In recent years, South Korean content has gained immense popularity globally, thanks to its compelling stories and the success of hit shows like “Squid Game” and the Oscar-winning film “Parasite.” To capitalize on this trend, Netflix has announced a $2.5 billion investment in South Korean content over the next four years. The announcement came after Netflix CEO Ted Sarandos met with South Korean President Yoon Suk Yeol in Washington.
Netflix’s investment plan
The investment plan, which is twice the total amount Netflix has invested in the Korean market since its launch in 2016, will focus on the creation of Korean series, films, and unscripted shows. Sarandos expressed his confidence in South Korea’s creative industry, citing recent successes like “The Glory” and the reality show “Physical 100.”
The growing popularity of South Korean content
South Korean content has become incredibly popular in recent years, with over 60 percent of Netflix viewers watching a show from the East Asian country in 2022, according to company data. It has already spent more than 1 trillion won ($750 million) developing Korean content from 2015 to 2021 and has plans to expand its South Korean show output.
Positive response from South Korean President
President Yoon Suk Yeol welcomed Netflix’s investment decision, calling it a “great opportunity” for the Korean content industry and creators. Yoon is currently on a six-day state visit to the United States and will meet with US President Joe Biden to discuss military cooperation over North Korea’s expanding nuclear threats.
South Korean business leaders accompany President Yoon on his visit
Yoon’s visit to the US also includes a meeting with more than 120 South Korean business leaders, including Samsung Chairman Lee Jae-yong. The business leaders have expressed concerns about the Biden administration’s Inflation Reduction Act. A successful trip could help boost Yoon’s low domestic approval ratings, especially in the realm of foreign policy.
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Netflix’s $2.5 billion investment in South Korean content reflects the growing popularity of Korean shows and films globally. With over 60 percent of its viewers watching South Korean content in 2022, the streaming giant is betting on the continued success of the country’s creative industry. The positive response from South Korean President Yoon Suk Yeol is a testament to the importance of this investment for the country’s content industry and creators.