Netflix has announced plans to invest $2.5 billion in South Korean series, films and unscripted shows over the next four years.
Netflix co-CEO Ted Sarandos made the statement during a meeting at Blair House in Washington with South Korean President Yoon Suk Yeol, who is currently on a state visit to the United States.
Sarandos said $2.5 billion is twice what Netflix has invested in South Korea since its launch in 2016. Since then it has achieved worldwide success with shows including Squid Game, The Glory And Physical 100.
“We were able to make this decision because we are confident that the Korean creative industry will continue to tell great stories,” said Sarandos. “We are also inspired by the president’s love and strong support for the Korean entertainment industry and the revival of the Korean wave.
“It’s amazing that the love for Korean shows has led to a greater interest in Korea thanks to the Korean creators’ compelling stories. Their stories are now at the center of the global cultural zeitgeist,” Sarandos continued. “I have no doubt that our investment will strengthen our longstanding partnership with Korea and Korea’s creative ecosystem.”
According to local Korean press, Yoon said he welcomed the investment, describing it as a “huge opportunity” for South Korean content creators and Netflix.
The Washington meeting was also attended by Bela Bajaria, Netflix’s chief content officer; Minyoung Kim, vice president of content for Asia Pacific (excluding India); and Kang Dong-han, Vice President of Korean Content.
Source: Deadline
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