Netflix CEO Ted Sarandos has announced plans to invest $2.5 billion in South Korea’s entertainment content over the next four years. Sarandos made the announcement after a meeting with South Korean President Yoon Suk Yeol in Washington, D.C. Sarandos noted that South Korea has recently emerged as a global cultural powerhouse, particularly with the success of ‘Squid Game’ and ‘Parasite’. He said the investment plan is double the total amount Netflix has invested in the Korean market since it launched there in 2016.
Sarandos expressed confidence in the creative industry of South Korea, pointing to the recent success of shows like ‘Physical 100’ and ‘The Glory’. He stated that the love for Korean shows has led to a wider interest in Korea, and that Korean creators’ stories are now at the heart of the global cultural zeitgeist. According to Netflix data, more than 60% of viewers watch South Korean dramas on the platform.
Netflix previously invested over $750 million in producing Korean content from 2015 to 2021 and had stated its intention to increase its output of South Korean dramas. The new investment was welcomed by President Yoon as a great opportunity for the Korean content industry, creators, and Netflix. Yoon is in Washington for a six-day state visit, during which he will hold talks with US President Joe Biden on increasing military cooperation amid North Korea’s expanding nuclear threats.
Pyongyang has conducted a number of sanctions-defying launches this year, including test-firing the first solid-fuel ballistic missile, which is considered an important technical breakthrough for its military. In response to these events, Yoon is pulling South Korea closer to its long-standing ally, the US.
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