Netflix’s Eyeline Studios subsidiary secures funds for new production studio with Seoul’s $100M investment deal

Eyeline Studios, a subsidiary of Netflix, is building a new production studio, and for this project, it has signed a $100 million deal with the local government of Seoul. The capital city of South Korea is investing in the said US-based special effects production company to bring its expertise to the country.

With the deal, Eyeline Studios is expected to set up its production business in Seoul and open at least 200 new jobs for local artists. As per The Korea Times, the city is handing out the investment fund over the next five years.

The memorandum of understanding (MOU) was formalized on Monday, Nov. 21. It was signed by Eyeline Studios’ chief executive officer, Stephan Trojansky and Seoul Mayor Oh Se Hoon at Conrad Seoul Hotel in Yeouido. The signing ceremony was also attended by Netflix’s production strategy and resources planning director, Jeffrey Shapiro, and the streaming company’s vice president of production strategy and operations, Jeffrey Roth.

Under the agreement, the new special effects production studio will also adopt and support aspiring video producers through the studio’s educational unit. This is also in line with Eyeline Studios’ aim of teaching people about its highly regarded upscale digital production technologies, including real-time filmmaking software, machine learning algorithms, and LED volumetric capture, which are critical to creating special effects.

“Innovative virtual production technologies such as Eyeline Studio’s Real Time software, LED volumetric capture and machine learning algorithms enable digitalization of video production in all aspects, including the realization of digital environments, virtual humans and digital special effects,” Korea Post quoted an official from Seoul city as saying in a statement.

He added, “It is expected that trainees and newly recruited Korean artists will acquire the world’s best technology, contributing to the development of technology in related fields as well as fostering domestic professionals.”

The deal between the Seoul Metropolitan Government and Eyeline Studios is expected to boost the three-way ties with Netflix as well. Invest Seoul and the Finance and Investment Division under the government's Economic Policy Office said that this cooperation will also help enhance the digital media industry in the country.

Photo by: Frank Reppold/Pixabay