Netflix pulls in more Korean hits, stoking fears for local streaming survival

Kang Ha-neul transforms into an ambitious chaebol heir in Genie TV’s “Tastefully Yours.” Courtesy of Genie TV

With more high-profile Korean dramas and entertainment programs heading to Netflix, questions are mounting about the viability of domestic streaming platforms, especially in light of the upcoming merger between Tving and Wavve.

KT’s upcoming drama “Tastefully Yours,” starring Kang Ha-neul and Go Min-si, is set to premiere simultaneously on its in-house platform Genie TV and Netflix next month.

This marks KT’s first co-release with Netflix, a shift from its previous policy of exclusively airing original content on Genie TV and ENA. A KT official said the company has “restructured its distribution strategy to enhance accessibility through simultaneous OTT (over-the-top streaming) releases.”

Another highly anticipated drama, the second season of “Weak Hero,” will also debut exclusively on Netflix on April 25. The first season, which premiered in 2022, was produced by Wavve and became a breakout hit. However, due to reported financial difficulties, Wavve stepped back from producing the sequel, which Netflix has now taken over.

Actors Kang Ha-neul, left, and Go Min-si / Courtesy of Genie TV

A growing divide

The shift reflects a deepening divide in the content industry, with Netflix increasingly attracting the most popular and bankable titles. Until recently, it was rare for one season of a show to be produced by one platform and the next by another. But the tide is turning, with many popular series now moving to Netflix.

“Screwballs,” released earlier this year on Netflix, is considered a spiritual successor to KBS’s beloved variety show “HK Coin," which aired from 2022–2024, because it has the same cast and production team, despite the name change. Similarly, JTBC’s popular mystery show “Crime Scene," which aired from 2014–2017, will return later this year as “Crime Scene Zero,” also on Netflix.

Yoo Geon-sik, a visiting professor at Sungkyunkwan University’s Graduate School of Media and Cultural Convergence, described the trend as a “rich-get-richer” cycle. “With Korean broadcasters and OTT platforms struggling financially, content is naturally flowing toward Netflix, which has the capital to support production,” he said.

If this continues, he warned, domestic platforms will be left producing only what Netflix passes on, further weakening their competitiveness.

The second season of “Weak Hero” premieres exclusively on Netflix on April 25. Courtesy of Netflix

Will Tving-Wavve merger help?

Some analysts hope the merger between Tving and Wavve, currently in its final stages, could help check Netflix’s dominance by consolidating content. Tving, led by majority shareholder CJ ENM, offers programming from tvN, Mnet and JTBC, while Wavve, backed by public broadcasters KBS, MBC and SBS, has rights to a wide range of terrestrial content.

But others remain skeptical. Even SBS, one of Wavve’s major stakeholders, has been supplying major content to Netflix since January. “If MBC or KBS also faces financial strain, they may end up distributing content to Netflix as well,” said Yoo. “Tving and Wavve are already cutting back on original productions, so even after the merger, there may not be a major turnaround.”

Despite efforts to strengthen domestic offerings, the gravitational pull of Netflix appears only to be growing, raising questions about whether local players can truly compete in the long run.

This article from the Hankook Ilbo, the sister publication of The Korea Times, is translated by a generative AI and edited by The Korea Times.