The global streaming giant Netflix has publicly committed to spending $2.5 billion (approx. KRW3.34 trillion) on South Korean film and TV production over the next four years. The total is double the amount it has spent in Korea since 2016, the company said.
The promise was made by Ted Sarandos, co-CEO of Netflix, at a meeting in Washington with South Korean President Yoon Suk Yeol.
“We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories. We were also inspired by the President’s love and strong support for the Korean entertainment industry and fueling the Korean wave. I’d like to personally thank the President for his kind response letter,” Sarandos said in a statement.
“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 continued.
Netflix has enjoyed success with drama series including “Squid Game” and “The Glory,” and increasingly with unscripted shows such as “Physical 100,” at both a local and an international level.
A roster of Korean content has anchored Netflix position as the dominant streamer within the wealthy and competitive Korean market. And at the same time, Korean shows are increasingly traveling across borders, propelling a “Korean wave” of enthusiastic audiences beyond Korean entertainment’s established markets in East Asia.
The new spending commitment by Netflix comes at a time when other global players, notably Disney+ and Apple TV+, are also trying to up their game with expanded slates of Korean shows.
Korean-based streaming operators, notably Tving (backed by CJ ENM, tech giant Naver and broadcaster-producer JTBC) and Wavve (jointly owned by the country’s three main public broadcasters KBS, MBC and SBS and private sector giant SK Telecom) are also seeking a bigger…
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