Netflix CEO Ted Sarandos announced a $2.5 billion investment in South Korean programming over the next four years after meeting with President Yoon Suk Yeol in Washington.
South Korea has established itself as a global cultural powerhouse in recent years, due in part to the Oscar-winning film “Parasite” and the blockbuster Netflix comedy “Squid Game.”
“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,” Sarandos said in a statement given to AFP Tuesday.
“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 said that Netflix had “great confidence” that South Korea’s creative industry would continue to tell great stories, pointing to the recent success of global hits such as “The Glory” and the reality show “Physical 100”.
“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,” he added.
South Korean entertainment has taken the world by storm in recent years, with over 60 percent of Netflix subscribers watching a programme from the East Asian country in 2022, according to company data.
Netflix, which spent more than 1 trillion won ($750 million) generating Korean content between 2015 and 2021, has stated that it will increase its South Korean show output without providing financial figures.
Yoon, who arrived in Washington on Monday for a six-day state visit, praised his “very meaningful” conversation with Sarandos, according to a transcript provided by the president’s office to AFP.
