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 [...]

Streaming Accounts Grow More Than Expected to Hit 71.6 Million.   In a time of streaming crisis, one streaming service gains. It's Roku, which, in the first quarter of 2023, earned 1.6 million active streaming accounts, above its - and Wall Street's - expectations. The company posted Q1 sales of $741 million, up 1%, and a net loss of $193.6 million, or $1.38 per share. On average, Wall Street analysts expected Roku to post Q1 of $708.49 million and a [...]

Millennials are more interested, says a survey by Morning Consult.   Only 27% of U.S. adults said AI-written movies would positively impact the entertainment industry. More than half of millennials (54%) are interested in watching a movie or TV show written partially by AI. 65% of U.S. adults are concerned about deep fakes being mistaken as authentic, and videos of public figures that misrepresent or defame them. Those are some of the data that emerged from a survey by the [...]

Insiders say a shutdown could boost demand for more international fare.   Someone's crisis often means opportunities for others. That could be the case if the loomed writers' strike becomes a reality. As the deadline to reach a deal between the Writers Guild of America (WGA) and the Alliance of Motion Picture and Television Producers (AMPTP) approaches on May 1st, producers and distribution companies around the world are building up their expectations. A WGA walkout could mean a boost in [...]

15% of the company workforce will be axed.   Pulitzer Prize-winning digital news website BuzzFeed News will shut down soon. The move, decided by BuzzFeed chief executive Jonah Peretti, will slash 15% of the company workforce, around 180 employees. Peretti said in a memo to staffers that some of them might be able to find roles at HuffPost, the digital news website that BuzzFeed acquired in a 2020 deal. "HuffPost and BuzzFeed Dot Com have signaled that they will open [...]

Meanwhile, the writers' strike is getting closer.   While the WGA, whose contract expires May 1, is currently in complicated negotiations with the AMPTP, and a strike is looming (98% of the writers said yes to the walkout in the recent WGA members vote), another important category in Hollywood, actors, will start talks soon with its counterparts. SAG-AFTRA and the Alliance of Motion Picture and Television Producers have agreed to begin formal contract negotiations on June 7. In a joint [...]