The streaming platform Netflix is going to invest 2.5 million dollars in the production of South Korean films and television in the next four years. The company said that this investment commitment is double the amount it has been spending in Korea since 2016.
According to Variety magazine, Ted Sarandos, the co-chief executive officer of Netflix, made the commitment to invest in a meeting with South Korean President Eun Suk Yeol in Washington DC. “We were able to make this decision because we have great faith that the Korean creative industry will tell great stories. “I would like to personally thank the President for his kind response,” Sarandos said in a statement.
It’s incredible that the love for Korean movies and television shows has sparked widespread interest in Korea. We would like to thank the Korean creators for the fascinating story. The stories there are now becoming global,” the statement said.
Netflix has enjoyed success with drama series like ‘Squid Game’ and ‘The Glory’ and shows like ‘Physical 100’. His announcement is expected to make the Korean film and series market even more competitive. Currently, the Korean entertainment industry is spreading its influence around the world beyond East Asia.
Netflix’s spending commitment comes at a time when other global players Disney Plus and Apple TV are also preparing to enter the competition with an expanded slate of Korean programming. According to analyst firm Media Partners Asia, Netflix spent $700 million on Korean content in 2022.