Somto BisinaFollowing the global success of viral series like Squid Game, The Glory, and Physical: 100, Netflix is doubling down on Korean content. In a statement targeted at the local Korean press, the streaming giant announced its plans to spend a staggering $2.5 billion in South Korea over the next four years, producing Korean TV series, movies, and unscripted shows.
This substantial investment represents double what Netflix has spent in Korea since its local launch in 2016.The investment plans were revealed during a meeting between South Korean President Yoon Suk Yeol and Netflix co-CEO Ted Sarandos in Washington, where Yoon was on a state visit.
Sarandos expressed great confidence in the Creative industry and emphasized that the investment will strengthen the long-term partnership between Netflix and Korea’s creative ecosystem.
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Accompanying Sarandos at the meeting were Bela Bajaria, Netflix’s chief content officer; Minyoung Kim, VP of content for Asia Pacific (excluding India); and Kang Dong-han, VP of Korean content.
Yoon reportedly welcomed Netflix’s investment commitment as a “large opportunity” for South Korea’s entertainment sector and for Netflix. Sarandos personally kickstarted Netflix’s Korean content ambitions by bankrolling Bong Joon-ho’s $50 million sci-fi action drama Okja in 2016.
Since then, Netflix has been at the forefront of the global growth of K-content, streaming a string of international hits like Sweet Home, Squid Game, Hellbound, and most recently, reality TV sensation Physical: 100 and feature film Kill Boksoon.
Describing creators as now being “at the heart of the global cultural zeitgeist,” Sarandos highlighted the significance of their contributions. With this massive investment, Netflix is signaling its unwavering commitment to Korean content and its belief in the continued success of the Korean creative industry.
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