Global Audience Demand for Streaming Asian Movies, Series Grows With Hits Like ‘Squid Game’
The global popularity of Netflix’s “Squid Game” and other Korean series, along with the success of films like “Minari” and “Everything Everywhere All At Once,” has significantly boosted the demand for Asian language movies and TV shows worldwide.
The rise in demand is largely attributed to the increased accessibility of global content for U.S. viewers through major streaming services such as Netflix, Warner Bros. Discovery’s Max, and niche platforms like Rakuten Viki, which specifically focuses on Asian entertainment.
While streaming services often face challenges in managing vast libraries and striving for profitability, investments in Asian content, particularly Korean content, remain high.
According to data provider Parrot Analytics, the global demand share for Asian language content rose to 25% in the first quarter of this year, compared to approximately 15% during the same period in 2020.
Although there is still a surplus of content compared to the demand, the gap between the two is narrowing. In the first quarter, the supply of Asian language content exceeded demand by 4.7%, a notable improvement from 9.8% in the first quarter of 2020.
Brandon Katz, an entertainment industry strategist at Parrot, noted that while some may assume the surplus of content could lead to reduced investment, the gap is actually shrinking.
He pointed to the success of Netflix’s popular non-English hits like “All of Us Are Dead” and “The Glory” as evidence of steady progress.
Netflix has shown a commitment to expanding its Korean content, with plans to double its investment since entering the Korean market in 2016.
The streaming giant aims to invest $2.5 billion over the next four years to produce more Korean shows and movies, following the fact that 60% of its members watched at least one Korean title in 2022.
Although demand for Korean-language TV shows has increased globally since early 2020, it has been outpaced by the supply of content.
However, demand for other Asian language TV series, particularly Japanese and Chinese, has remained stagnant compared to Korean content, according to Parrot.
Don Kang, Netflix’s vice president of Korean content, emphasized that the company’s primary focus is the local Korean audience.
Netflix has found that when a show is beloved by Korean viewers, it often resonates with audiences worldwide.
The success of Netflix and other platforms in promoting Asian content has also benefited other streaming services and introduced the U.S. audience to a broader range of Asian movies and TV shows.
Rakuten Viki, owned by Japanese ecommerce giant Rakuten, has experienced significant growth in its user base and content consumption for various Asian language content.
The platform witnessed a 27% increase in registered users globally in 2022, leading to a 17% increase in content investment.
Karen Paek, vice president of marketing at Rakuten Viki, highlighted the growing interest and passion for their shows worldwide, particularly among non-Asian viewers.
While Korean content remains dominant on the platform, viewership for Japanese, Chinese, and Thai-language shows has also seen an uptick.
Rakuten Viki’s passionate user base has contributed to the generation of subtitles by a volunteer community worldwide.
Although the content is predominantly produced in Asian countries, the platform also licenses popular titles like “The Farewell,” especially for its U.S. audience, particularly during Asian American Pacific Islander month.
Other streaming services, including Max, are following a similar approach by increasing and highlighting Asian content, especially during AAPI month. Chinese and Japanese dramas, as well as the “Thai boy love genre,” have gained popularity among viewers beyond the traditional focus on Korean dramas.
