Emboldened by early success, Netflix said it would invest $2.5 billion in Korean content from 2023 to 2026. That’s why 2026 matters: It is the final year of this investment cycle and the moment Netflix will decide what comes next. A pullback will be a devastating blow to an already weak K-drama industry.
Korea Times reports Netflixʼs Korean original films are facing a slump, as several highly anticipated releases have failed to meet expectations, drawing mixed reviews despite their large-scale productions, star-studded casting and ambitious storytelling.
The latest example is “The Great Flood,” released on Dec. 19, which follows people fighting for survival inside a flooded apartment building after a catastrophic disaster. Marketed as a disaster blockbuster that blends science fiction elements with Korean sentiment, the movie shot to the top of Netflixʼs global film rankings immediately after release but reactions have since split sharply. Critics say the film suffers from poorly connected plot devices, a weak link between its scenario and artificial intelligence concept, unbalanced character dynamics and an overly complicated narrative.
The criticism adds to a series of recent disappointments including other Netflix Korean originals “The Mantis,” “Love Untangled” and “Wall to Wall”. Though each film differed in genre and theme, viewers raised similar concerns about uneven overall quality.
The large amount of investment dollars into Korea production industry drove up overall costs and decreased total number of productions. Korea studios have been in a major slump for the past several years. The movie industry has not recovered half of the box office since the pandemic.
Critics say the poorly received films share a common pattern. While the premises are novel, the storytelling foundation is weak. Large-scale spectacle and provocative elements are often emphasized over coherent structure. Analysts are now using Netflix’s own weekly “charts” to determine failures.
Despite fresh concepts, the films are frequently seen as lacking the narrative density and fully developed characters needed to sustain engagement. Industry watchers say it is now crucial for filmmakers to refocus on story depth and overall craftsmanship. Because streaming media viewers do not commit their time in the same way as theater audiences, projects that fail to convince viewers early on are easily abandoned. In this environment, narrative completeness matters above all, and a well made film ultimately moves audiences more than one that simply offers something new.
Even though it is Korean production and talent, it is still a Netflix western product. Hollywood has its own creative slump: the model of blockbuster action movies devoid of plot or deep characters is still the expensive norm. Part of the critics disappointment is spectacle over substance. Korean dramas have been character driven stories, which is a harder sell when executives think…