Netflix said on May 13 it invested more than $135 billion in content over the past 10 years and created more than $325 billion in added value for the global economy.
According to the “Netflix Effect” report released that day, Netflix produced series and films in more than 4,500 cities and towns across about 50 countries and created more than 425,000 jobs. The report outlined the trickle-down effects of content under 10 keywords, including developing creators, spurring content-driven tourism demand, contributing to the global economy and rediscovering licensed content.
Korean content was also covered in detail. “When Life Gives You Tangerines” was introduced as a case that contributed more than 90 billion won to the South Korean economy. About 600 cast and crew and about 4,000 partner companies took part in the production, and 72 percent of Netflix users who watched Korean content said they intended to visit South Korea. Foreign tourist arrivals in South Korea hit a record high in the first quarter of this year.
“K-pop Demon Hunters” won two Academy Awards, and its theme song “Golden” became the first K-pop track to win a Grammy Award. Duolingo said the number of Americans learning Korean rose 22 percent, and bookings for flights to South Korea also surged 25 percent.
The green tracksuit from “Squid Game” ranked No. 1 in Halloween costume searches for a second straight year, and sales of white Vans slip-ons jumped by nearly 8,000 percent after it aired. During the run of “Culinary Class Wars,” the average reservation rate at restaurants run by the featured chefs rose 148 percent.
The report introduced director Maggie Kang, who directed “K-pop Demon Hunters,” and writer Kim Eun-hee, who wrote the “Kingdom” series, as creators who reached the global stage with Netflix as a stepping stone.
Netflix co-CEO Ted Sarandos said, “To be truly global, you have to start deeply local.” He said, “We will continue to invest in the relationships we have built with creators, local communities and fans.”