South Korea city Seoul Netflix film country South Korea city Seoul

Netflix Reports South Korea Profit Jump in Rare Public Disclosure

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hollywoodreporter.com

Netflix provided a rare snapshot of its business fundamentals in South Korea this week —a new requirement for all large companies based there under local law.

The results show the global streaming giant building a robust business in the East Asian country despite steadily escalating content spending.

Netflix's South Korean business unit saw its revenue climb to $356 million (415.45 billion won), a surge of 123.5 percent compared with 2019.

Operating profit, meanwhile, reached $7.5 million (8.82 billion won), up 295 percent, according to the filing. Netflix has operated its service in South Korea since 2016, but this is the first time it has disclosed a profit and loss statement in the country.

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