Streaming giant Netflix has confirmed it will invest $2.5 billion over the next four years in creating Korean content for the platform, including television series, movies and unscripted shows.
Netflix co-CEO Ted Sarandos made the announcement during a meeting with South Korean President Eun Suk-yeol in Washington on Monday. That’s double the amount the company has invested in the Korean market since 2016, when Netflix launched service in the country.
“We are deepening our partnership with the Korean creative industry, which has produced global hits such as ‘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 entertaining Korean storytellers with our fans around the world.”
Yonhap News Agency/Reuters
“Squid Game” has become Netflix the biggest The series launched in 2021 with 111 million fans, while “The Glory” and “Physical: 100” became the most-watched shows worldwide after their release.
Sarandos said the South Korean leader has been very supportive of the investment plan as well as the Korean entertainment industry.
“It’s incredible that the love of Korean shows has led to widespread interest in Korea, thanks to the compelling stories of Korean creators,” he said. “Their stories are now at the center of the global cultural zeitgeist.”
In January, Netflix announced that it would bring 34 Korean titles to its platform in 2023, including original productions, to keep up with growing global interest in K-content. In fact, the company says that more than 60% of Netflix subscribers will watch Korean titles in 2022.
“Over the past year, Korean series and films have regularly appeared 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 VP of content in Korea.
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