Netflix announces investment of US$2,5 billion in South Korean content

"Netflix is ​​pleased to confirm that we will invest US$2,5 billion in Korea, including the creation of Korean series, films and unscripted content, over the next four years", said Sarandos in a statement obtained by AFP this Tuesday (25).

“This investment plan is double the total amount Netflix has invested in the Korean market since we started our service in Korea in 2016.”

A South Korea has become a global cultural powerhouse in recent years, thanks in part to the success of the award-winning film Oscar "Parasite” and the series Netflix "Round 6".

A sample of this popularity is that around 60% of the platform's users watched at least one production from that country on the platform in 2022, according to company data. Sarandos highlighted that Netflix has “great confidence” that the Korean creative industry will continue to produce great stories and cited as examples the recent successes of the series “The Lesson” and the reality show “The Battle of the 100”.

“It's amazing that the love for Korean shows has led to a general interest in Korea thanks to the captivating stories of Korean creators. Their stories are now at the heart of the world's cultural spirit“, He added.

Netflix, which spent more than US$750 million (R$3,8 billion) on developing South Korean content between 2015 and 2021, had already anticipated that it intended to expand its production in that country, without giving details about its investment plan. .

The South Korean president, who arrived in Washington this Monday for a six-day official visit, celebrated his “very significant meeting” with Sarandos, according to a statement sent by his office to AFP.

He said the investment “will be a great opportunity for the Korean content industry, creators and Netflix. We sincerely celebrate Netflix’s exceptional investment decision.”

Yoon will meet on Wednesday with United States President Joe Biden.

Several of Netflix's biggest global hits in recent years have been South Korean productions, so the company made a “wise financial decision,” Regina Kim, an expert on Korean content, told AFP.

“Netflix has played a huge role in spreading Korean culture and content around the world,” he added.

But the streaming service is one of the companies involved in a debate over the “usage fee” in South Korea.

The country's internet companies want to force big data users, like Netflix, to pay more for broadband, something the entertainment giant rejects.

(With AFP)

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