Kim Ha Neul, a well-known actress, recently shared her thoughts on the difficulties faced by actors in South Korea’s entertainment industry. “I used to receive so many project offers that I would ask for a break. Now, I’ve realized how valuable it is just to be offered a script,” she said.

The South Korean media industry is currently facing a serious crisis, with many insiders pointing to Netflix as a major reason for the decline in opportunities. “We are experiencing the worst situation in the past 10 years,” one industry expert said, highlighting the challenges caused by the streaming giant.

Decrease in Drama Productions

The number of dramas being produced has dropped significantly. In 2022, 135 dramas were created, but this number fell to 125 in 2023. It’s expected to fall below 100 in 2024. Even prominent actors are struggling to find work, as production opportunities shrink.

Go Hyun Jung, another established actress, echoed similar sentiments. “I’m not getting any offers for roles. I don’t need to be the lead and would even lower my appearance fee,” she said, underlining the tough situation for actors across the board.

Shrinking Revenue and Growing Concerns

Broadcasting revenue in South Korea dropped by 4.7% in 2023, reaching 1.897 trillion KRW (about 1.4 billion USD). This marks the first decline in a decade. Terrestrial TV revenue fell by 10.2%, cable TV by 3.9%, satellite broadcasting by 2.7%, and general program providers by 7.7%.

At a recent seminar held by various media associations, experts emphasized the need to address the growing dominance of global OTT platforms like Netflix. Professor Lee Heon Yul from Korea University explained that massive production budgets from these platforms have led to fewer dramas being produced by domestic broadcasters.

Professor Lee Sang Won from Kyung Hee University warned that the broadcasting ecosystem is at risk of collapse, with significant impacts on the Korean Wave (Hallyu) if changes aren’t made.

Expert Opinions on Solutions

Many experts are calling for fewer regulations on domestic broadcasters and more oversight on global platforms like Netflix. They argue this is necessary to restore balance to the industry and give local players a better chance at surviving in an increasingly competitive market.

Netizens Reactions:

Some Korean netizens have voiced their frustrations, with many blaming high actor fees for the current issues, while others think Netflix isn’t solely responsible.

They Commented:

Many experts are calling for fewer regulations on domestic broadcasters and more oversight on global platforms like Netflix. They argue this is necessary to restore balance to the industry and give local players a better chance at surviving in an increasingly competitive market.

Some Korean netizens have voiced their frustrations, with many blaming high actor fees for the current issues, while others think Netflix isn’t solely responsible.

“Ordinary people think it’s difficult to produce dramas because actor fees are too expensive, but you’re saying the opposite? Was it Netflix that raised the fees, or was it the actors themselves?”

“First of all, we should talk about lowering the rates for famous actors. They get billions for a single appearance—do they really think they’re worth that much? Stop blaming Netflix and understand the root of the problem. I vote that even 100 million KRW per episode is too much.”

“It’s the actors who raised the production costs, so what are they talking about?”

“When I occasionally check out platforms like TVing, Netflix, and Wavve, I see so many mediocre dramas. Terrestrial networks and cable channels are all still making dramas. If the number of productions has decreased, just how many were being made before? Instead of wasting time and money on two or three subpar dramas with low ratings and no impact, they should combine those resources to make one good one.”

“Do they not realize they’re not as popular as they think?”

“They brag about buying buildings and apartments worth hundreds of billions, but the last thing the world needs is to worry about celebrities and politicians.”

“It must have been great when they were raking in money, feeling like irreplaceable stars with the power to throw their weight around. But who’s really in charge now?”

“What does Netflix have to do with this? If just two lead actors lowered their fees, the issue would be resolved.”

“Even before Netflix came into the picture, the majority of production budgets went toward paying actors.”

“Then they should decrease their appearance fees.”

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