Netflix’s Subscriber Growth Sparks Surge in Korean Drama Stocks
Shares of South Korean drama producers jumped after Netflix Inc. said it added more subscribers than expected in the third quarter and touted the contribution of Asian shows.
Astory Co. -- producer of “Extraordinary Attorney Woo,” which has racked up 402 million viewing hours -- opened up by its 29% daily limit before paring the gain. During the streaming giant's conference call, Netflix co-Chief Executive Officer Ted Sarandos mentioned the strength of the series and said the company is increasingly leaning on programs that are not made in English.
The success of South Korean blockbuster survival drama “Squid Game” last year has sparked frenzied trading in related stocks. The nation has become an entertainment powerhouse with TV and film on top of the company's popular videogames and K-pop music.
Bucket Studio Co., which holds a stake in the agency representing Squid Game's lead actor, jumped as much as 11% Wednesday in the wake of Netflix's results. Studio Dragon Corp., the firm behind the Netflix hit “Crash Landing on You,” gained as much as 5.6%. Other “K-drama” stocks posting gains included ContentreeJoongAng Corp. and Wysiwyg Studios Co.
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