Entertainment service providers are betting on South Korean content to bolster their reach, underscoring the cultural clout of region's fourth-largest economy. The latest to jump on the bandwagon is Netflix, which last Wednesday announced an original 12-episode drama series that will be adapted from a popular South Korean online comic series. The announcement is seen by analysts as a move to tap into South Korean pop exports with Netflix streaming the drama to global audiences in 2018. It also came after the company announced a content creation budget of $6 billion in 2017, topping a projected $4.3 billion at NBCUniversal, parent company of CNBC.

Netflix Inc. partnered with Japan's SoftBank Group Corp. for the Japan launch of its video-streaming service on September 2, 2015. Ken Ishii | Getty Images

"The Korean content category is becoming vital…it has high production value and the content travels," said Vivek Couto, executive director of consultants Media Partners Asia. Major consumers of South Korean cultural exports include economies in Southeast Asia and greater China.

Netflix entered Asia in 2015 and is rolling out original productions in the region. Other entertainment companies riding the South Korean pop culture wave include Hong Kong telcommunication giant PCCW Ltd. with its Viu streaming service and Turner Broadcasting's Oh!K subscription-based TV channel. South Korean content dominates programming on both channels that available in various Asian countries.