Netflix will spend $2.5 billion in South Korea to develop TV series, movies

Netflix will spend $2.5 billion in South Korea to develop TV series, movies
Image: Reuters

Netflix Inc. said on Tuesday that it would increase its investment in South Korea to $2.5 billion over the next four years in order to create Korean TV episodes, movies, and unscripted content.

South Korean President Yoon Suk Yeol met with Netflix co-CEO Ted Sarandos, leading Netflix to issue the statement. Yoon’s six-day state visit started on Monday when he arrived in Washington.

President Yoon described Netflix’s investment as a “major opportunity” for the country’s content economy since South Korea is striving to enhance its cultural exports and influence.

The share prices of Showbox and Studio Dragon increased by 8.75% and 2.26%, respectively, while the smaller Kosdaq index in South Korea decreased by 2.21%.

South Korea’s entertainment industry has seen exceptional development in recent years, resulting in the phenomenon known as the “Korean Wave” or Hallyu. K-pop stars such as BTS and Blackpink have been pushing the country’s music industry.

Official records show that in 2021, the export volume of content such as music, video games, and films topped that of home appliances and rechargeable batteries, hitting a new high of $12.4 billion.

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, referring to Netflix’s worldwide blockbusters made by South Korean producers such as “Squid Game,” “The Glory,” and “Physical:100.”

“Squid Game” remains Netflix’s most-watched series of all time, with 1.65 billion hours watched in the first 28 days following its launch in 2021.

According to Jung Duk-hyun, a pop culture analyst, both South Korean content and Netflix gain from one another.

Everyone is now benefiting. Netflix’s global domination is supported in part by its low-cost Korean content.

Furthermore, “Korean content has enjoyed elevated global status through Netflix’s platform in recent years,” he said.

Netflix issued a more modest estimate than expected last week because it intended to postpone key financial benefits as it tightened down on unlawful password sharing until the second quarter.

About News Team

Hi, I'm Alex Perez, an experienced writer with a focus on lifestyle and culture news. From food and fashion to travel and entertainment, I love exploring the latest trends and sharing my insights with readers. I also have a strong interest in world news and business, and enjoy covering breaking stories and events.

Have a tip we should know? tips@rhd.news

Most Read

  1. News
    Pandora Papers Financial Leak Shows Us the Secrets of the World’s Rich and Powerful
    3 years ago
  2. Health
    US Supreme Court Rejects J & J TALC Cancer Case Appeal
    3 years ago
  3. Lifestyle
    9 Habits that Drain your Daily Focus and How to Avoid Them
    3 years ago
  4. BUSINESS
    Women’s Demand for Shapewear – the big Trends
    3 years ago
  5. BUSINESS
    Valentino Launches its Cosmetics Line
    3 years ago
  6. Health
    US Promises to Share 60 million Doses of AstraZeneca Vaccines
    3 years ago
  7. Health
    UK Offers Aid Amid Surging COVID-19 Cases in India
    3 years ago
  8. Sports
    Thousands of fans welcome Charlton funeral cortege at Old Trafford
    5 months ago
  9. News
    Brit left fighting for life after train derails in Argentinia
    5 months ago
  10. BUSINESS
    Dubai faces down airline rivals with $50 bln jet orders
    5 months ago
  11. Sunak
    UK’s Sunak brings back Cameron, sacks Braverman
    5 months ago
  12. Sports
    Man United’s Hojlund, Eriksen withdrawn from Denmark team duty
    5 months ago
  13. Health
    Autumn Sneezing Syndrome is on the rise… here’s what you can do
    5 months ago
  14. Canada
    Canada beat Italy to win Billie Jean King Cup for first time
    5 months ago

Follow @rushhourdaily: