Netflix, the US streaming service, said it will invest USD 2.5 billion in South Korea over the next four years to produce Korean TV shows, movies, and unscripted shows. This move represents doubling the company's investment in the region since 2016. The announcement was made after a meeting between South Korean President Yoon Suk Yeol and Netflix co-CEO Ted Sarandos.
Also Read: Netflix Has Invested Its Share Into the Ecosystem: Netflix Co-CEO
President Yoon welcomed the investment as a "major opportunity" for Netflix and the South Korean content industry, which is seeking to boost its cultural exports and influence worldwide. Mr Sarandos said the money will be spent on making movies and television shows in Asia's fourth largest economy.
South Korean Entertainment Industry
South Korea's entertainment industry, known as the "Korean Wave" or Hallyu, has been experiencing a global boom in recent years. Its music market, led by K-pop groups such as BTS and Blackpink, has been at the forefront of this trend. As a result, according to government data, in 2021, exports of content, including music, video games, and films, hit a record high of USD 12.4 billion, eclipsing the export volume of home appliances and rechargeable batteries.
Also Read: Amazing Korean Sci-Fi Web Series to Watch on Netflix
Korean Content on Netflix
Netflix has already enjoyed success with Korean content, with "Squid Game" remaining the company's most-watched series of all time, having garnered 1.65 billion hours of streaming in its first 28 days. Other successful South Korean-produced shows on the platform include "The Glory" and "Physical:100".
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.