Image: Physical: 100, Netflix
Physical: 100 is a Korean competition reality survival show available on Netflix. The show pits 100 competitors with different physiques and training styles against each other in an elimination style competition. Multiple comparisons have been made to Squid Game, another show that delivered enormous value to Netflix. An analysis using Parrot Analytics’ content valuation system reveals the value of Physical: 100 to Netflix, the aspects driving its underlying revenue contribution, and how plans for a third season could supercharge the global impact of future seasons.
When the first season of the show premiered in January 2023, it had about twice the average series demand globally in its first few weeks before really taking off as global audiences discovered it. Ultimately the show’s first season peaked at 14 times the average series demand globally. This year, global demand for its second season has been well ahead of where it was last year.
The diagram below shows how we reached an estimate for the show’s first season global revenue contribution to Netflix as a baseline for forecasting future changes. While APAC in general is a smaller source of revenue for Netflix compared to other regions like UCAN, the fact that the show had such a large impact in markets outside of its home region is a good indicator of the potential for targeting a more global audience with updates in season 3.
The show’s creators have planned a few key changes for its third season, which is expected to expand the scope of its ambitions beyond Korea by including local talent from other key markets around the world. Our model estimates that this will add $11 million more to the revenue the show generates for Netflix from a localization lift, which is an expected boost from being considered a local series in these markets.
Additionally, the proposed talent are expected to have a higher global star power which if fully translated into the demand for the show globally will add 54 million dollars. We can’t reveal the specific talent planned for a third season but can show that the demand for them is substantially higher than global demand for the talent featured in S1.
Season 1 of Physical: 100 drove an estimated $27M in global revenue for Netflix via subscriptions and ad revenue. The second season of the show is on track to outperform the first and deliver an additional $15M of revenue for the platform. Proposed changes for the third season have the potential to dramatically increase this show’s value to Netflix through localization and star power, ultimately bringing the projected lifetime value to Netflix of a third season to $121M.
The case of Physical 100 is illustrative of how shows can build on their success and expand their global audience footprint by making localized casting decisions and choosing high caliber talent to increase the “star power” impact of their show.
