Netflix has said it will invest $2.5 billion in South Korean series, films and unscripted shows over the next four years.
co-CEO of Netflix Ted Sarandos Made the statement during a meeting with South Korean President Yoon Suk Yeol at Blair House in Washington, who is currently on a state visit to the US.
Sarandos said the $2.5BN is double the amount Netflix has invested in the South Korea Since it was launched in the region in 2016. It has since had global success including shows sarcasm game, Glory And physical 100,
“We were able to make this decision because we firmly believe that the Korean creative industry will continue to tell great stories,” Sarandos said. “We were also inspired by the President’s love and strong support for the Korean entertainment industry and promotion of the Korean wave.
“It is incredible that the love for Korean shows has generated such widespread interest in Korea, thanks to the compelling stories from Korean creators. Their stories are now at the center of the global cultural sphere,” Sarandos continued. “I have no doubt that our investment will strengthen our long-term partnership with Korea and Korea’s creative ecosystem.”
According to local Korean press, Yoon said he welcomed the investment, calling it a “huge opportunity” for the South Korean content creator and Netflix.
The Washington meeting was also attended by Netflix Chief Content Officer Bela Bajaria; Minyoung Kim, vice president of content for Asia Pacific (excluding India); and Kang Dong-han, Vice President of Korean Content.