Netflix (NASDAQ:NFLX) recently unveiled the trailer for its upcoming South Korean series, “Hierarchy,” promising viewers a gripping narrative filled with mystery and scandal. The trailer opens with a chilling confession, “I killed someone,” setting the stage for a story that revolves around the death of a student at Jooshin High School. As the news of the death spreads, tensions rise, revealing hidden secrets and unraveling the intricate social fabric of the school.

The series is set in Jooshin High School, known for its hidden motives and governed by the powerful couple, Jung Jae-i (Roh Jeong-eui) and her boyfriend, Kim Ri-an (Kim Jae-won). Their authority is challenged when Kang Ha (Lee Chae-min), a scholarship student seeking revenge, arrives at the school. Kang Ha’s quest for retribution disrupts the carefully maintained relationships of the elite students, including Yoon He-ra (Chi Hae-won) and Lee Woo-jin (Lee Won-jeong), who complete the circle of influence at the school.

The trailer teases a clash between Ri-an and Kang Ha, as well as a disruption in the social order when Jae-i decides to end her relationship with Ri-an. “Hierarchy” is scheduled to premiere on June 7, promising to be a thrilling exploration of justice and social upheaval.

Netflix’s stock has seen a 32.8% increase year-to-date, outperforming the Consumer Discretionary sector’s 3.1% decline. This success is largely attributed to the popularity of its content.

However, Netflix faces stiff competition in South Korea’s video-on-demand market, which is expected to reach $3.237 billion by 2027. Competitors include Fox’s Tubi, Wavve, Disney, and Alphabet’s YouTube. Tubi offers a wide range of free Korean titles under its K-Drama Plus category, while Wavve, launched in 2019, is investing $900 million over four years to develop new content. Disney Plus has partnered with LG Uplus and Studio & New to provide Korean content, while YouTube Premium offers an ad-free experience and exclusive content.

Despite the competition, Netflix remains a dominant player in South Korea, known for its popular dramas. Upcoming Korean content from Netflix is expected to further boost its revenues in the APAC region. The Consensus Estimate for Netflix’s 2024 APAC revenues is $4.24 billion, with earnings estimated at $18.31 per share.

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