Netflix Will Spend $2.5B on Korean Content
The investment was unveiled during a meeting between South Korean President Yoon Suk Yeol and Netflix co-CEO Ted Sarandos in Washington, D.C.
Over the next four years, Netflix will spend $2.5 billion in South Korea to produce Korean TV series, movies, and unscripted shows. According to the company, the hefty investment would represent twice what Netflix spent in Korea between its launch in 2016 and today to make shows such as Squid Game, The Glory, and Physical: 100.
“We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories,” said Ted Sarandos. “I have no doubt our investment will strengthen our long-term partnership with Korea and Korea’s creative ecosystem,” he added.
Does the Hollywood writers’ strike and the forecasted lack of American content have anything to do with this deal? Sarandos didn’t mention that. He described Korean creators as “at the heart of the global cultural zeitgeist.”
What is sure is that the company investments in Korea have proven especially helpful in driving subscriptions throughout Asia.
Netflix is not alone: Disney+, Amazon Prime Video, and Apple TV+ also spend heavily acquiring and producing original Korean content.
Source: The Hollywood Reporter
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The investment was unveiled during a meeting between South Korean President Yoon Suk Yeol and Netflix co-CEO Ted Sarandos in Washington, D.C.
Over the next four years, Netflix will spend $2.5 billion in South Korea to produce Korean TV series, movies, and unscripted shows. According to the company, the hefty investment would represent twice what Netflix spent in Korea between its launch in 2016 and today to make shows such as Squid Game, The Glory, and Physical: 100.
“We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories,” said Ted Sarandos. “I have no doubt our investment will strengthen our long-term partnership with Korea and Korea’s creative ecosystem,” he added.
Does the Hollywood writers’ strike and the forecasted lack of American content have anything to do with this deal? Sarandos didn’t mention that. He described Korean creators as “at the heart of the global cultural zeitgeist.”
What is sure is that the company investments in Korea have proven especially helpful in driving subscriptions throughout Asia.
Netflix is not alone: Disney+, Amazon Prime Video, and Apple TV+ also spend heavily acquiring and producing original Korean content.
Source: The Hollywood Reporter
Share:
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