Netflix will invest in more Korean original content in 2021. The streaming giant is reportedly set to embark on producing three new dramas this year.
One of the dramas is the Korean version of the Spanish git series Money Heist. The series will be produced by Netflix in partnership with BH Entertainment and Contents Zium.
Money Heist series creator Alex Pina expressed excitement over the Korean version of his show. He said that seeing an adaptation in a different setting like the Korean peninsula, featuring Korean actors and culture, can introduce something new to the material.
Netflix is also in the early stages of developing the psychological thriller Finger, Soompi reported. The lead role was initially offered to Kim Soo Hyun but the actor declined in favor of the Korean adaptation of the BBC drama Criminal Justice.
The streaming giant is also expected to produce a live action adaptation of the webtoon Annarasumanara. The lead role was reportedly offered to Ji Chang Wook while True Beauty star Hwang In Yeop is also being considered for one of the main roles, Hello Kpop reported.
It can be recalled that Netflix spent $700 million to boost its selection of Korean content since 2019.
According to a report by All Kpop, the streaming giant spared no expense in producing and acquiring quality Korean content since 2015, but it was only in 2019 that it fulfilled its massive plan on boosting its selection of Korean content.
In 2020, Netflix spent 333.1 billion KRW ($303 million) on the production and distribution of Korean content. This was an increase of 34.3 percent from spendings it made in 2019.
Among the major productions that Netflix invested in was Mr. Sunshine which amounted to $25.4-36 million; Arthdal Chronicles which cost $45.7 million; Kingdom with $29.6 million and its recent hit fantasy series Sweet Home which also cost Netflix $19.2 million (30 billion) for the first season, SCMP reported.
Netflix also produced Academy award-winning director Bong Joon Ho's Okja in 2018 and footed 60 billion won or almost $40 million for the fantasy film.
Netflix has become quite successful in the gamble since there is a high demand for Korean content not only in Korea but also from different parts of the world. Netflix's partnership with different production outfits also made Korean dramas and films available to 190 million households in every part of the world.
According to an official from the streaming giant, they are constantly on the lookout for ways to collaborate with Korean creators to release more content to the world.
As for its successful productions, Netflix is reportedly set to release follow up seasons of Kingdom as well as a standalone film Ashin of the North, which focuses on the story of the warrior Ashin, played by Jun Ji Hyun.
It is expected that the streaming giant will release the second season of Sweet Home following its success in Asia and the US.
