Netflix has announced plans to invest $2.5 billion in South Korea over the next four years to produce Korean TV series, movies, and unscripted shows, which doubles the amount the company has invested in the market since 2016.
According to Reuters, the announcement followed a meeting between South Korean President Yoon Suk Yeol and Netflix co-CEO Ted Sarandos.
Yoon said the investment is a “major opportunity” for South Korea’s content industry and Netflix, as the country seeks to increase cultural exports and soft power.
Sarandos expressed his confidence in the Korean creative industry to continue telling great stories, referencing global hits produced by South Korean creators such as “Squid Game”, “The Glory,” and “Physical:100”.
He said, “We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories.”
In 2021, South Korea’s exports of content including music, video games, and films reached a record high of $12.4 billion, according to the latest government data, leaving behind home appliances and rechargeable batteries in export volume.
According to the report, the investment news caused shares of South Korean production and entertainment companies to rally, with Showbox and Studio Dragon up 8.75 per cent and 2.26 per cent, respectively, compared to the country’s smaller Kosdaq index’s 2.21 percent drop.
