Is Netflix a universal language?

The entertainment giant is counting on it as the company seeks to extend its lead in the global streaming business. On Monday, Netflix showcased its latest slate of international original programs, which are a key part of its strategy to attract and retain subscribers around the world.

The list includes the much anticipated sequel to the violent Korean-language drama “Squid Game,” Netflix’s most watched show ever; “The Leopard,” an Italian story about a prince in the 1860s; and the third season of the Japanese series “Alice in Borderland.” Another ambitious project: the first-ever TV adaptation of the classic novel “One Hundred Years of Solitude.”

The Los Gatos, Calif.-based streamer’s strategy is to create local-language shows and movies that appeal to audiences in specific individual markets and regions. If those programs blow up in popularity, Netflix can use its platform to book them in other countries including the U.S., which is what happened with the first “Squid Game” season and the Spanish-language thriller “Money Heist.”

International markets are an important source of the company’s subscriber and revenue growth. Netflix estimates that two-thirds of its audience of 650 million people live outside the U.S.

“We’re working with local talent to make shows and films that people in specific countries will love,” Netflix Chief Content Officer Bela Bajaria said at a presentation at Tudum Theater in Hollywood on Monday. “And we’re proving that great stories can come from anywhere and be loved by audiences everywhere.”

Netflix’s audiences have embraced international programming as viewers have become increasingly accustomed to reading subtitles at home. More than 70% of all viewing on Netflix happens with subtitles or dubbing, Bajaria said. Last year, about 13% of hours viewed in the U.S. involved non-English titles.

Bajaria said some people assume that the main goal is to create global hits, but that’s usually not the way at Netflix, which seeks to make shows and films that resonate in their home countries first.

The reason many of its shows work is that audiences appreciate the authenticity of local storytelling. “[W]hen you try to make something that appeals to everyone, you just end up making something that appeals to no one,” she said.

The company has a significant presence abroad, with 26 offices outside the U.S., working with more than 1,000 producers from more than 50 countries. Non-English titles that draw the biggest U.S. audiences are Korean, Japanese and Spanish stories, Bajaria said.

The prime example of the strategy working is “Squid Game,” which captured 265.2 million views in its first 91 days on Netflix, according to company data. The series’ second season comes out on Dec. 26.

Will viewership for the second season reach the heights of the original?

Minyoung Kim, Netflix’s vice president of content for Asia Pacific, was reluctant to speculate but noted that Netflix’s number of subscribers has grown since “Squid Game” came out in 2021 and that the next season is packed with drama.

“I have a lot of confidence that our members who watched Season 1 will definitely love Season 2 and those who actually have not been introduced will find Season 2 will also resonate with them as well,” Kim said in an interview.

Netflix executives say their commitment to telling authentic local stories has helped them gain the trust of creators. Next month, Netflix will release Part 1 of “One Hundred Years of Solitude,” based on the sprawling magical realism novel by Gabriel García Márquez about the rise and fall of a fictional town in Colombia.

Francisco Ramos, vice president of Latin American content, said in a presentation video that previously no one had ever tried to adapt the book into a series or film, nor had the García Márquez family approved any adaptations.

“But we were able to, thanks to our commitment with the family to film in Colombia, in a series format to honor the original structure of the book, and in Spanish for authenticity,” Ramos said.

The Jake Paul-Mike Tyson bout that brought massive viewership numbers to Netflix last week also resulted in a record-setting gate.

Paul’s unanimous-decision victory over Tyson at AT&T Stadium in Arlington, Texas, on Friday has netted a gate of $18,117,072, a number that Paul’s Most Valuable Promotions says shatters the U.S. record for a boxing or MMA event held outside of Las Vegas.

More than 72,300 fans were in attendance, MVP said, with an average ticket price of $304.

Netflix and MVP reported Tuesday that the fight was the most-streamed sporting event ever, peaking at 65 million concurrent streams with an estimated average minute audience of 108 million live viewers worldwide.

The co-main event, in which Katie Taylor won a unanimous decision over Amanda Serrano to remain the undisputed world junior welterweight women’s champion, averaged 74 million live viewers globally, according to Netflix and MVP.

“From setting the highest gate outside of Las Vegas in U.S. history for a combat sports event to becoming the most streamed sporting event in U.S. history, this event is a testament to the global impact of Jake Paul, Mike Tyson, Katie Taylor, Amanda Serrano, and the incredible athletes on this card,” MVP co-founder Nakisa Bidarian said in a statement. “We’re proud to have partnered with Netflix to deliver an event that brought fans together worldwide and broke many records.”

