Streaming giant Netflix has announced plans to invest $2.5 billion in South Korea over the next four years, citing the success of Korean content on its platform. The investment was unveiled by co-chief executive Ted Sarandos following a meeting with South Korea’s President Yoon Suk-yeol in Washington.
Netflix has seen unprecedented success with popular Korean shows like Squid Game, which broke all records on the platform in 2021. With this investment, the company intends to focus on Asia’s fourth-largest economy for the production of movies and television shows.
According to Sarandos, the decision to invest was made because of the company’s confidence in the Korean creative industry’s ability to continue telling great stories. The investment was also driven by the President’s support for the Korean entertainment industry and the Korean wave.
Although further details about the investment remain undisclosed, Sarandos emphasized that the company’s commitment to Korean content was unwavering. “We were inspired by the President’s love and strong support for the Korean entertainment industry and fuelling the Korean wave,” he said.
Korean dramas and movies have gained immense popularity in recent years, with Korean pop culture spreading worldwide. The success of Squid Game has only reinforced Netflix’s commitment to Korean content, and the investment is expected to result in the production of even more high-quality Korean content for the platform’s viewers.
This investment comes as Netflix faces increasing competition from other streaming services, including Disney+ and HBO Max. However, with its dedication to producing quality content from around the world, the company remains a dominant force in the industry. As Sarandos noted, “Our goal is to continue investing in the best stories from around the world and bringing them to our members.”
