Game guards gather at the opening ceremony of the Los Angeles premiere and fan event for Netflix's "Squid Game: Season 2" at Los Angeles City College, Dec. 12. AFP-Yonhap

K-content continues to thrive, with K-pop achieving global success and Korean dramas and films making their mark on the international stage. But can K-dramas and films truly claim to have solidified their positions in the global market?

Director Yang Woo-seok, known for "Steel Rain" (2017) and "The Attorney," (2013) recently shared his thoughts on this topic in an interview related to his latest film, "Family Matters."

Yang noted that South Korea ranks among the top players in the content export market but expressed concerns about the sustainability of K-dramas and films.

"K-games and K-pop seem to have reached stable ground, but movies and dramas are facing a crisis where their disappearance wouldn't come as a surprise," he said, likening the current situation to the "evaporation" the film industry experienced when video rental stores vanished.

Yang's remarks have drawn attention as they challenge the prevailing optimism surrounding K-content.

Netflix's "Squid Game" held the platform's top spot for 53 days, a first for a Korean original.

Other hits like "All of Us Are Dead" and "Hellbound" also enjoyed widespread acclaim, and "Squid Game" Season 2, set to premiere on the 26th, is expected to attract global attention once again.

However, Yang said that the Korean film and drama industry has yet to find its footing.

Pop culture critic Ha Jae-geun echoed these concerns. "K-pop, K-dramas, and K-films have established themselves in that order," he said. "K-pop has gained broad appeal worldwide, while dramas are primarily popular in Southeast Asia. Films, on the other hand, remain niche, with a limited fan base."

He said that the future of Korea's film and drama industry is highly uncertain.

"From a global perspective, audiences can easily replace Korean dramas with alternatives, and the domestic drama production sector is struggling," he said. "The Korean film industry is on the verge of collapse."

A large poster for the Netflix film "Uprising" and the drama "Hellbound 2" is displayed on the exterior wall of a building near the Busan Cinema Center in Haeundae District during the opening of the 29th Busan International Film Festival, Nov. 2. Photo by Rha Je-ki

A production company official highlighted the challenges faced by creators. "Many production companies are struggling with financing, and investors are adopting a closed stance toward the film and drama markets," he said.

He noted that although dramas are gaining international recognition, they depend too much on global platforms like Netflix for distribution.

"South Korea's lack of a globally influential OTT channel is a significant drawback," he said. "Despite the exceptional talents of our creators and actors, the domestic market is extremely limited"

Although "Squid Game" brought a taste of victory, industry insiders remain cautious about the future of Korea's video industry. Efforts to provide creators and actors with a stable environment to flourish are needed more than ever.

This article from the Hankook Ilbo, a sister publication of The Korea Times, is translated by a generative AI and edited by The Korea Times.