Netflix Rides ‘The Glory’ Wave to a $36 Million Revenue Increase in South Korea

netflix revenue 2023
netflix revenue 2023
Credit: Netflix

Netflix has experienced a substantial increase in its revenue in South Korea, with a boost of approximately 50 billion KRW (approximately 36 million USD) last year, attributed largely to the popularity of the hit series The Glory and the implementation of paid account sharing.

According to the 2023 audit report by Netflix Services Korea, the company’s revenue in the South Korean market was about 823.34 billion KRW (595 million USD), marking a significant rise from the previous year.

Despite this revenue increase, Netflix’s operating profit in Korea dipped slightly by about 2.2 billion KRW (1.6 million USD) to approximately 12.05 billion KRW (8.7 million USD), primarily due to heightened marketing expenses and general administrative costs.

The Glory, which debuted its first part in December 2022, quickly topped the charts in South Korea and several other countries, fueling a surge in subscriptions. The release of Part 2 in March last year continued this trend, achieving the number-one spot in Netflix’s global TV rankings.

Data from the big data analysis solution Mobile Index indicates that immediately after the release of The Glory Part 2, daily active users of the Netflix app on the Google Play Store and Apple App Store combined jumped by 55.6% to about 4.74 million, up from 3.05 million the day before the release.

However, the sustainability of Netflix’s growth remains under observation. As of March, the streaming giant reported a decrease of about 800,000 monthly users compared to the previous month, casting some uncertainty on future trends.

>> ‘The Glory’ Becomes 3rd Most-Watched TV Series on Netflix in First Half of 2023

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