Netflix Just Revealed Which K-Dramas Drove Its Record Growth — And It’s Not Squid Game

Global streaming giant Netflix has highlighted the worldwide popularity of Korean dramas — especially “Trauma Code: Heroes on Call” and “When Life Gives You Tangerines” — as a key reason for its strong Q1 earnings that beat market expectations.

On April 19 (local time), Netflix announced its first-quarter revenue reached $10.543 billion, with earnings per share (EPS) hitting $6.61 — a 25% jump from the same period last year, exceeding Wall Street forecasts. Revenue rose 12.5% year-over-year, while operating profit grew 27% to $3.347 billion, with an improved operating margin of 31.7%, up from 28.1%.

In its earnings release, Netflix stated:

“We now serve over 700 million viewers globally, with more than two-thirds residing outside the U.S.. We continue to invest in content that resonates locally and globally, enhancing our quality and reach.”

Among the standout contributors this quarter were:

Adolescence (UK original, 124 million views)

Trauma Code: Heroes on Call (South Korea, 31 million views)

When Life Gives You Tangerines (South Korea, 23 million views)

Other hit series from the U.S., France, Mexico, and Germany were also highlighted.

A Closer Look at the Korean Dramas:

Trauma Code: Heroes on Call

Starring Ju Ji-hoon, this high-stakes medical drama follows a trauma surgeon battling to save patients teetering on the edge of life and death. Known for its gripping plot, realistic portrayal of emergency medical settings, and intense surgical scenes, the show resonated deeply with audiences. It also shone a light on the often-overlooked reality of trauma centers in Korea, earning critical praise for its social relevance and emotional impact.

When Life Gives You Tangerines

Led by IU and Park Bo-gum, this drama unfolds across several decades, beginning in the 1950s on Jeju Island. The story follows ordinary lives marked by love, family, and dreams, set against the scenic beauty and cultural texture of the island. The use of local dialect and its poignant storytelling captivated viewers both in Korea and abroad.

Netflix commented that “both dramas struck a powerful emotional chord with global audiences.”

More K-Content on the Way

Netflix also confirmed that the final season of Squid Game (starring Lee Jung-jae) will premiere on June 27.

In addition, fans can immerse themselves in the Squid Game: The Experience, an interactive exhibit currently running in New York, Sydney, and Seoul, with a London location set to open next month.

Despite ongoing economic uncertainty from the U.S.-China trade tensions, Netflix maintained its full-year forecast:

Revenue: $43.5–44.5 billion

Operating margin: 29%

For Q2, the company projects $11.035 billion in revenue and $7.03 EPS, both surpassing analysts’ expectations, according to Bloomberg.

Meanwhile, Netflix stock has risen 9.7% since the start of the year, even as the broader U.S. market remains sluggish due to tariff pressures.

As Netflix continues its push into global content, including a strong K-drama lineup, the company appears poised to further solidify its dominance in the streaming space.

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