Netflix Confirms Plans To Spend $2.5BN On Korean Content
Netflix has said it will invest $2.5BN 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 in the U.S. on a state visit.
Sarandos said $2.5BN is twice the amount Netflix has invested in South Korea since it launched in the territory in 2016. It was since had global success with shows including Squid Game, The Glory and Physical 100.
“We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories,” said Sarandos. “We were also inspired by the President’s love and strong support for the Korean entertainment industry and fuelling the Korean wave.
“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,” Sarandos continued. “I have no doubt our investment will strengthen our long-term partnership with Korea and Korea’s creative ecosystem.”
According to local Korean press, Yoon said he welcomed the investment, describing it as a “large 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
