In South Korea, online streaming service Netflix must be prepared to lose 1 million subscribers by 2021.
According to a June report from Neilsen Korean Click market research, Netflix’s total monthly net subscribers (MAU) in South Korea was 7.91 million in May. This figure is down for the fourth month in a row.
Meanwhile, the number of Netflix subscribers in South Korea reached 8,993,785 in January this year. Since then the number of Netflix subscribers has continued to decline every month where in February the number reached 8.78 million subscribers, in March 8,236,288, in April 8,083,501 and fell to 7 million last month.
According to data company Flix Patrol, the only original Netflix that made it the top 10 TV dramas and entertainment shows most watched by Korean users on Netflix this year was the British drama 'Bridgerton.' In other words, they attribute the decline in the number of Netflix subscribers to boring Netflix original content.
Reportedly Netflix is judged too late to participate in content production. For this reason, there is a lack of production which results in a strong fan base. This is seen as one of the reasons for the decline in the number of customers in Korea.
Still, Netflix has plans to launch the popular ‘Kingdom’ sequel series ‘Kingdom: Ashin of the North,’ on July 23rd. Therefore, attention is focused on whether Netflix can overcome this crisis and regain its momentum starting in 2020.
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