Netflix to invest US$2.5billion to make new Korean content
Streaming service Netflix has committed to spending US$2.5billion on new South Korean TV shows and films.
The announcement was recently made by Netflix co-CEO Ted Sarandos, following a meeting with South Korean President Yoon Suk-yeol in Washington DC.
“We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories,” Sarandos said, per Variety. “We were also inspired by the President’s love and strong support for the Korean entertainment industry and fuelling the Korean wave.”
“It is incredible that the love towards Korean shows has led to a wider interest in Korea, thanks to the Korean creators’ compelling stories. Their stories are now at the heart of the global cultural zeitgeist,” he added.
According Sandros, as reported by South Korean news agency Yonhap, the sum Netflix has committed is about twice the amount the streaming service has invested in the East Asian country since 2016.
Over the past few years, Netflix has garnered local and international success with South Korean TV series such as Squid Game, Hellbound and The Glory. The streaming service also premiered popular unscripted Korean programmes like Single’s Inferno and Physical 100.
In a separate Korean-language statement about the spending commitment, as seen by Variety, Netflix also said that its investment “goes beyond producing great works to create a ‘virtuous circle’ that grows with Korean companies involved in content production”.
Last year, Netflix said that it would not “cut back” on its investments in Korean content in 2022 due to strong competition. “All our rivals are aggressively investing in the Korean market and we will also keep pace with them,” said Don Kang, Netflix Korea’s Vice President of Content.
Earlier this year, Netflix unveiled its slate of upcoming Korean dramas and movies for 2023. At the time, the streaming platform announced 30 such titles, including new seasons of 2020’s Sweet Home and 2021’s D.P.
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Puah Ziwei
NME
