Netflix to invest $2.5 bn in South Korean content

US streaming giant Netflix is slated to invest $2.5 billion in South Korea over the next four years to boost its content creation, the company’s co-Chief Executive Ted Sarandos said during a meeting with President Yoon Suk Yeol on Monday, which was the first official event of the Korean leader’s state visit to the US.

As Korean content has taken over the world over the past years, Netflix will spur production of the country’s dramas, movies and reality shows, the co-CEO said. The fund is double the investment that Netflix made in Korea between 2016 and 2022.

The co-CEO said he believes in Korea’s content creation industry and that the country will continue to tell great stories. President Yoon’s deep interest and strong support for the entertainment sector has accelerated the streaming giant’s decision on such a large amount of investment, he added.

It is fantastic to see Korean content reaching across the world, and such stories represent the cultural trend on the globe, he said. Netflix expects its investment will revitalize Korea’s content creation ecosystem and accelerate production of global hits, such as Squid Game, the Glory and Physical: 100. Ked Global