Netflix announces a $2.5 billion investment in South Korean content over the next four years, as confirmed by streaming platform CEO Ted Sarandos after meeting with South Korean President Yoon Suk Yeol in Washington.
In a statement, Sarandos stated that “Netflix is delighted to confirm that we will invest $2.5 billion in Korea, including the creation of Korean series, movies, and non-scripted content over the next four years.”
South Korea has become a global cultural powerhouse in recent years, fueled in part by the success of the Oscar-winning film “Parasite” and the Netflix series “The Squid Game.” Company data indicates that around 60 % of Netflix users watched at least one Korean production on the platform in 2022.
Sarandos expressed his “great confidence” in South Korea’s creative industry, citing the recent successes of the series “The Glory” and the reality show “Physical Ability: 100” as examples of the quality of Korean content. “It’s amazing that the love for Korean shows has led to widespread interest in Korea thanks to the captivating stories of Korean creators. Their stories are now at the heart of the world’s cultural spirit,” he added.
Netflix had previously announced its intention to expand its production in Korea, but without giving details about the investment plan. South Korean President Yoon described the meeting with Sarandos as “very significant” and assured that Netflix’s investment will be a “great opportunity for the Korean content industry, for creators and for Netflix.”
(Reference image source: file)
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