Over 600 million views across its first two seasons. More than 60 million views in Season 2’s premiere week. That was with only one week left in 2024, and it still became the biggest series on the platform in the second half of the year. Those aren’t just impressive stats. They’re business-shaping moments.
Netflix is treating Squid Game Season 3 like a global event. Promotional efforts have included cast appearances in New York and Los Angeles, and this weekend Seoul will host a co-organized Squid Game parade stretching from Gwanghwamun to Seoul Plaza. Netflix is calling it its most ambitious fan event ever.
Kang noted that while the numbers are remarkable, his focus now is on delivering a satisfying finale. The series may have set a high bar, but it’s not the only priority.
A Broader Strategy for Global Cultural Impact
Kang emphasized that K-content is not a trend Netflix is riding. It is a strategic pillar. More than 80% of Netflix members globally have watched Korean content. New research shows Netflix users are nearly twice as likely as non-users to explore Korean culture, from food and music to travel and fashion.
Based on a global survey of 11,500 people, the research confirms that the Korean Wave has staying power. In the United States, 78% of Korean content viewers have been watching for over two years. In markets like Brazil, France, India, and Japan, interest remains consistently high.
K-dramas continue to dominate. They are the most-watched genre among international audiences, followed by romance, action, and comedy.
Market Slowdown and Cost Pressures
Despite this momentum, the Korean content industry is facing challenges. Production costs are rising. The domestic box office has hit its lowest attendance levels in two decades. Content output has slowed compared to recent years.
Kang acknowledged the pressure but remained optimistic. He compared the current environment to the earlier downturn when Chinese demand for Korean content suddenly disappeared. That slump, he said, led to greater story diversity and a more resilient production ecosystem.
“It is a phase,” he said. “We’ve seen this before, and we came out stronger.”
Internally, Netflix is focused on what Kang called “cost discipline.” That includes carefully sizing investments and negotiating budgets. At the same time, the company continues to invest in emerging talent, with 20 to 25% of new titles coming from first-time creators.
Expanding the Korean Content Slate
Netflix is not slowing down. Fifteen new Korean originals are scheduled for the second half of 2025. Kang spotlighted several, including Good News from action director Byun Sung-Hyun and Genie, Make a Wish from hit writer Kim Eun-sook. Returning reality series like Culinary Class Wars and Physical: Asia also reinforce the platform’s growing nonfiction slate.
Kang explained that this expansion beyond dramas is a deliberate effort to attract new audiences while continuing to satisfy long-time fans.
Netflix’s ad-supported tier is also gaining traction in Korea. According to Kang, 50% of new members are signing up for the ad plan, which is in line with the platform’s global average. Recent brand partnerships with Naver and Kia further illustrate Netflix’s local market integration.
Kang summed it up simply. “Our single most important measurement of success is engagement.”
The Take
Squid Game may be taking its final bow, but Netflix’s Korean content play is far from over. The company is investing in scale, infrastructure, and local creators to ensure the next wave of global hits is already in motion.
Netflix is not relying on another viral moment. It is building a long-term engine for Korean storytelling, fueled by audience loyalty, strategic partnerships, and a deep bench of creators.
