Netflix to invest $2.5 billion for Korean TV series, movies

Netflix said Monday it will invest U$2.5 billion in South Korea over the next four years to produce Korean TV series, movies and scripted shows.

The United States streaming service announced the plan following a meeting between South Korean President Yoon Suk Yeol and Netflix co-CEO Ted Sarandos after Yoon arrived in Washington for a state visit.

“We were able to make this decision because of our great confidence in the Korean content industry, and we’ll continue to make great stories,” Sarandos said following the meeting at Blair House.

“I have no doubt that our investment will strengthen our long-term partnership with Korea and Korea’s creative ecosystem,” he said.

Sarandos said the sum is twice the amount Netflix has invested in South Korea since it started there in 2016.

Citing Korean hits, such as “Squid Game,” “The Glory” and “Physical 100,” he also said stories produced by Korean creators are “now at the heart of the global cultural zeitgeist.”

Yoon welcomed the investment, saying he expects it to be a “large opportunity” for the South Korean content business, creators and Netflix.

South Korea’s culture ministry said in a release that the investment is the largest ever to be made in the country’s content industry and will help create 68,000 jobs.

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