Posted July. 06, 2017 07:12,
Updated July. 06, 2017 07:22
This reporter recently watched Korean director Bong Joon-ho’s latest film “Okja,” which is screened both in cinema and the online platform for the first time in Korea, on Netflix. Not to mention an upgraded technology from Bong’s previous work “Host,” Okja would not be put up on the screen without huge funding (52 million dollars) from the global content giant Netflix.
After showcasing its production prowess with its political drama series “House of cards,” Netflix is bringing seismic changes to the global media sector in 20 years. If Netflix collects 9 dollars as a monthly subscription fee from 100 million subscribers in about 190 countries, it sums to 121.3 billion dollars every year. Unlike other markets, Netflix has struggled in the Korean market, but the content giant plans to invest as much as 17.3 million dollars every year on content production and distribution with Okja as its starting point. Large cinema chains in Korea are disgruntled and refused to screen "Okja" while highlighting the spirit of movie. However, it remains uncertain how well they are prepared against the march of Netflix, which has become an increasing threat to Hollywood.
Amazon is dominating the shopping industry in the U.S. Under its motto “We sell everything,” Amazon is expanding its grip on multiple areas with a rise of “Amazon phobia.” The world-biggest sportswear brand Nike’s sales deal with Amazon has perplexed shoe retailers. Amazon’s takeover of the biggest organic food retailer Whole Foods made the existing food and beverage companies speechless. The fashion industry seems astounded after Amazon launched its new service that lets customers try on 10 items, which are chosen based on analysis of their individual fashion styles, with free shipping and return. Some analysts say 25 percent of shopping-malls, which has been a symbol of shopping culture in the U.S., will close in five years.
The fall of cinema and shopping-mall should be seen as a revamp of the existing industry structure that is in transition toward the fourth industrial revolution. The automotive industry is not an exception with electric car, self-driving car, connected car and flying car. It seems reasonable that business owners say, “A sense of crisis is reaching a critical point.” Will Korea be a fast follower, let alone fast mover? Everyone knows we cannot guarantee a success in the future if we keep on sitting idle, but the path forward seems unclear.