Netflix has announced plans to invest $2.5 billion in South Korean film and TV production over the next four years. This is double the amount the streaming giant has spent in Korea since 2016, reflecting the company’s growing confidence in the Korean creative industry. The announcement was made by Ted Sarandos, co-CEO of Netflix, during a meeting with South Korean President Yoon Suk Yeol in Washington.
“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.”
Netflix’s Korean content has helped it become the dominant streaming platform in the country, with shows such as “Squid Game” and “The Glory” finding success both locally and internationally. Korean shows have also played a major role in the “Korean wave,” which has seen enthusiastic audiences develop outside of East Asia.
Other global players, including Disney+ and Apple TV+, are also increasing their offerings of Korean shows. Meanwhile, Korean-based streaming services such as Tving and Wavve are seeking a bigger piece of the Korean wave.
To be regarded as a good corporate citizen and a force within the Korean entertainment community, Netflix is investing in the country’s content production ecosystem. Its investment is aimed at creating a “virtuous circle” that will help grow Korean companies involved in content production, including special effects, makeup, post-production, production finance, and line production. Netflix claims to have boosted the dubbing and subtitling industries in Korea and supported local firms such as Dexter Studios and Westworld, which have expanded thanks to the flow of Netflix work.
A 2021 report by accounting and consultancy firm Deloitte attributed an economic ripple effect of KRW5.6 trillion and 16,000 jobs to the expanding Korean content industries, with a further KRW2.7 trillion of benefits to other Korean industries such as food, beauty, fashion, and tourism. A recent survey by a Korean business federation found that the global presence and influence of the Korean Wave has increased more than 40 times as of 2023 compared to the early 2000s.
https://www.nbcnews.com/news/asian-america/netflix-commits-25-billion-korean-film-tv-projects-rcna81325
