Netflix's The Glory Spurs $36 Million Revenue Boost in South Korea

Devdiscourse | Updated: 17-04-2024 10:26 IST | Created: 17-04-2024 10:26 IST
Netflix's The Glory Spurs $36 Million Revenue Boost in South Korea
Image Credit: The Glory / Netflix
  • Country:
  • Korea Rep
  • United States

In a significant financial upturn, Netflix has seen its revenue in South Korea increase by approximately 50 billion KRW (about 36 million USD) last year, a rise largely credited to the success of the K-drama series "The Glory" and new paid account sharing policies. This information comes from the 2023 audit report of Netflix Services Korea, which shows total revenues reaching 823.34 billion KRW (595 million USD).

Despite this revenue spike, Netflix's operating profit in Korea has slightly decreased by around 2.2 billion KRW (1.6 million USD), settling at about 12.05 billion KRW (8.7 million USD). The drop is attributed to an increase in marketing and administrative expenditures.

"The Glory," which released its first part in December 2022, quickly captured the top viewership spot in South Korea and several other regions, boosting Netflix's subscription numbers. The continuation with Part 2 in March maintained the momentum, claiming the number-one position in Netflix’s global TV rankings shortly after its release.

According to analytics from Mobile Index, the daily active users of the Netflix app across the Google Play Store and Apple App Store surged by 55.6% to approximately 4.74 million users the day after "The Glory" Part 2 was released, a significant jump from 3.05 million just the day before.

Despite these gains, there's a note of caution as Netflix reported a loss of about 800,000 monthly users in March compared to the previous month. This fluctuation casts some uncertainty on the streaming giant's ability to sustain its growth trajectory in the highly competitive entertainment market.

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