Streaming giant Netflix confirmed that it will invest $2.5 billion in creating Korean content for the platform, including non-scripted TV series, movies and shows, over the next four years.
Netflix Co-CEO Ted Sarandos made the advertisement on Monday in a meeting with South Korean President Yoon Suk Yeol in Washington. The investment is twice the total amount the company has invested in the Korean market since 2016, when Netflix launched its service in the country.
“We are deepening our partnership with the Korean creative industry, which has produced global hits like ‘Squid Game,’ ‘The Glory,’ and ‘Physical:100,'” Sarandos said in a statement. “With the partnership, we will continue to grow with the local industry while sharing the joy of entertainment with Korean storytellers with our fans around the world.”
“Squid Game” became Netflixseries launch, with 111 million fans in 2021, while “The Glory” and “Physical: 100” became the most watched shows globally after their releases.
Sarandos said the South Korean leader has been very supportive of the investment plan as well as the Korean entertainment industry.
“It’s amazing that the love for Korean shows has led to more interest in Korea, thanks to the compelling stories from Korean creators,” he said. “Their stories are now at the heart of the global cultural spirit.”
In January, Netflix Announced would bring 34 Korean titles to its platform by 2023, including original productions, to keep up with the growing global interest in Korean content. In fact, the company said that more than 60% of Netflix subscribers watched Korean titles in 2022.
“Over the past year, Korean movies and series have regularly featured on our Global Top 10 list in more than 90 countries, and three of Netflix’s most-watched shows are from Korea,” said Don Kang, Netflix’s vice president of content at Korea.
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