Netflix is betting big on Asia

World News

London (CNN Business)A new show about a young female attorney has become another South Korean hit on Netflix, giving investors hope that the producer may have another “Squid Game”-like success on its hands.

“Extraordinary Attorney Woo,” a series that follows the titular character Woo Young-woo as “a newbie at a top law firm and a woman on the autism spectrum,” has topped watchlists on the streaming platform for the last two weeks.
It was the most-watched non-English television show on Netflix (NFLX) globally from July 4 to 17, according to the company’s metrics. The show ranked number one in that category in eight countries, and appeared in the top 10 for 22 countries, Netflix said.

    That’s good news for Astory Co., the South Korean studio that’s also known for hits such as “Kingdom,” another hot show for Netflix.

      Shares of the production company have surged 74% in Seoul since the debut of “Extraordinary Attorney Woo” in late June.


      It also bodes well for Netflix, which is increasingly producing original international content and leaning on growth prospects overseas.
      In a blog post Wednesday, Netflix touted the show’s success, saying it had gained traction in locations including Indonesia, Malaysia, Singapore, Thailand and Vietnam after being aired in 31 languages.

        In recent years, Netflix has directed more firepower abroad, particularly in Asia Pacific, where it continues to see growth help offset declines from other regions.

          Just Tuesday, the company reported earnings showing that it had added 1.1 million Asian subscribers in the second quarter as it lost users in markets such as the United States and Canada.
          South Korean content is especially important to the streaming giant after the massive success of “Squid Game” last year, which had become the company’s top show globally.
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