The Unraveling of “Hierarchy”
Netflix recently unveiled the trailer of Hierarchy, a South Korean series that commences with a haunting declaration—”I killed someone.” The teaser hints at a narrative steeped in mystery and scandal, as the death of a student at Jooshin High School incites tension, exposing hidden truths that disrupt the school’s intricate social fabric.
The narrative orbits around the ruling pair at Jooshin High School—Jung Jae-i (Roh Jeong-eui) and her boyfriend, Kim Ri-an (Kim Jae-won). Their dominion faces a challenge with the entry of Kang Ha (Lee Chae-min), a scholarship student on a vendetta. Kang Ha’s pursuit of justice rattles the elite clique’s established dynamics. Yoon He-ra (Chi Hae-won) and Lee Woo-jin (Lee Won-jeong) complete the group of influential students steering the school.
The trailer captures the clash between Ri-an and Kang Ha, while also portraying a rupture in the social order following Jae-i’s decision to part ways with Ri-an. The series is slated to premiere on June 7 and promises a thrilling exploration of justice and social disruption.
Netflix Faces Fierce Rivalry in South Korean VOD Market
Amidst its upcoming series, Netflix is facing formidable competition in South Korea’s video-on-demand market, which is forecasted to soar from $2.617 billion in 2024 to $3.237 billion by 2027, growing at a compound annual rate of 7.34%. This surge is driven by a boom in local content production and a global hunger for Korean dramas.
Noteworthy contenders in the South Korean VOD arena include Fox’s Tubi, Wavve, Disney, and Alphabet’s YouTube.
Tubi offers a array of over 200 free Korean titles under its K-Drama Plus category, from classics to recent releases, both subtitled and some English-dubbed. On the other hand, Wavve, launched in 2019, is spearheaded by Korean terrestrial broadcasters investing heavily in original content.
Netflix, being a dominant player in South Korea’s streaming sphere, has amassed popularity with hit shows like Kingdom and Love Alarm. The streaming giant’s upcoming Korean titles, including You Have Done Well and Agents of Mystery, are poised to bolster its revenues in the APAC region in the upcoming quarters.
Future Potential and Market Dynamics
Analysts estimate Netflix’s APAC revenues to reach $4.24 billion in 2024, marking a robust 12.8% year-over-year growth. Earnings are projected at $18.31 per share, reflecting a substantial 52.2% rise from the previous year.
As the streaming wars intensify and players gear up with exclusive deals and content strategies, Netflix remains at the forefront of creating gripping narratives that capture global audiences. With a diversified portfolio and a knack for tapping into local cultures, Netflix continues to break barriers and set new standards in the streaming industry.
