Naver said on the 5th that its key executives, including CEO Choi Soo-yeon, met with Netflix executives on the 3rd at Netflix's office in Los Angeles, USA, to discuss the possibility of expanding collaboration between the two companies. The two companies are conducting a promotion called "Nenet," which links Naver membership with Netflix in Korea.
At Naver, key executives attended, including CEO Choi, Kim Jun-gu, CEO of Webtoon Entertainment, and Kim Yong-soo, Chief Strategy Officer. They were welcomed by Greg Peters, Co-CEO of Netflix, and Maria Ferreras, head of global partnerships at Netflix. This meeting was held at the invitation of the Netflix executives, who were deeply impressed by the success of the Nenet partnership.
A Naver official noted that "the executives discussed the results of the 'Nenet partnership' being carried out by Naver and Netflix in Korea and explored various collaboration possibilities based on that, sharing opinions on their business status, management philosophy, and vision, among other topics."
CEO Choi shared with the Netflix executives her experience in leading various forms of collaboration with major domestic and international industry players, including the Nenet partnership, in building a unique membership ecosystem that offers user benefits. The Netflix executives showed great interest in Naver's achievements in areas such as membership partnerships and shared opinions on the direction of membership-based services.
The 'Nenet,' born from the collaboration between Naver and Netflix, has been providing Netflix's ad-supported standard product at no additional expense to users through Naver Plus membership since November of last year. A Naver representative stated, "The growth rate of new subscribers to the Naver Plus membership increased by 1.5 times compared to before the partnership," adding, "Netflix has also been able to showcase its services to a wider user base through Naver, resulting in significant synergy for both companies."
The executives from both companies introduced their respective business strengths, service statuses, and expertise to explore the potential for strengthening cooperation based on the achievements of Nenet. In particular, Kim, who is expanding the webtoon business in North America, shared his experiences and vision in the content business.
The executives from both companies highly appreciated the deepened understanding of one another achieved through this first meeting aimed at exchange. They decided to continue discussions on specific collaboration directions through various channels in the future.
On the 3rd, CEO Choi also attended a private discussion with Netflix employees, along with Maria Ferreras, head of global partnerships at Netflix. At this meeting, CEO Choi emphasized the shared user-centered philosophy that innovation comes from users and mentioned the potential for expanding synergy based on this philosophy.