Netflix to spend $2.5billion on producing Korean content

Netflix has made a commitment to spend $2.5billion on film and TV programmes from South Korea over the following four years. That figure is double what the streaming giant has spent in the Asian country since 2016. Ted Sarandos recently announced the plan after meeting with South Korean President Yoon Suk Yeol.

“We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories,” Sarandos said in a statement. “We were also inspired by the President’s love and strong support for the Korean entertainment industry and fueling the Korean wave. I’d like to personally thank the President for his kind response letter.”

Sarandos went on to give further praise to South Korea, adding, “It is incredible that the love towards Korean shows has led to a wider interest in Korea, thanks to the Korean creators’ compelling stories. Their stories are now at the heart of the global cultural zeitgeist.”

Netflix’s South Korean shows have proven to be wildly popular in recent years, especially Squid Game and the recently released The Glory. Meanwhile, unscripted shows like Physical 100 have also proven to be popular in the United States, in South Korea itself and across the international world.