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Netflix's Warner Bros. addition could mean less room for Korean content

Published: 14 Dec. 2025, 18:16

A Netflix logo is on display at the Lucca Comics & Games 2025 event, one of Europe's largest pop culture conventions, as stars and creators of ″Stranger Things″ series launch Season 5, in Lucca, Italy, Oct. 31. [REUTERS/YONHAP]

Netflix’s push to acquire Warner Bros. Discovery, one of Hollywood’s most storied studios, is rippling across the global content industry and raising concerns locally about the future of Korean programming on the platform.

The deal underscores Netflix’s growing power as a dominant force reshaping the media landscape. If the company absorbs Warner Bros.’ vast library — including blockbuster franchises like “Batman” (1989-), “Harry Potter” (2001-11) and “Game of Thrones” (2011-19) — industry observers warn that Korean content could lose ground inside Netflix’s increasingly crowded ecosystem.

The Warner Bros. water tower is seen at Warner Bros. Studios in Burbank, Calif., on Dec. 5. [AP/YONHAP]

According to people in the content industry on Sunday, Netflix’s primary motivation for the acquisition is securing intellectual property (IP). Cho Young-shin, an invited professor at Dongguk University’s Media Research Institute and the author of “After Netflix” (2025), said “the move is aimed at strengthening Netflix’s content capabilities through securing IP,” and adding that “the merger could generate value well beyond its purchase price.”

Netflix announced on Dec. 5 that it had signed a final agreement to acquire Warner Bros. for $72 billion.

Analysts in the United States share that view. Robert Fishman, a senior analyst at the market research firm MoffettNathanson, said Netflix has long lacked family-friendly, multigenerational franchises. Acquiring Warner Bros., he said, would fill that gap.
The proposal has drawn sharp opposition from the film industry. Cinema United, a group representing U.S. movie theater operators, warned in a statement that the deal would pose an unprecedented threat to theatrical exhibition worldwide. It said the effects would be felt across the industry, from major theater chains to independent cinemas in small towns.

The ripple effects could extend well beyond Hollywood. In Korea, industry officials worry that Netflix’s expansion could weaken the position Korean content has built on the platform over the past decade.

A still from the Netflix series "Kingdom" (2020-21) [NETFLIX KOREA]

Korean series have played a central role in Netflix’s global strategy, beginning with “Kingdom” (2019), its first Korean original, and followed by global hits like “Squid Game” (2021-25). Data released in April by the media analytics firm Ampere showed that Korean content accounted for about eight percent of total Netflix viewing time worldwide from the first quarter of 2023 through the second quarter of 2024. That placed Korea second only to the United States, at about 56 percent, and ahead of Britain and Japan.

But Warner Bros.’ franchises come with deep fan bases built over decades. If those titles become part of Netflix’s original lineup, analysts say, they could crowd out other programming.

Still from the third and final season of Netflix's ″Squid Game″ [NETFLIX]

“If Netflix controls Warner Bros. content, it will naturally expand related spinoffs and derivative works,” said one industry official, who asked not to be named. “That could mean fewer opportunities for Korean productions.”

The acquisition effort has also drawn political scrutiny. U.S. President Donald Trump has raised antitrust concerns, and Paramount has entered the bidding, complicating the deal. Even so, few in the industry expect Netflix’s dominance to fade anytime soon.

That outlook has intensified calls for South Korea to reduce its reliance on the platform. Some experts argue that building stronger domestic streaming services is essential to sustaining the local content ecosystem.

“To create a virtuous cycle in the content industry, Korea ultimately needs a strong local OTT platform,” said Lee Sung-man, a professor of Media Arts & Sciences at Korea National Open University. Cho echoed that view, saying “Korean platforms like Tving and Wavve should be developed into viable alternatives to Netflix.”

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY HA NAM-HYUN [[email protected]]