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Netflix Inc. unveiled its investment plan for K-content in South Korea. It will be spending $2.5 billion in over four years as the streaming media company notes that Korean content continues to rule the entertainment market.
According to The Korea Herald, the massive investment was revealed during a meeting between South Korea’s President Yoon Suk Yeol and Netflix’s co-CEO, Ted Sarandos, which took place recently in Washington, D.C.
The Korean president’s meeting with the video streaming giant’s chief was his first official schedule in the United States, where Yoon is also attending a summit with President Joe Biden. In the said meeting with Netflix’s management team, the leader was accompanied by Korea’s ministers of finance, culture and industry.
Sarandos confirmed that Netflix is investing more than $2 billion in the production of new Korean content on Monday, April 24. When asked to comment on the investment plan, Sarandos said, “We were able to make this decision because of our great confidence in the Korean content industry and we will continue to make great stories. We were also inspired by the president's love and strong support for the Korean entertainment industry.”
He went on to say, "I have no doubt that our investment will strengthen our long-term partnership with Korea's creative ecosystem. We are deepening our partnership with Korea’s creative industry, which has produced such amazing hits as 'Squid Game,' 'The Glory,' 'Physical 100.'”
On the other hand, during a press conference after the meeting with Netflix’s officials, President Yoon Suk Yeol said that “The investment will be a significant opportunity for all Korean content businesses and creators, as well as for Netflix.”
The leader further said he greatly appreciate and sincerely welcomed the huge investment that Netflix committed to South Korea. Finally, the amount of this new investment is said to be double of what the streaming platform invested in the country since entering the Korean market in 2016.
Photo by: Venti Views/Unsplash
