Netflix announces $2.5 billion investment in Korean content for the platform
Streaming giant Netflix confirmed it will be investing $2.5 billion into creating Korean content for the platform, including television series, movies and unscripted shows, over the next four years.
Netflix's co-CEO Ted Sarandos made the announcement Monday at a meeting with South Korea's President Yoon Suk Yeol in Washington. The investment is twice the total amount the company has invested in the Korean market since 2016, when Netflix started its 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 entertainment with Korean storytellers to our fans around the world."
"Squid Game" became Netflix's biggest series launch ever, with 111 million fans in 2021, while "The Glory' and "Physical: 100" became top watched shows globally after their releases.
Sarandos said South Korea's leader has been very supportive of the investment plan, as well as of the Korean entertainment industry.
"It is incredible that the love towards Korean shows has led to a wider interest in Korea, thanks to the Korean creators' compelling stories," he said. "Their stories are now at the heart of the global cultural zeitgeist."
In January, Netflix announced it would be bringing 34 Korean titles to its platform in 2023, including original productions, in order to keep up with the growing global interest in K-content. In fact, the company said over 60% of Netflix subscribers watched Korean titles in 2022.
"Over the last year, Korean series and films have regularly featured in our Global Top 10 list in more than 90 countries, and three of Netflix's most-watched shows ever are from Korea," said Don Kang, Netflix's VP of Content in Korea.
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Simrin Singh is a social media producer and trending content writer for CBS News.
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