Netflix is devoting greater resources to creating content in South Korea in response to the popularity of Korean television programs and motion pictures. This includes the groundbreaking success of 2021’s Squid Game. According to the streaming service, it intends to invest $2.5 billion in Korean entertainment.
Ted Sarandos, co-CEO of Netflix, stated this during a meeting with Yoon Suk Yeol, the president of South Korea, in Washington, DC, on Monday. The former stated that he has “great confidence” in the accomplishment of planned Korean projects.
With 1.65 billion hours of watching in the first 28 days, the 2021 release Squid Game is still Netflix’s most-watched series of all time.
Korean film industry to receive a huge amount from Netflix for their future projects
Fans are gradually growing passionate about original Asian content because they not only have imaginative plots, but also demonstrate cultural pride. This surge of Korean shows streaming on Netflix has increased throughout the recent years.
Squid Game and The Glory, two popular Korean shows, have achieved international recognition and fame. They are now among the most streamed non-English shows on the platform. With the help of Netflix, this interest has also helped the Korean business to demonstrate more of its inventiveness. The streaming giant is actually the home to many critically acclaimed East Asian programs and films.
Netflix recently announced that it will double its market investment. According to Yonhap News Agency, it will invest $2.5 billion (about KRW 3.34 trillion) in South Korean entertainment. The streaming platform will help produce more and more Korean TV series, films, and unscripted shows.
Over the next four years, Netflix will spend a significant amount to create and produce new Korean television shows and movies. It will also focus on producing content for both domestic and international audiences.
The firm recently released a press release where it made the announcement. It also said that the investment amount is twice what Netflix has invested in the Korean market since 2016.
The announcement came after a meeting in the United States between Netflix co-CEO Ted Sarandos and South Korean President Yoon Suk Yeol.
Netflix announces they will invest $2.5 billion in South Korean content. pic.twitter.com/5SxVwb88fh
— Pop Base (@PopBase) April 25, 2023
On Monday, Sarandos stated, “We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories.”
“We were also inspired by the President’s love and strong support for the Korean entertainment industry and fueling the Korean wave,” he added.
He also said, “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.”
This new commitment also followed competitors like Apple TV and Disney increasing their content offerings and entertainment variety.
The South Korean entertainment sector has experienced a recent popularity on a global scale. K-pop groups like BTS and BLACKPINK have also been driving the country’s music industry.
In recent years, shares in South Korean production and entertainment companies rose. Ventures like Studio Dragon and Showbox‘s shares rose to 2.26% and 8.75%, respectively.
According to sources, their government records show that in 2021, exports of music, video games, and movies hit a record of $12.4 billion. It surpassed the exports of home appliances and rechargeable batteries.
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