The Strategist

Netflix to invest $2.5B in South Korea

04/25/2023 - 07:33

According to South Korea's Yonhap News Agency, American streaming giant Netflix announced that it would spend $2.5 billion in the Republic of Korea over the next four years to produce South Korean TV series, movies, and shows.

The service reportedly revealed its plans following a meeting between Netflix co-CEO Ted Sarandos and President of the Republic of Korea Yoon Suk-yeol after the South Korean official's arrival in Washington.

“We have a lot of faith in the Korean content market, which allowed us to make this choice, and we'll keep telling fantastic tales. I am confident that our investment will boost both our long-term relationship with Korea and the country's creative environment”, said Sarandos.

The amount is double what Netflix has invested in South Korea since 2016, according to Sarandos, who spoke to the agency.