Netflix to invest $2.5bn in Korean film and TV

Netflix co-CEO Ted Sarandos announced that the streaming giant plans to spend $2.5 billion on Korean content. 

The announcement came during a meeting in Washington with South Korean President Yoon Suk Yeol, who is currently in the US on a state visit. 

Sarandos said the new spend is twice that since it launched in South 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 fuelling the Korean wave."

Sandos continued, saying "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. I have no doubt our investment will strengthen our long-term partnership with Korea and Korea’s creative ecosystem."

According to local Korean press, Yoon said he welcomed the investment, describing it as a "large opportunity" for South Korean content creators and Netflix. 

Also in attendance were Bela Bajaria, Netflix’s chief content officer; Minyoung Kim, vice president of content for Asia Pacific (excluding India); and Kang Dong-han, vice president of Korean content.

Yoon said: "I fully agree with co-CEO Sarandos’s opinion that the relationship between Netflix and Korean content creation firms is similar to the US-Korea alliance. As international alliance defends freedom, we need culture to protect and expand freedom."

The investment will boost both Netflix’s content production in Korea, as well as the streaming of content produced by other firms, such as Mr. Sunshine, a Korean TV drama made by Studio Dragon in 2018.