Naver to Offer Netflix Access Through Membership Program

Seoul, South Korea—South Korean internet giant Naver Corp (035420 KS) announced on Monday that starting in November, it will provide access to Netflix's (NFLX.O) ad-supported standard plan through its Naver Plus Membership program, marking the first such offering by a Korean IT platform membership service.

Naver Plus members will be able to access Netflix content as part of their digital content benefits for a monthly fee of KRW4,900 (US$3.75) or KRW3,900 (US$2.99) with an annual subscription.

The partnership allows members to watch Netflix series, movies, and games at the same quality as the standard ad-supported plan, which includes Full HD streaming, two simultaneous connections, unlimited mobile games, and content downloads.

Members will have the option to upgrade to higher-tier Netflix plans for additional fees. 

An extra KRW8,600 (US$6.58) allows an upgrade to the standard plan, while KRW12,100 (US$9.26) provides access to the premium plan.

Naver aims to enhance user value by providing competitive content, while Netflix gains access to Naver's loyal membership base. 

The companies plan to explore further collaborations to maximize user satisfaction.

Upcoming Netflix content available to Naver Plus members will include the second season of "Squid Game" premiering December 26, "The Trunk" in late 2024, season 4 of "Single's Inferno," and "The Apocalypse" in 2025.

Hanna Jung, leader of Naver Membership, said, "Naver membership's diverse and flexible benefit design expands users' choices and improves perceived benefits, maintaining high retention. This leads to synergies that grow with collaboration partners."

This collaboration represents Naver's fourth external partnership this year, followed by tie-ups in delivery, movie theaters, and convenience stores as it expands membership benefits.

Naver Plus Membership boasts a 95% subscription retention rate, reflecting the program's appeal to users.