2023-04-25 04:57:48
Netflix plans to invest $2.5 billion in South Korea over the next four years to produce Korean TV series, films and stand-up shows, a move that will double the amount the company has invested in the market since 2016.
The US broadcast services company’s announcement came after a meeting between South Korean President Yoon Sok Yul and Netflix co-CEO Ted Sarandos. Yun arrived in Washington on Monday for a six-day official visit.
President Yoon welcomed the investment as a “big opportunity” for both South Korea’s content industry and Netflix, as the country seeks to increase its cultural exports and enhance its soft power.
Shares of South Korean production and entertainment companies rose on Tuesday, with Showbox and Studio Dragon shares rising 8.75 percent and 2.26 percent, respectively.
The South Korean entertainment industry has witnessed a boom in the past few years in what is known as the “Korean Wave”. The music industry spearheaded this boom, led by pop groups such as BTS and Blackpink.
“We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories,” Sarandos said in a statement, referring to works produced by South Korean creators broadcast by his company that achieved global success such as “Squid Game” and “The Squid Game”. Glory) “Glory” and (Physical: 100).
The series “The Squid Game”, which was released in 2021, is still the most watched series in the history of Netflix, after achieving 1.65 billion hours of broadcasting in the first 28 days.
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