'Hellbound' is Netflix's latest Korean-language hit after the success of 'Squid Game'

• The Korean-language Netflix series "Hellbound" was watched for 111 million hours last month.
• It was one of Netflix's most popular shows in November.

Netflix has another Korean-language hit.

"Hellbound," a new South Korean fantasy series that debuted November 19, was one of Netflix's most popular shows last month. Insider calculated, based on Netflix's weekly lists of its top titles, that it was the streamer's No. 5 show of the month and was watched for at least 111 million hours globally.

The show comes on the heels of the Korean series "Squid Game," Netflix's biggest show of all time, which is still attracting viewers more than two months after its release. It was Netflix's most popular show of November with 163 million hours watched.

"Hellbound" was created by Yeon Sang-ho, who directed the hit Korean zombie movie "Train to Busan."

Netflix describes "Hellbound" like this: "Unearthly beings deliver bloody condemnations, sending individuals to hell and giving rise to a religious group founded on the idea of divine justice."

Netflix is investing heavily in Korean-language content and committed to spending $500 million in South Korea this year.

According to the data firm Ampere Analysis, 63% of Netflix's upcoming live-action, sci-fi, and fantasy slate is being produced outside of the US, and the biggest source of that is in South Korea.

Experts say that the surge in popularity of Korean content didn't happen overnight. Robert Ji-Song Ku, an associate professor of Asian and Asian-American studies at the State University of New York at Binghamton, told Insider recently that it's been "30 years in the making."

"The Korean wave begins in the '90s in places like China and Japan," he said. "From 2000 onward, there was a steady but increased consumption of Korean pop culture, starting in neighboring Asian nations and branching out."

He thinks that the Korean content surge won't slow down any time soon.

"The wave is always evolving ... this is just the beginning of a tsunami," he said.