[News Article ] Netflix promotes Korean executives to strengthen its Asian strategy
Netflix promotes Korean
executives to strengthen its Asian strategy These photos
provided by Netflix shows its Vice Presidents Kim Min-young (L) and Kang
Dong-han. (PHOTO NOT FOR SALE) (Yonhap)
By Kim Boram, Yonhap News Agency - SEOUL, June 16 (Yonhap) -- U.S. media giant Netflix has promoted two Korean
content experts to its senior creative leadership team as part of a strategy to
strengthen its foothold in South Korea and the rest of the populous Asian
According to Netflix, in a
latest leadership reshuffle, Kim Min-young, formerly vice president of content
for Korea, was appointed to take charge of content-related operations across
Asia, excluding India.
Kim has played a major role in
helping the streamer pull off bullish growth in the Korean market, which has
emerged as a content hub in Asia, since she joined Netflix in 2016, a year
after the company launched its service in the country.
She has picked out a number of
global hit TV series and movies, like the historical zombie thriller
"Kingdom" (2019), the teen crime drama "Extracurricular"
(2020), the monster horror "Sweet Home" (2020) and the space film
"Space Sweepers" (2021).
Under her leadership, Netflix
increased its investment into Korean projects to US$500 million this year
alone, compared with $700 million that the company has spent on the Korean
market since 2015.
It posted 3.8 million paid
subscribers in South Korea at the end of 2020.
At the same time, Kang Dong-han
was promoted to vice president of Korean content to take over Kim's position.
He has led Netflix's move to expand partnership with local content producers,
like CJ ENM and Studio Dragon, and brought their shows, like the smash-hit
romantic comedy "Crash Landing On You" (2019) and the dark comedy
"Vincenzo" (2021), to Netflix.
Netflix said Kim and Kang are
two of the six Asian executives who got promoted in the latest reshuffle.
"It shows Netflix' strong
confidence in Korean content and the importance of the Korean market," the
U.S. streamer said in a statement. "Netflix is determined to develop
quality shows with Korean creators and introduce them to other regions."
The move came as Netflix has
been strengthening its first mover's advantage in the Korean market, where its
global rivals, like Apple TV+ and Disney+, are expanding their lineups with
Korean TV series and shows before launching their services.
Apple TV+ announced its plan to
produce the webtoon-based sci-fi thriller "Dr. Brain" as its first
Disney+, Walt Disney Co.'s
flagship streaming service, is also gearing up to work on its first original
Korean TV series, tentatively named "Our Police Class," before
launching in Korea later this year.
Also, Netflix has given more
weight to Korean titles, which gain huge popularity in Southeast Asian
countries, in a bid to sustain its recent growth amid increasing competition in
the region with rivals, such as Disney+ and Amazon Prime, which are also
spending more on producing content.
"Over the last two years,
we've seen the world falling in love with the incredible Korean content,"
Netflix CEO Ted Sarandos said in February. "Made in Korea and watched by
the world on Netflix."