Seoul, South Korea – Popular streaming platform Netflix has announced that it has pledged US$2.5b in investment to South Korea’s entertainment scene, including the creation of films, series, and other unscripted shows for the next four years.
The announcement was made following a meeting with Netflix Co-CEO Ted Sarandos with South Korean president Yoon Suk Yeol following the latter’s ongoing state trip in the United States.
According to Sarandos, said investment is twice the company had previously pledged in the Korean market since they started service in Korea in 2016.
“We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories. We were also inspired by the President’s love and strong support for the Korean entertainment industry and fueling the Korean wave,” he said.
Sarandos also added that with the partnership, they will continue to grow with the local industry while sharing the joy of entertainment with Korean storytellers to their fans around the world.
“I have no doubt our investment will strengthen our long-term partnership with Korea and Korea’s creative ecosystem. We are deepening our partnership with the Korean creative industry, which has produced global hits such as ‘Squid Game’, ‘The Glory’, and ‘Physical:100’,” he concluded.
