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Netflix
2020
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South Korea
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Netflix Reveals Profitability in South Korea
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variety.com
variety.comPatrick Frater Asia Bureau ChiefGlobal streaming giant Netflix is on course for profitability in South Korea, a market that it has identified as key.Local unit Netflix Services Korea revealed 2020 sales of $356 million (KRW416 billion) and operating profits of $7.54 million (KRW8.82 billion).
Both figures are sharply up compared with 2019. Year-on-year revenues grew by 125%, while operating profits increased nearly threefold.The announcement on Monday was the first time that Netflix has publicly revealed profit and loss statements in Korea, and the move follows a change in the law.Although part of a larger U.S.-listed public corporation, Netflix Services Korea operates as a private limited company in Korea.
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