Netflix will make investments $2.5 billion in South Korean content material over the subsequent 4 years, the streaming big’s CEO Ted Sarandos introduced after assembly with the nation’s President Yoon Suk Yeol in Washington.
South Korea has cemented its standing as a worldwide cultural powerhouse lately, thanks partly to the explosive success of the Oscar-winning movie “Parasite” and the hit Netflix sequence “Squid Game”.
“Netflix is delighted to confirm that we will invest $2.5 billion in Korea including the creation of Korean series, films, and unscripted shows over the next four years,” Sarandos mentioned in an announcement given to AFP Tuesday. “This investment plan is twice the total amount Netflix has invested in the Korean market since we started our service in Korea in 2016.”
Sarandos mentioned that Netflix had “great confidence” that South Korea’s inventive trade would proceed to inform nice tales, pointing to the latest success of world hits similar to “The Glory” and the fact present “Physical 100”.
“It is incredible that the love towards Korean shows has led to a wider interest in Korea, thanks to the Korean creators’ compelling stories. Their stories are now at the heart of the global cultural zeitgeist,” he added.
Over the previous few years, South Korean content material has taken the world by storm, with over 60 % of Netflix viewers watching a present from the East Asian nation in 2022, firm knowledge confirmed.
Netflix, which spent greater than 1 trillion received ($750 million) growing Korean content material from 2015 to 2021, had beforehand mentioned it could be increasing its South Korean present output, with out giving particulars of spending plans.
Yoon, who arrived in Washington Monday for a six-day state go to, hailed what he described as a “very meaningful” assembly with Sarandos, in line with a transcript shared with AFP by the president’s workplace.
Yoon mentioned the brand new funding “will be a great opportunity for the Korean content industry, creators, and Netflix. We sincerely welcome Netflix’s exceptional investment decision.”
© 2023 AFP