Netflix is doubling down on Korean content after achieving global impact with viral series like Squid Game, The Glory and Physical: 100. The streamer said Monday, in a statement targeted to the local Korean press, that it will spend $2.5 billion in South Korea over the next four years to produce Korean TV series, movies and unscripted shows. The hefty investment would represent twice what Netflix has spent in Korea between its local launch in 2016 and today, according to the company. The investment plans were first shared during a meeting between South Korean President Yoon Suk Yeol and Netflix co-CEO Ted Sarandos in Washington,D.C., where Yoon arrived Monday for a state visit. “We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories,” said Sarandos. “I have no doubt our investment will strengthen our long-term partnership with Korea and Korea’s creative ecosystem,” he added. The meeting with the Korean president took place at the Blair House in D.C. and Sarandos was joined by Bela Bajaria, Netflix’s chief content officer; Minyoung Kim, vp content for Asia Pacific (excluding India); and Kang Dong-han, vp Korean content. According to local Korea
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Netflix to Spend $2.5B on Korean Content Over Next Four Years – The Hollywood Reporter
