MUMBAI: South Korean content is delivering knockout streaming figures for Netflix, now accounting for a whopping 17 per cent of the platform's top 500 non-US shows and films, according to fresh research from Ampere Analysis.

The streaming giant's Seoul-mates now rank second only to American content for total viewing hours, a relationship that's proving rather lucrative as Netflix pursues its ad-tier strategy and battles subscriber churn.

In the latter half of 2024, viewers devoured 7.7 billion hours of Korean content—roughly 8 per cent of all Netflix viewing—outpacing entertainment heavyweights like the UK, Japan and Spain. Squid Game Season 2 topped global charts with a staggering 619.9 million streaming hours, while romance drama Love Next Door and cooking competition Culinary Class Wars also cooked up impressive numbers.

The streaming service isn't playing hard to get, either. Netflix has pledged a cool $2.5 billion to Korean content between 2024 and 2028, having already established relationships with local broadcasting titans CJ ENM, JTBC, KBS, SBS and MBC. Meanwhile, local production capacity continues to expand with facilities like Studio 139 and Samsung Studio now operational.

Korean media powerhouse CJ ENM is riding this global Hallyu wave with gusto, earmarking $818 million for content in 2025 while eyeing international expansion through Netflix exposure, partnerships with global studios, and potentially launching its streaming platform Tving worldwide.

"Korean content plays a pivotal role in Netflix's international success, driving both breakout hits and sustained viewing time," notes Ampere Analysis research manager Orina Zhao. "South Korean content owners are well-positioned to capitalise on the global Hallyu phenomenon, maximising worldwide audience reach through strategic distribution and collaborations."

As the Hallyu wave shows no signs of crashing, Netflix's Korean romance appears set for quite the happy ending.