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Netflix (NFLX) Cancels Second Season of Korean & Japanese Shows
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Netflix (NFLX - Free Report) has pulled the plug on second seasons for some of the beloved Korean and Japanese dramas.
While shows like Sweet Home and All of Us Are Dead are set to return for thrilling new seasons, some dramas featuring popular actors like Ahn Hyo Seop and Ji Chang Wook, among others, have been canceled after their first season.
K-dramas, which are set to discontinue production, are A Time Called You, Celebrity, Glitch, Mask Girl and The Sound of Magic. Netflix has also decided not to proceed with the second season of Japanese dramas, including The Days and First Love.
2023 was a great year for Korean dramas with shows like The Good Bad Mother, Crash Course in Romance, King The Land, Sweet Home 2 and The Glory, among others.
Expanding the Korean and Japanese language portfolio will strengthen the Asia-Pacific (APAC) segment’s performance in the near term. In the fourth quarter, APAC revenues of $948 million increased 6.6% year over year and accounted for 11.1% of total revenues. The paid subscriber base for APAC jumped 17.1% from the year-ago quarter to 42.43 million. The company added 1.88 million paid subscribers in the quarter.
Upcoming APAC Content Pipeline to Fend Off Competition
2024 also promises to be as entertaining, with several sequels of popular shows returning and some new K-dramas traversing across genres, including rom-coms, murder mysteries, action and thrillers.
Squid Game Season 2, Sweet Home Season 3, All Of Us Are Dead 2, Mercy For None, Everything Will Come True and The Bequeathed are among the shows lined up for K-drama fans in 2024.
Netflix is currently producing an upcoming Korean drama, The Trunk, starring Korea’s A-listers like Gong Yoo of Train to Busan and Goblin and Seo Hyun-jin, known for Another Miss Oh and The Beauty Inside.
The company also confirmed the production of Aema, a Korean original series following the struggles of Hui-ran and Joo-ae in creating the 1980s hit film Madame Aema, set in 80s Chungmuro, showcasing the harsh realities of actors in the glitzy Korean film industry.
Upcoming Japanese content includes new anime series, such as THE ONE PIECE and Mobile Suit Gundam: Requiem for Vengeance and the first anime adaptation of Rising Impact. This is expected to boost the company’s revenues in the upcoming quarters.
Strong momentum in Netflix’s foreign-language portfolio offerings will benefit top-line growth amid stiff competition from industry peers like Amazon (AMZN - Free Report) , Disney (DIS - Free Report) and Warner Bros Discovery (WBD - Free Report) .
It also outperformed Warner Bros Discovery and Disney but underperformed Amazon. Notably, shares of WBD and DIS have declined 12.5% and 0.2%, respectively, while shares of AMZN have returned 16.7% over the past six months.
For the fourth quarter of 2023, Netflix forecasts earnings of $2.19 per share, significantly up from 12 cents reported in the year-ago quarter. The Zacks Consensus Estimate for the same is also pegged at $2.19 per share, up 0.5% over the past 30 days.
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Netflix (NFLX) Cancels Second Season of Korean & Japanese Shows
Netflix (NFLX - Free Report) has pulled the plug on second seasons for some of the beloved Korean and Japanese dramas.
While shows like Sweet Home and All of Us Are Dead are set to return for thrilling new seasons, some dramas featuring popular actors like Ahn Hyo Seop and Ji Chang Wook, among others, have been canceled after their first season.
K-dramas, which are set to discontinue production, are A Time Called You, Celebrity, Glitch, Mask Girl and The Sound of Magic. Netflix has also decided not to proceed with the second season of Japanese dramas, including The Days and First Love.
2023 was a great year for Korean dramas with shows like The Good Bad Mother, Crash Course in Romance, King The Land, Sweet Home 2 and The Glory, among others.
Expanding the Korean and Japanese language portfolio will strengthen the Asia-Pacific (APAC) segment’s performance in the near term. In the fourth quarter, APAC revenues of $948 million increased 6.6% year over year and accounted for 11.1% of total revenues. The paid subscriber base for APAC jumped 17.1% from the year-ago quarter to 42.43 million. The company added 1.88 million paid subscribers in the quarter.
Netflix, Inc. Price and Consensus
Netflix, Inc. price-consensus-chart | Netflix, Inc. Quote
Upcoming APAC Content Pipeline to Fend Off Competition
2024 also promises to be as entertaining, with several sequels of popular shows returning and some new K-dramas traversing across genres, including rom-coms, murder mysteries, action and thrillers.
Squid Game Season 2, Sweet Home Season 3, All Of Us Are Dead 2, Mercy For None, Everything Will Come True and The Bequeathed are among the shows lined up for K-drama fans in 2024.
Netflix is currently producing an upcoming Korean drama, The Trunk, starring Korea’s A-listers like Gong Yoo of Train to Busan and Goblin and Seo Hyun-jin, known for Another Miss Oh and The Beauty Inside.
The company also confirmed the production of Aema, a Korean original series following the struggles of Hui-ran and Joo-ae in creating the 1980s hit film Madame Aema, set in 80s Chungmuro, showcasing the harsh realities of actors in the glitzy Korean film industry.
Upcoming Japanese content includes new anime series, such as THE ONE PIECE and Mobile Suit Gundam: Requiem for Vengeance and the first anime adaptation of Rising Impact. This is expected to boost the company’s revenues in the upcoming quarters.
Strong momentum in Netflix’s foreign-language portfolio offerings will benefit top-line growth amid stiff competition from industry peers like Amazon (AMZN - Free Report) , Disney (DIS - Free Report) and Warner Bros Discovery (WBD - Free Report) .
Shares of this Zacks Rank #2 (Buy) company have returned 10.3% in the past six months compared with the Zacks Consumer Discretionary sector’s 4.3% rise, attributed to the success of its recently released content and a strong pipeline for 2024. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
It also outperformed Warner Bros Discovery and Disney but underperformed Amazon. Notably, shares of WBD and DIS have declined 12.5% and 0.2%, respectively, while shares of AMZN have returned 16.7% over the past six months.
For the fourth quarter of 2023, Netflix forecasts earnings of $2.19 per share, significantly up from 12 cents reported in the year-ago quarter. The Zacks Consensus Estimate for the same is also pegged at $2.19 per share, up 0.5% over the past 30 days.