Korean content production stocks rise thanks to Netflix boost

South Korean video content production stocks rose on Wednesday, propelled by the news of a surge in subscribers for global video streaming platform Netflix Inc.

Korean content creators kicked off the morning trading session on a bullish note, with Next Entertainment World Co. surging 6.35 percent, Contentree JoongAng Corp. climbing 5.19 percent, Samwha Networks Co. rising by 3.57 percent, Astory Co. climbing 2.35 percent, and Studio Dragon Corp. up 1.82 percent.

Netflix announced a substantial increase in its subscriber count of 13.1 million in the fourth quarter of 2023 on Tuesday (local time) following the market close, for a total of 260.28 million subscribers worldwide.

The 2023 increase notably surpassed that of 8.76 million in the third quarter of the previous year and topped analyst expectations of an 8-9 million subscriber increase.

In the after-hours trading session on the U.S. stock market, Netflix stocks surged by over 8 percent to trade at around $530.