Netflix is set to release “A-List to Playlist” on August 30th, a show featuring actor Cho Jung-seok as he pursues his dream of becoming a singer-songwriter. The trailer promises an emotional journey filled with struggle, inspiration, and triumph, accompanied by an impressive cast including Gummy, Dynamic Duo, Kim Ea-na, and Kong Hyo-jin. Adding to the anticipation are guest appearances by megastars IU and Park Hyo-shin. The series will also offer a comedic counterbalance with the humorous antics of Jung Sang-hoon and Moon Sang-hoon.
This strategic move is part of Netflix’s larger plan to capture the expanding Korean streaming market. The company’s 2024 content slate is packed with Korean dramas, showcasing its commitment to diverse storytelling. This strategy is expected to significantly contribute to APAC revenues in the coming quarters. The Zacks Consensus Estimate for Netflix’s 2024 APAC revenue is pegged at $4.28 billion, reflecting a 13.3% year-over-year growth.
Korean content has proven to be a global phenomenon, with titles like “Doctor Cha,” “Blood Hounds,” “The Glory,” and “Queenmaker” achieving significant viewership on Netflix in 2023. This success has fueled the platform’s expansion of Korean content, with upcoming releases including new seasons of popular shows like “Squid Game” and “Gyeongseong Creature,” along with new series like “The Frog,” “Mr. PLankton,” “Devil May Cry,” and “Hellbound.”
While Netflix is enjoying success in the Korean market, it faces competition from other streaming giants like Amazon, Fox’s Tubi, and Disney. Despite this challenge, Netflix’s commitment to regional content has contributed to its international growth. The company is diversifying its content portfolio, working on projects across Korea, India, Mexico, Spain, Italy, Germany, Brazil, France, Turkey, and the entire Middle East.
The Zacks Consensus Estimate for Netflix’s third-quarter 2024 earnings per share is pegged at $5.07, indicating a positive outlook. The consensus mark for 2024 earnings is pegged at $19.08 per share, reflecting continued growth potential. Netflix’s expanding regional content strategy is a significant factor in its long-term growth, but the ongoing competition in the streaming industry remains a key challenge.
