market estimates with impressive growth. The streaming platform's sales rose 15.9% year-over-year, reaching $11.08 billion (around 15.44 trillion won), and its earnings per share (EPS) hit $7.19. Profitability also skyrocketed, as the operating margin climbed to 34.1% (up from 31.7% last quarter and 27.2% a year ago), driving a 45% year-on-year increase in operating profit to $3.78 billion.
The strong performance of Korean content, particularly Squid Game Season 3 and the animated film K-Pop Demon Hunters, was a key factor in Netflix surpassing market expectations.
The animated film K-Pop Demon Hunters captivated audiences, drawing 80 million views within 91 days of its release. Its success extends beyond the film itself, as its soundtrack has also dominated the Billboard charts and popular streaming platforms like Spotify, marking it as one of Netflix's most successful animated films. Similarly, Squid Game Season 3 generated 122 million views in its first 91 days. Even though it was released only a few weeks ago, this final season has rapidly become the sixth most-watched series in Netflix's entire history.
In addition to these, other Netflix K-dramas also contributed to this success, including IU and Park Bo Gum's original series When Life Gives You Tangerines, Ju Ji Hoon's The Trauma Code: Heroes on Call, and Weak Hero Class Seasons 1 and 2, all of which garnered millions of viewers in the first half of the year.
Squid Game Season 3 Season 3 featured the final battle between the players and the creators of the deadly games. It showcased how Player 456, Seong Gi Hun, and the other surviving players faced deadlier challenges that truly tested their will to live and their greed for money.
The Netflix original K-drama was led by Lee Jung Jae, Lee Byung Hun, Wi Ha Joon, Yim Si Wan, Kang Ha Neul, Lee Jin Wook, Park Sung Hoon, Yang Dong Geun, Kang Ae Shim, Jo Yu Ri, Park Gyu Young, David Lee, Noh Jae Won, and more.
K-Pop Demon Hunters is an animated film about a globally famous K-pop girl group with a secret. The three members of the group live double lives. Chosen to protect the world with their voices, these K-pop superstars don't just entertain, their singing also empowers them to battle demons, as they are secretly demon hunters.
Congratulations, Netflix!
