Netflix's high-profile Korean film "The Great Flood" has ignited fierce debate in South Korea, with fallout extending beyond viewer criticism into the financial market. The film, produced with an estimated budget of ₩30 billion (about USD 22 million), has become one of the most polarizing domestic releases of the year, drawing scrutiny from audiences and investors alike.
Following waves of negative reviews after its Dec. 19 release, shares of M83, the visual effects company behind the film, fell to historic lows. According to data from the Korea Exchange, the stock closed at ₩8,950 (approximately USD 6.60) on Dec. 27, the lowest level since the company's public listing. That represents a drop of nearly 44% from its IPO price of ₩16,000 (about USD 11.80), dealing a severe blow to shareholders who had anticipated gains tied to the film's success.
Industry analysis cited by KBIZoom notes that expectations for "The Great Flood" had been high before its debut. M83, which specializes in computer graphics and visual effects for films and television dramas, went public on the KOSDAQ in August last year, with analysts previously predicting the Netflix project would drive growth rather than decline.
Audience reaction, however, quickly turned divisive. Viewer comments on Korean platforms reflected frustration and disappointment. "I couldn't even finish 30 minutes."
Another comment: "I feel completely tricked." On Naver's rating platform, reviews clustered heavily at both one star and 10 stars, fueling heated online debates.
The film stars Kim Da-mi as AI researcher Gu Anna, who struggles to survive with her son inside a flooded apartment complex after a global deluge triggered by an asteroid impact.
According to Chosun, many viewers felt the marketing misrepresented the story. Promotional posters and trailers emphasized submerged buildings and survival themes reminiscent of traditional Korean disaster films.
A frequently cited complaint: "I thought it was a disaster movie, but it turned out to be something completely different." Critics said the narrative's shift toward artificial intelligence and simulation concepts left audiences confused, with some describing the experience as a waste of time.
Despite domestic backlash, "The Great Flood" has performed strongly overseas. Netflix data shows the film ranked No. 1 on the Global Top 10 Non-English Films list, topping charts in 54 countries and appearing in the Top 10 in 93 nations overall.
Analysts cited by KBIZoom suggest the case underscores a widening gap between global streaming success and local audience sentiment, particularly in Korea, where genre expectations remain strong. For investors, the controversy has become a cautionary example of how hype-driven optimism can quickly reverse when domestic reception falters.
