Netflix has promise to invest $2.5 in the South Korean content for the next four years to boost more contents.
This was announced by the streaming giant ceo, Ted Sarandos announced this after meeting with the South Korean president, Sulk Yeol in Washington.
However, in the recent years, South Korea has sealed its status as a global cultural powerhouse, thanks in Part to the explosive success of the Oscar-winning film, “Parasite” and the hit series, “”Squid Game”.
With this development, Netflix confirms interest to investment of $2.5 in Korea
In a statement disclosed to AFP on Tuesday, Sarandos affirms, “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.”
“This investment is twice the total amount Netflix has invested in Korean market since we started our service I Korea in 2016.”
“Netflix have great confidence that South Korea’s creative industry would continue to tell great stories, pointing to the recent success of global hits such as “The Glory” and the reality show, “Physical 100”.
“It is incredible that the love towards Korean shows has led to a wider interest in Korea, thanks to Korean creators’ compelling stories as their stories are now at the hearts of the global cultural zeitgeist, he added.
Company data analysis over the years has shown that, South Korean contents has taking the world by storm, having 60 percent of Netflix viewers watching East Asian shows.
Netflix has spent one trillion winning USD 750 developing Korean Contents from 2015 to 2021 and willing to expand its South Korean show output presently.
Bravo to Netflix and South Korea!