If we only look at the global sensational effect of "Squid Game" and the recently popular "KPop Demon Hunter", people might think that streaming platforms are competing to buy Korean content.However, according to the latest report released by Ampere Analysis, this is not the case.
The research company focused on the streaming media industry found that from the first half of 2023 to the first half of 2025, the number of Korean TV series production project launches fell by a full 20%.Locally produced content has also been reduced by the same amount simultaneously, while orders from international streaming platforms have dropped sharply 43%.In the local market, drama series are particularly hit, with orders plummeting 39%.
It seems that the only one that is still vigorously promoting Korean pop content seems to be the producers of "Squid Game" and "KPop Demon Hunter" - Netflix.This world's leading streaming giant actually won the release of international SVOD projects in South Korea in the first half of 2025.Unfortunately, even within Netflix, the attention to Korean dramas has gradually turned to non-fiction shows.
However, looking back at the past few years, there was indeed a period of "crazy procurement": between 2021 and 2024, the number of Korean dramas on non-Korean local streaming media platforms increased by 55%.That period seemed to be yesterday, but now it has quietly ended.
This phenomenon occurs while Korean pop content is popular all over the world, and it seems particularly contradictory.Data shows that among global audiences, the proportion of overseas users who have said they have watched Korean film and television works has increased from 22% in the first quarter of 2020 to 35% in the first quarter of 2025.The charm of Korean wave has never diminished, but the market's reaction has begun to hesitate.
It is worth mentioning that "KPop Demon Hunter" premiered on June 20, 2025; "Squid Game 2" was launched as early as December 25, 2024; and the third one followed on June 27, 2025, continuing the vitality of this phenomenon-level drama.
"Korean-pop content has already jumped onto the international stage, and both global SVoD original works and local dramas have achieved world-renowned success," said Mariana Enriquez Denton Bustinza, an analyst at Ampere Analysis. "However, despite the continued high demand for Korean-pop content, TV production commissions from local and global platforms are decreasing. Global streaming platforms are adjusting their strategies to shift from original scripts to acquisition of copyrighted content, while Netflix is investing more resources in non-fiction programs. Although the cost challenges are currently facing, this has opened the door to the export market for local Korean producers. In particular, there are reports that Netflix is considering setting limits on actor pay, which may reshape a more dynamic and accessible local production ecosystem."
