Netflix plans to invest $2.5 bn in South Korea's OTT content

Netflix plans to invest $2.5 billion in South Korea's entertainment content in the span of the next four years, announced Ted Sarandos, the CEO of the streaming giant, after holding a meeting with the country's President Yoon Suk Yeol in Washington.

In recent years, South Korea has elevated its status as a global cultural powerhouse, especially because of the explosive success achieved by the blockbuster Netflix series "Squid Game" and the Oscar-winning film "Parasite".

"Netflix is delighted to confirm that we will invest USD 2.5 billion in Korea including the creation of Korean series, films, and unscripted shows over the next four years," said Sarandos, in a statement, on Tuesday.

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"This investment plan is twice the total amount Netflix has invested in the Korean market since we started our service in Korea in 2016," he added.

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Sarandos stated that Netflix had "great confidence" that the creative industry of South Korea would continue to narrate great stories, as he pointed to the recent success of the reality show "Physical 100" and South Korean drama "The Glory".

"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 stated.

In the last few years, the entertainment industry of South Korea took the world by storm as more than 60 per cent of viewers were recorded watching South Korean dramas on Netflix, stated the company data.

Netflix, which invested more than 1 trillion won ($750 million) in producing Korean content from 2015 to 2021, had earlier stated that it will increase its South Korean drama output.

Yoon, who reached Washington Monday for a six-day state visit, hailed the meeting held with Sarandos calling it "very meaningful".

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Yoon stated that the new investment "will be a great opportunity for the Korean content industry, creators, and Netflix. We sincerely welcome Netflix's exceptional investment decision".

Yoon will be holding talks with US President Joe Biden Wednesday in the wake of the allies increasing their military cooperation amid North Korea's expanding nuclear threats.

A number of sanctions-defying launches were conducted by Pyongyang this year, which included test-firing the first solid-fuel ballistic missile of North Korea, which is considered an important technical breakthrough for its military.

Responding to the events, Yoon pulled South Korea closer to Washington, which is a long-standing ally.

(With inputs from agencies)

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