A banner celebrating the partnership between Naver Plus and Netflix | Image provided by Naver
Naver Corporation (CEO Soo Yeon Choi) has been building a diverse portfolio of membership benefits. Now, it is once again expanding the scope of its Naver Plus Membership benefits. In November, Naver will offer its Plus Membership users access to Netflix, a global entertainment service.
Through this partnership, Naver Plus members will be able to select the ‘Netflix Ad-Supported Standard Plan’ as part of their digital content benefits for a subscription fee of KRW 4,900 per month (approximately $4), or KRW 3,900 per month (roughly $3) for annual subscriptions. Naver Plus members can enjoy a wide variety of Netflix content across genres with the same quality as the Netflix standard plan. Members also have the option to upgrade to other Netflix plans if desired.
Both companies expect to generate significant synergy through this partnership. Naver aims to provide its members with a variety of high-quality content, increasing user satisfaction, while Netflix gains access to Naver’s loyal membership base. Notably, Naver Plus Membership is the first membership service among domestic IT platforms to offer Netflix access. Both companies have worked together to allow members to subscribe to the ad-supported plan without additional charges to enhance the perceived benefits for Naver Plus members. Naver and Netflix also plan to explore further collaboration to maximize user satisfaction.
Naver Plus members will be able to enjoy Netflix’s highly anticipated content, including Squid Game Season 2 (releasing December 26), The Trunk (coming in the second half of 2024), Single’s Inferno Season 4, and Revelations (set for a 2025 release), among other series and films.
Hanna Jeong, Leader of Naver Membership, stated, “The diverse and flexible benefits offered by Naver Membership expand users’ choices and enhance their perceived value, which has helped maintain high retention rates. This has also created synergies that contribute to growth with our partners. We plan to strengthen the competitiveness and diversity of our membership content through collaboration with Netflix.”
This partnership with Netflix marks Naver’s fourth external collaboration this year, following partnerships with delivery services, movie theaters, and convenience stores. Naver continues diversifying benefits to enhance user loyalty, with a subscription retention rate of 95% for Naver Plus Membership.
Pangyo Techno Valley is a global integrated R&D hub focused on IT, BT, CT, and NT, integrating Research (R), People (P), Information (I), and Trade (T). As Gyeonggi-do’s representative innovation cluster, Pangyo Techno Valley was established to secure national new growth drivers such as technological innovation, human resource development, job creation, and enhancing international business competitiveness. As of 2023, 1,666 companies employ 78,751 people, and it has positioned itself as the most innovative hub in South Korea, with sales amounting to 167.7 trillion KRW (125.5 billion USD).
Furthermore, the Techno Valley Innovation Division of the Gyeonggi-do Business & Science Accelerator (GBSA) holds monthly events such as the Pangyo Evening Meet-Up, Pan-Pan Day, and the Pangyo Startup Investment Exchange “In-Best Pangyo” to maximize the value of Pangyo Techno Valley. They also support the Pangyo Overseas Promotion Program to publicize information about Pangyo’s companies, products, and services to domestic and foreign investors and the media, thereby facilitating foreign investment.
