Through an audit report, Netflix subsidiary Netflix Service Korea stated on April 14th that it generated 631.678 billion KRW (514 million USD) in revenue and 17.1 billion KRW (14 million USD) in operational profit last year.
This is a 52 percent and a 94.2 percent growth over the previous year’s revenue (4.154 billion KRW (3.4 million KRW)) and operating profit (8.8 billion KRW (7.2 million USD)).
Net income for the year was 13.277 billion KRW (10.8 million USD), an increase of 109.7 percent from the previous year’s 6.331 billion KRW (5.1 million USD).
Streaming revenue was 629.5 billion KRW (512 million USD), an increase of 57.9% from 398.8 billion KRW (324 million USD) the previous year.
The cost of sales to sales ratio was 84.5 percent.
Netflix has posted its domestic business financial accounts for the second time. According to the revised Act on External Audit of Corporations (External Audit Act), Netflix released its domestic earnings in April of last year for the first time since launching its Korean service in 2016.