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According to recent reports, over the next four years, Netflix will invest $2.5 billion on South Korean programming.

Netflix will spend USD 2.5 billion in South Korea over the next four years to develop Korean TV shows, movies, and unscripted programs. Since 2016, this amounts to a tripling of its market investment. The statement was made after a meeting between Netflix co-CEO Ted Sarandos and South Korean President Yoon Suk Yeol.

HIGHLIGHTS

  • Announcement made during South Korean President’s visit to the US.
  • Doubles Netflix’s investment in South Korea since 2016.
  • South Korean entertainment industry experiencing global success.

The American streaming firm Netflix announced it will spend USD 2.5 billion in South Korea over the following four years to develop Korean TV episodes, films, and unscripted series. The company’s investment in the area has doubled as a result of this relocation since 2016. Following a meeting between Netflix co-CEO Ted Sarandos and South Korean President Yoon Suk Yeol, the announcement was made.

Also Read: Netflix Has Invested Its Share into the Ecosystem: Netflix Co-CEO

President Yoon applauded the investment, describing it as a “major opportunity” for Netflix and the South Korean content market, which is aiming to increase its impact and exports of culture. According to Mr. Sarandos, the funds would be used to produce films and television series in the fourth-largest economy in Asia.

South Korean Entertainment Industry

The “Korean Wave” or Hallyu, the South Korean entertainment sector, has seen a growth internationally in recent years. K-pop artists like BTS and Blackpink have been at the forefront of this movement in the country’s music industry. Government statistics show that as a result, content exports in 2021 reached a record high of USD 12.4 billion, surpassing exports of home appliances and rechargeable batteries. Content exports include music, video games, and films.

Also Read: Amazing Korean Sci-Fi Web Series to Watch on Netflix

Korean Content on Netflix

With “Squid Game,” which received 1.65 billion hours of viewing in its first 28 days and is still the company’s most-watched series of all time, Netflix has already found success with Korean programming. “The Glory” and “Physical:100” are two more popular South Korean-produced series available on the site.

The investment in South Korea is part of Netflix’s global push to expand its local-language content, which has seen the streaming service invest billions in regions such as India and Europe.

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Written by Shallu Srivastav

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