Netflix CEO Ted Sarandos announced a $2.5 billion investment in South Korean programming over the next four years. After meeting with South Korean 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 over the next four years. Including the creation of South Korean series, films, and unscripted shows.” Sarandos said in a statement to AFP on Tuesday.
“This investment plan is twice as large as Netflix’s total investment in the Korean market since we launched our service in Korea in 2016.”
Sarandos expressed “great confidence” in South Korea’s creative business. Citing the recent success of worldwide successes such as “The Glory” and the reality show “Physical 100.”
“It’s incredible that the love for Korean shows has led to a broader interest in Korea. Thanks to the compelling stories created by Korean creators.” “Their stories have become central to the global cultural zeitgeist,” he continued.
South Korean entertainment has taken the world by storm in recent years. 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. It has stated that it will increase its South Korean show output without providing financial figures.
Increased Investment
Yoon, who arrived in Washington on Monday for a six-day state visit, praised his “very meaningful” conversation with Sarandos.
The increased investment, according to Yoon, “will be a fantastic opportunity for the Korean content industry, creators, and Netflix.” We heartily applaud Netflix’s great investment move.”
Yoon is scheduled to meet with US President Joe Biden on Wednesday. As the partners step up military cooperation in response to North Korea’s escalating nuclear threats.
This year, Pyongyang has staged another record-breaking streak of sanctions-defying launches. Including the test-firing of North Korea’s first solid-fuel ballistic missile this month – a significant technological accomplishment for the country’s military.
In response, Yoon has drew South Korea closer to long-standing ally Washington, and the trip is jam-packed with events, including a meeting with Biden to commemorate the pair’s 70-year friendship.
Yoon was accompanied by nearly 120 South Korean business heavyweights, including Samsung chairman Lee Jae-yong, and the visit may have addressed their concerns over Biden’s Inflation Reduction Act.
According to analysts, the trip’s success is especially critical for Yoon, who is anxious to increase his poor domestic approval ratings, particularly in foreign policy.
