Netflix announced its plans to invest $2.5 billion in future South Korean films and TV shows over the next four years, co-chief executive, Ted Sarandos announced on Monday.
The announcement came during Sarandos’s meeting with South Korean President, Yoon Suk-yeol in Washington, coinciding the Yoon’s current visit to the US, as he is set to meet with U.S. President, Joe Biden on Wednesday.
The streaming service’s investment in South Korean media comes in light of the massive success of one of its 2021 originals, Squid Game, which became its most popular series of all time, streamed by 111 million users in the first 28 days of its launch.
“The money will be spent on making movies and television shows in Asia’s fourth largest economy, we were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories,”, said Sarandos.
“The company was also inspired by the President’s love and strong support for the Korean entertainment industry and fuelling the Korean wave,” Sarandos added.
Amidst Netflix’s increased competition from rival streaming services like Amazon Prime, HBO and Disney, it has been cutting prices in over ten countries, as a way to attract more subscribers.