Overall, the Tyson-Paul gate is the ninth-highest for a U.S. boxing match. The record was set in 2015, when Floyd Mayweather vs. Manny Pacquiao raked in more than $72 million at the MGM Grand in Las Vegas.

The event was Netflix’s first foray into streaming a live sporting event, and many viewers complained on social media about losing the feed and buffering. Netflix is slated to stream two NFL games on Christmas Day — the Kansas City Chiefs at the Pittsburgh Steelers and the Baltimore Ravens at the Houston Texans, with the latter game featuring a live halftime performance by Beyoncé.

“While it wasn’t a perfect experience for all of our members, we are 100% committed to doing even better for our next LIVE events, NFL’s two Christmas Day games,” Netflix chief marketing officer Marian Lee wrote of the Tyson-Paul fight on LinkedIn.

Dear Liz: President-elect Donald Trump’s proposed tariffs have me wondering if now is the time to purchase new kitchen appliances, something I have long delayed doing. If he follows through on his plans, I don’t know how long it would be before the new tariffs take effect.

Answer: Tariffs of up to 100% on imported products could dramatically increase the cost of many consumer goods, including appliances and cars. But how, when or even whether these tariffs will be imposed is still unclear.

Given the political uncertainties, it probably doesn’t make sense to proactively replace appliances or cars that are still in good working order. If you’re planning to update anyway, however, doing so sooner rather than later may save you some money.

Does this church pastor need to confess to the IRS?

Dear Liz: As a recent member of our church board, I just discovered our church hasn’t been paying Social Security or Medicare taxes for our pastor. I checked with our pastor and he hasn’t been making any payments either. This has been going on for six years. How do we recover?

Answer: Clergy are generally exempt from having Social Security and Medicare taxes withheld from their wages, notes Mark Luscombe, principal analyst for Wolters Kluwer Tax & Accounting. However, clergy typically must pay self-employment taxes, which include Social Security and Medicare, unless an exemption has been approved by the IRS.

Normally, employers and employees each pay 7.65% of the employee’s wages to cover Social Security and Medicare taxes. Self-employed people typically must pay both the employer and employee shares, or a total of 15.3%.

If your pastor has been filing taxes as a self-employed person, then he probably has been paying the appropriate Social Security and Medicare taxes. If he hasn’t, however, he may owe a substantial tax bill and should consider hiring a tax pro to help him amend his returns.

Which Social Security benefit? It depends

Dear Liz: I am 61 and retired. My husband recently died at age 61 and he was still working at the time of his death. He’s always made more money than I did. I’ve been told that I can start getting Social Security after I turn 62 and when I turn 67 I can apply for survivor benefits. Is this correct?

Answer: You can start survivor benefits as early as age 60 and retirement benefits as early as age 62. Most people should delay their applications for Social Security benefits, because an early start typically means a smaller lifetime payout. You’re one of the exceptions since you’re allowed to switch between survivor benefits and your own.

Because the survivor benefit is much larger than your own, you’ll want to maximize your payout by not taking it early. That means waiting to start until your full retirement age. You can start your own benefit at 62 and switch to survivor benefits at 67.

An early start means being subject to the earnings test until full retirement age. If you’re not working, though, that’s a moot point.

Social Security is complicated and the right claiming strategy depends on the details of an individual’s situation. Consider using one of the paid Social Security claiming strategy sites, such as Maximize My Social Security or Social Security Solutions, to find the best approach.

Inheriting stocks after a parent’s death resets cost basis

Dear Liz: I am a beneficiary of my father’s brokerage account. Upon his death, the brokerage company closed his account and transferred all of the equities to me in a new account. How will I know the cost basis for capital gains purposes when I sell the stocks?

Answer: You will use the value of the stocks on the day of your father’s death as the new tax basis. This is known as a “step up” in basis, since typically the fair market value at death is higher than the original basis, or what your dad paid for the stocks. Any appreciation that occurred during his lifetime won’t be taxed, but you would be subject to capital gains tax on any appreciation that occurs after that date.

Liz Weston, Certified Financial Planner, is a personal finance columnist. Questions may be sent to her at 3940 Laurel Canyon Blvd., No. 238, Studio City, CA 91604, or by using the “Contact” form at asklizweston.com.