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Just days before the highly anticipated launch of Squid Game Season 3 on Netflix, Don Kang, Netflix’s Head of Korean Content, offered exclusive insights at the Asia Pacific Online Summit (APOS). He addressed the show's future, the current lull in Korean content production, and the strategic direction of Netflix's investment in the region.

Squid Game remains a monumental success for Netflix, shattering viewership records and solidifying the platform's global dominance. Kang emphasized the meticulous planning and execution that went into the series, highlighting the commitment to delivering a compelling narrative and visually stunning experience. While details about Season 3 remain tightly guarded, Kang assured audiences that the final chapter will provide satisfying closure to the characters and storylines that have captivated millions worldwide. He hinted at a focus on exploring the psychological toll of the games and the moral complexities faced by the participants.

The Production Pause: Why is Korean Content Slowing Down?

Beyond the immediate excitement surrounding Squid Game, Kang addressed a notable shift in the Korean entertainment landscape. There's been a noticeable slowdown in content production, a phenomenon impacting various studios and production houses. He attributed this primarily to the resolution of tax incentives that previously fueled rapid growth. These incentives, designed to attract foreign investment and boost local production, have now expired, leading to a period of recalibration for the industry.

“The Korean market has been very, very hot for the last five, six years,” Kang explained. “And that was largely driven by the tax incentives. Now that those incentives have gone away, the market is, frankly, cooling down a little bit.” This cooling period isn't necessarily negative, he added. It allows for a more considered approach to content creation, focusing on quality and sustainability rather than sheer volume.

Netflix's Continued Investment in Korea

Despite the industry-wide slowdown, Netflix remains deeply committed to the Korean market. Kang reiterated the company's strategy of investing in diverse genres and supporting emerging talent. “We’re still very bullish on Korea,” he stated. “We’re still looking for great stories and great creators.” He emphasized the importance of fostering long-term partnerships with Korean production companies and talent agencies, ensuring a steady pipeline of high-quality content.

Netflix's approach involves a blend of supporting established creators and nurturing new voices. They are actively seeking stories that resonate with both Korean and international audiences, pushing the boundaries of genre and narrative. The success of shows like Kingdom, Sweet Home, and Hellbound, alongside Squid Game, demonstrates the power of Korean storytelling on a global scale.

Looking Ahead: The Future of Korean Content on Netflix

Kang concluded by expressing optimism about the future of Korean content. He believes that the current period of adjustment will ultimately lead to a more sustainable and creatively vibrant industry. Netflix will continue to play a key role in this evolution, providing a platform for Korean stories to reach audiences around the world. With Squid Game Season 3 poised to break even more records, the spotlight remains firmly on the Korean entertainment scene, and Netflix's commitment to its continued success.