Netflix Invests $2.4 Billion on the South Korean Entertainment Industry
Ted Sarandos, the CEO of the streaming behemoth, made the announcement. During a meeting with Yoon Suk Yeol, the president of South Korea, in Washington. Netflix has guaranteed South Korea’s entertainment programming business, that it would pay 2.5 billion dollars over the time period of four years.
South Korea has become a more powerful cultural force in recent years. Thanks in large part to the phenomenal success of the Oscar-winning movie “Parasite” and the smash-hit Netflix series “Squid Game.”
On Tuesday, Sarandos officially launched a statement. As he stated, “Netflix is very much pleased to confirm that we will invest USD 2.5 billion in Korean Industry. For over a time period of the next four years. Which includes the creation of Korean series, films, and unscripted shows.”
“This investment plan defines and shows more than double the total amount Netflix has invested in the Korean market. Ever since we launched our service in Korea in 2016,” he noted.
The success of the South Korean drama “The Glory” and reality series “Physical 100” in recent months was cited by Sarandos as evidence that Netflix has “great confidence” in the ability of the South Korean creative sector to continue telling compelling tales.
“It’s amazing and crazy to see how the popularity of Korean television has sparked interest in Korea among a larger audience. This is all because of the captivating narratives that Korean producers have developed. Now, the worldwide cultural zeitgeist is centered on their stories, he said.
The business data has currently revealed that the South Korean entertainment industry has shaken up the world in the most recent years. It reported that more than 60 percent of Netflix viewers have spent their time viewing South Korean Dramas on Netflix
Netflix has already said that it will grow its South Korean drama output, having committed more than 1 trillion won ($750 million) to develop Korean content between 2015 and 2021.
Yoon for his six-day state visit had arrived in Washington on Monday. He praised the conversation between him and Sarandos and called it “very meaningful” talk.