‘Vincenzo’ and ‘Squid Game’ Prove Viability of Asian Content as Netflix Is Tipped for Strong Regional Growth – Study
variety.comPatrick Frater Asia Bureau ChiefThe success of Korean shows “Vincenzo” and “Squid Game” and Japanese anime such as “Attack on Titan” are justifying Netflix’s heavy spending on Asian film and TV content.The streaming giant is forecast to grow its revenues in the Asia-Pacific region by 24% in the current year as subscriber numbers swell by 20%, according to new research, from Singapore based consultancy Media Partners Asia.That optimism stands in contrast to investment sentiment in January when Netflix announced its December quarter and 2021 full year data and a spooked the financial community with a cautious (global) first quarter outlook.
Media Partners Asia’ latest note on the company indicates that Netflix could grow APAC revenues by 24% in the current year to December, to $4.1 billion.
Subscriber numbers are forecast to climb 20% to 39.1 million. The strongest growth is in Australia, Japan, South Korea and parts of Southeast Asia.
Japan is forecast to generate 2022 revenues of $1 billion; Australia to be worth $976 million, and Korea $751. Southeast Asia will contribute 18% of the regional total, or close to $750 million, led by Thailand and the Philippines.Media Partners Asia estimates that Netflix will allocate local content spending of $450 million in Japan, $120 million in Australia and $750 million in Korea.
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