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SVOD remains the king of narrative storytelling. However, the "Peak TV" era is over. In its place is a strategy of global localization . Netflix no longer just buys American shows; it invests heavily in Korean dramas ( Squid Game ), French thrillers ( Lupin ), and Spanish telenovelas. This cross-pollination means that is now a global language. A teenager in Indiana is listening to K-pop while watching anime subtitled in Japanese—a level of cultural osmosis unthinkable twenty years ago. : Owns NBCUniversal