On Saturday, Netflix announced that it has signed a three-year partnership with JTBC Content Hub for distributing content. Through the partnership, Netflix will offer dramas from JTBC to more than 190 countries around the world from 2020.
JTBC is a South Korean cable channel that has produced many hit dramas and variety shows.
Netflix JTBC corporation will also continue to collaborate in the joint production of more than 20 dramas. The two companies previously signed a 600-hour global licensing agreement for drama and entertainment content in April 2017.
Since then, JTBC drama contents such as “SKY Castle,” “Something in The Rain,” “Life” and “My Country” have made their debut in the global market.
What this deal with Netflix means for JTBC
JTBC said that the deal has made trust between the two companies stronger. And it has become a great source of vitality for JTBC, which aims to become a global production house. It is particularly encouraging that the deal includes strengthening the partnership between the companies in the long term, not a single contract.
Netflix previously announced on the 21st that it will acquire a 4.99 percent stake in Studio Dragon, a subsidiary of CJ ENM. Based on this, the company has established a “content alliance” that will produce Netflix original content and serve the world for three years starting next year.
It seems that South Korea’s online video service market will enter into a competitive relationship with three terrestrial broadcasting companies and SK Telecom’s “WAVVE,” CJ ENM and JTBC’s “TVing,” and Netflix.
The market for K-Dramas and K-variety Shows has been expanding widely the last few years. This happens following the K-Pop heat that is spreading around the world.
JTBC has produced a few of the most popular shows between K-Pop, K-Drama and K-Variety shows enthusiasts. Including Knowing Brother, Idol Room, and many hit dramas.
Meanwhile, Netflix recently reported a further net loss, resulting in serious dip of its stock’s price.
