Netflix beats Q2 expectations on Korean content boom

Korean hits like ‘Squid Game,’ ‘KPop Demon Hunters’ boosted revenue, profit, and Netflix’s annual outlook

Netflix’s original Korean series "Squid Game" / Netflix

Netflix announced stronger-than-expected second-quarter results, driven by the success of Korean content like “Squid Game.”

According to the streaming giant’s report on July 17, second-quarter revenue rose 15.9% from a year earlier to $11.08 billion (about 15.44 trillion won), and earnings per share (EPS) reached $7.19. Both figures beat market estimates.

The operating margin increased to 34.1%, up from 31.7% in the previous quarter and 27.2% a year ago. Operating profit grew 45% year-on-year to $3.78 billion.

Netflix credited this growth to Korean content, highlighting the animated film “KPop Demon Hunters” and “Squid Game” Season 3. Based on views within 91 days of release, “KPop Demon Hunters” attracted 80 million views, while “Squid Game” Season 3 reached 122 million.

“KPop Demon Hunters” is one of Netflix’s most successful animated films, with its soundtrack topping the Billboard charts and streaming platforms like Spotify, the company said.

Despite being released only a few weeks ago, the final season of “Squid Game” already ranks as the sixth most-watched series in Netflix’s history.

Reuters and other foreign media noted that Korean content like “Squid Game” has been a key driver of Netflix’s growth.

As a result, Netflix raised its full-year revenue forecast from $43.5–44.5 billion to $44.8–45.2 billion, citing a weaker dollar, strong subscriber growth, and solid ad sales.