Netflix has committed to invest $2.5bn in South Korea over the next four years including for Korean films, series and unscripted shows.
After a meeting in Washington DC with South Korean president Yoon Suk Yeol, who is there on a state visit, Netflix co-CEO Ted Sarandos confirmed the global streamer would be spending $2.5bn in the country - “twice the total amount Netflix has invested in the Korean market since we started our service in Korea in 2016”.
Through partnerships with the Korean content industry, Netflix has seen global hits such as 2021’s Squid Game – the streamer’s most popular series of all time with more than 1.6 billion hours watched – as well as recent revenge thriller The Glory and reality show 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. ”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
“With the partnership, we will continue to grow with the local industry while sharing the joy of entertainment with Korean storytellers to our fans around the world.”
At the end of last year, Netflix revealed that 60% of its global subscribers watched K-content in 2022.
No comments yet