Squid Game and other Asian movies such as Minari and Everything, Everywhere All at Once have achieved great success on the global stage, leading to increased demand for Asian content. CNBC reported that the increase is also due to easier access for American audiences to view global content now through streaming services such as Netflix, Discovery’s Max, and Rakuten Viki.
As the streaming market becomes more saturated, many companies have started to cut their budgets to maintain higher profits. However many have continued to invest in Asian, especially South Korean content. According to Parrot Analytics, Asian-language content accounted for 25 percent of global demand in the first quarter of 2023, compared to only 15 percent in the same period in 2020. Parrot’s Entertainment Strategist Brandon Katz stated that while supply of such content exceeds demand, the gap is narrowing.
Katz believes that Korean dramas will continue to make steady progress as Netflix’s All of Us Are Dead and The Glory enjoyed very high ratings. These dramas, together with Squid Game and Extraordinary Attorney Woo took turns ranking in Netflix’s top 10 global non-English television dramas. Squid Game had even ranked first when it was first released in September 2021.
Rakuten Viki, a media service owned by Japanese e-commerce giant Rakuten, has grown substantially in recent years. The company said the number of global registered users has grown by 27 percent in 2022, and Viki’s investment in content also increased by 17 percent in the same year. Although viewers still mainly like to watch Korean dramas, viewership of Japanese and Chinese programs have also increased. Karen Paek, the Vice President of Marketing at Rakuten Viki, stated that they have been operating in the Asian entertainment field for more than 10 years but the global attention and enthusiasm for their content has continued to increase.
This article is written by Kiki for JayneStars.com.