Netflix has a genius plan to find its next big hit show | Official Website of Louis Velazquez, entrepreneur, finance guy and tech innovator

Although the space where it innovated has filled up with a slate of competitors, Netflix (NFLX) remains on the top of the heap when it comes to success.

In 2024, Netflix ranked as the fastest-growing streaming service of the year, scoring twice as many customers as the next fastest-growing steaming service, Peacock.

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During its first-quarter earnings call, Netflix reported a 12.5% increase in revenue over the prior year, making it clear that its strategy is working — and that being first in the streaming space is far from the company’s only advantage.

In its quarterly shareholder letter, Netflix attributed the revenue spike to membership growth and higher pricing, saying, “Revenue was modestly above our guidance due to slightly higher-than-forecasted subscription and ad revenue (which is still very small relative to subscription revenue).”

The streaming company announced in March 2025 that several of its plans would go up by $2-$3 a month. It last changed prices in January 2022.

Netflix has also poured resources into new ways to market and create excitement around its shows and films. Tudum, Netflix’s live event held on May 31 at the Kia Forum in Los Angeles, celebrated its fourth year, included live performances of songs from hits like “Squid Game 2” and big trailer debuts like Guillermo del Toro’s “Frankenstein” and Japanese manga classic “One Piece.”

Now Netflix is planning its next big move in terms of content — and it’s both unexpected and genius.

Netflix CEO Ted Sarandos ponders his company’s next big move.

Getty Images/Bernd von Jutrczenka/dpa

How Netflix harnessed the ‘hallyu’ wave

When Netflix made the decision to start featuring Korean drama, known by fans as K-drama, back in 2016, it tapped into a market that at the time, no other major streaming service had touched.

Fans of Korean media typically turned to specialty services like Viki and Kocowa before Netflix got involved. But once it did, the streaming giant harnessed the power of the “hallyu” wave, which refers to the surging popularity of South Korean pop culture.

The trend was powered heavily by Korean pop stars such as BTS and drew those same fans into the fray.

This bet exploded in 2021, when “Squid Game” became a worldwide phenomenon, leading Netflix to announce in April 2023 that it pledged to spend $2.5 billion over the next four years in South Korea.

That spend is dedicated not only to acquiring media, but also to fostering its creation. Netflix CEO Ted Sarandos said the streaming company would pay for training programs for Korean entertainers both in front of and behind the camera, as well as teaming up with local organizations to find new talent.

Netflix sets its sights on a new country

While Netflix clearly saw the potential in the U.S. fandom around K-pop and K-drama, its next big move is more of a surprise.

One of its newest hits, Thai drama “Mad Unicorn,” has performed admirably since its release on May 29, ranking fourth in Netflix’s top 20 for non-English shows, Variety reports.

The new show also spent the weekend in Netflix’s #1 slot in its home country of Thailand.

“Inspired by the Thai business world, ‘Mad Unicorn’ is the story of a self-made entrepreneur and a David vs. Goliath showdown,” says Senior Content Director Malobika Banerji.

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Netflix’s timing is good here — Thailand has been in the public eye lately, since HBO’s third season of “The White Lotus” drummed up new curiosity about the southeast Asian country.

But whereas Korean drama was findable with subtitles on small streaming sites before Netflix decided to invest in it, Thai dramas — which have a lot in common with other Asian dramas in terms of formula — are almost nowhere to be found.

Thai drama also has an advantage many Asian dramas don’t — a high level of friendliness toward LGBTQ+ content. Fans especially prize Thailand’s GMMTV for its active slate of content that caters to both gay and lesbian romances alongside action, medical dramas, and more.

And if Netflix finds its next big hit in Thailand, it may vault the country into the kind of stardom South Korea has enjoyed, thanks to hits like “Squid Game.”