South Korea is regarded as a global cultural powerhouse in movies and TV shows. The country produced the Academy Award-winning movie Parasite as well as the massive Netflix series Squid Game.
The streaming giant announced that it is investing $2.5 billion in South Korean content for the next four years. Netflix CEO Ted Sarandos announced after meeting with South Korean President Yoon Suk Yeol. Yoon is in Washington for a six-day official state visit as the long-time allies move to increase military cooperation as North Korea expands its nuclear capabilities.
“Netflix is delighted to confirm that we will invest USD 2.5 billion in Korea including the creation of Korean series, films, and unscripted shows over the next four years,” Sarandos announced. “This investment plan is twice the total amount Netflix has invested in the Korean market since we started our service in Korea in 2016.”
He adds, “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.”
Yoon welcomed Netflix’s investment in the South Korean entertainment industry saying that it is a “great opportunity” for Korean content creators. South Korea’s cultural exports which include music, films, and video games earned a record high of $12.4 billion in 2021 according to government figures.
South Korean film and music received global renown with the success of K-Pop and K-Drama. Music groups such as BTS and Blackpink have massive global fanbases. Blackpink recently headlined Coachella, one of the biggest music festivals in the world. The popular Korean girl group released a documentary Blackpink: Light Up the Sky on the streaming platform chronicling their meteoric rise as global pop icons.
Netflix also saw the massive success of Squid Game when the show debuted in 2021. The TV series accumulated 1.65 billion hours of streaming in its first 28 days. Squid Game is still one of the most-watched series of all time on the streaming platform and will be getting a second season in 2024 with a western adaptation reportedly in the works.
Pop culture critic Jung Duk-Hyun weighed in on Netflix’s investment in South Korean content. According to Jung, the investment will be mutually beneficial for both parties.
“It’s currently a win-win situation. Netflix is maintaining its position in the global market with the help of cost-effective Korean content,” Jung said. “At the same time, Korean content has enjoyed elevated global status through Netflix’s platform in recent years.”
