In 2019, South Korean screenwriter and director Hwang Dong-hyuk pitched a dystopian thriller to Netflix about social outcasts who participate in Korean children’s games to earn money. His story was rejected by local distributors a decade earlier for being too weird, but Netflix gave it a chance.
Two years later, Squid Game turned out to be a golden deal. Shot for about $2.4 million per episode, roughly a quarter of the cost of Stranger Things , the nine-episode series won six Emmys, set a Netflix record with 1.65 billion hours watched in its first 28 days, and — respectively. Netflix’s internal documents are cited Los Angeles Times – increased the value of the company by about 900 million dollars.
The series also made its creator famous, but not rich. In his contract, he waived all intellectual property rights and did not receive residual rights, or royalties that writers, directors and actors usually receive when their work is reused after the first broadcast. He said in an interview that Squid Game brought him.Enough for a pot“.
Since then, Netflix has become one of the biggest buyers of Korean fiction, and Squid Game is a symbol of the country’s ability to produce what the industry calls “profitable” content.
South Korea’s other international hits, including Kingdom and Hellbound, were also produced on relatively small budgets, but still charted high on the broadcaster’s charts.
South Korea, the future of Hollywood?
South Korean TV series are set to become even more important for the US giant, which is turning to its foreign titles for the Hollywood screenwriters’ strike.
About 130 South Korean productions, including 52 Netflix originals, already compete with the company’s catalog of original Spanish-language programming.
Netflix, which estimates that 60% of its 230 million subscribers watch Korean titles, recently announced it will invest an additional $2.5 billion in South Korean content over the next four years.
The platform has become the first port of call for production companies and creators looking to show their series there, as Netflix has shown a willingness to take risks and give its creators a level of freedom not seen on local TV channels. Without it, Squid Game would never have seen the light of day, as Hwang himself admits.
At the same time, like their American counterparts, South Koreans in the entertainment industry are increasingly questioning Netflix’s business model, fearing the country will become a dumping ground for the global streaming broadcaster.
Writers and directors say residual pay should no longer come at the price of working with Netflix, while production workers are decrying exploitative labor practices that have quietly fueled the growth of Netflix’s South Korean content.
“It all depends on the cost of laborsaid Kim Ki-young, president of the Broadcasting Staff Union, which represents the production group.There are a surprising number of paid jobs.“
In a statement responding to questions from the Los Angeles Times, Netflix did not address specific examples, but said the responsibility for fair treatment of creative teams and workers rests with local partners to whom the broadcaster supplies all of its production.
“We pay fair and highly competitive rates to our Korean content creators and set clear standards for our Korean production partners who produce all of our TV series and movies.“, the company says.These standards meet or exceed Korean law.”
I’m not sure the honeymoon between Netflix and South Korea will last long…
Source: Allocine
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
