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Netflix to invest 2.5 billion dollars in South Korea for original content
Updated On: 25 April, 2023 08:15 PM IST | Washington | IANS
Riding on the success of `Squid Game` and `The Glory`, streaming giant Netflix said it will invest $2.5 billion in South Korea over the next four years to produce Korean TV series, movies and scripted shows
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Riding on the success of `Squid Game` and `The Glory`, streaming giant Netflix said it will invest $2.5 billion in South Korea over the next four years to produce Korean TV series, movies and scripted shows. The US streaming service announced the plan following a meeting between South Korean President Yoon Suk Yeol and Netflix co-CEO Ted Sarandos after Yoon arrived in Washington for a state visit. "We were able to make this decision because of our great confidence in the Korean content industry, and we`ll continue to make great stories," Sarandos said following the meeting at Blair House.
"I have no doubt that our investment will strengthen our long-term partnership with Korea and Korea`s creative ecosystem," he said, reports Yonhap news agency. Sarandos said the sum is twice the amount Netflix has invested in South Korea since it started there in 2016. Citing Korean hits, such as `Squid Game`,`The Glory`, and `Physical 100`, he also said stories produced by Korean creators are "now at the heart of the global cultural zeitgeist".
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