Netflix She is working to repeat her success with the widely popular series Squid game In a new partnership with South Korea. Co-CEO of the company Ted Sarandos announce Netflix will invest $2.5 billion in South Korean TV shows and movies During the next four years after meeting with the country’s president, Yoon Seok Yul, in Washington.
Seok Yul traveled to Washington for a six-day visit and is expected to meet the president Joe Biden Wednesday. Meanwhile, Seok Yul agreed to meet with Sarandos, describing Netflix’s investment in South Korean content as a “huge opportunity,” Reuters mentioned. Last year, Netffor meS said he planned to invest nearly $500 million in Korean content on top of the $700 million it had already spent since 2016, but Sarandos’ announcement means the company is now doubling down on its previous investment plans.
Sarandos said press release.
He added, “It’s amazing how the love of Korean-made stories has a positive impact on the world’s interest in Korea. I think it’s all thanks to the remarkable storytelling abilities of Korean creators. Korean works now stand tall in the heart of the cosmopolitan spirit of the times.”
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Sarandos’ announcement comes as interest in popular Korean movies and TV shows has grown since Squid became Netflix’s most-watched show in 2021. Other results included The Glory which rose to become the most-watched show globally when it was released in March. , and physical: 100 got the number. Second place in the world’s most popular non-English language program in February.
Sarandos said, “Netflix is inspired by the love of the president (Suk Yeol) and strong support for the Korean entertainment industry and fueling the Korean Wave.” Netflix announced in January that it would significantly expand its content in South Korea, saying it would release 34 new and returning titles this year. The company said, according to the data. Collectively, more than 60% of Netflix members watched Korean movies or shows in 2022.
Sarandos said in the press release that by partnering with South Korea, Netflix will be able to deliver the content viewers want. He said, “Through the partnership, we will continue to grow with the local industry while sharing the joy of entertaining Korean storytellers to our fans around the world.”