Netflix's income in Korea quadruples in the year of pandemic

[Graphics by Song Ji-yoon]

Multinational streaming provider Netflix saw its operating profit quadruple and revenue more than double in South Korea last year against a year ago amid surge in subscribers during the pandemic year of high demand in home entertainment, said its local unit.

According to its regulatory disclosure on Monday, Netflix Services Korea posted an operating profit of 8.82 billion won ($7.8 million) in 2020, up 295.5 percent from the previous year. Its revenue expanded 123.5 percent on year to 415.5 billion won.

This is the first time that the company has disclosed its financial statements since its launch in Korea in 2016.

The strong earnings growth was driven by rapid growth in users.

Netflix said its paid subscribers in Korea amounted to 3.8 million as of the end of last year. Most of the company’s revenue last year came from monthly subscription fees, which reached 398.8 billion won versus 175.6 billion won in the previous year.

Netflix has spent 770 billion won on making Korean titles since its Korean entry and pledged additional investment of 550 billion won this year.

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