Netflix to inject $2.5 billion into South Korean content
Seoul, Apr 25 (EFE).- Netflix will invest $2.5 billion in South Korean content over the next four years, the online streaming platform announced Tuesday.
In recent years, the country has made some of the world’s most successful productions, including Netflix’s “Squid Game” and Bong Joon-ho’s Oscar-winning film “Parasite.”
The announcement was first made during a Washington meeting between Netflix’s co-CEO Ted Sarandos and South Korea’s President Yoon Suk-yeol, who is on an official visit to the United States.
Shortly after, Netflix published a statement by Sarandos making the decision official.
“Netflix is delighted to confirm that we will invest USD 2.5 billion in Korea including the creation of Korean series, films, and unscripted shows over the next four years,” it said.
“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 highlighted the global success of series such as “Squid Game,” “The Glory” and the reality show “Physical: 100,” and said that the company has “great confidence” that the South Korean audiovisual industry will continue to tell great stories.
“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,” concluded Sarandos.
South Korea’s culture ministry said in a statement Tuesday that the investment is the largest ever to be made in the content industry and will create 68,000 jobs. EFE