Netflix, the popular online streaming service, has declared its plan to invest the substantial amount of $2.5 billion in South Korea films and shows over the next four years.
The announcement came from the co-CEO of the company, Ted Sarandos, after his meeting with South Korean President Yoon Suk-yeol in Washington. President Yoon is currently on a state visit to the US, where he is expected to meet with President Joe Biden on Wednesday.
Netflix’s Success With South Korean Productions
Netflix has already experienced success with its South Korean productions, such as the massively popular series, Squid Game. Mr. Sarandos has revealed that the funds will be utilized for producing movies and television shows in Asia’s fourth-largest economy.
He stated, “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 fueling the Korean wave.”
However, a Netflix spokesperson declined to comment on any further potential investments in the region when asked by the BBC.
Most Watched Series of All-Time in 2021
In 2021, Squid Game, the South Korean-made production, became Netflix’s most-watched series of all time, with 111 million users streaming it in the first 28 days following its release. The show revolves around the story of people in debt competing for a large cash prize by participating in children’s games with a deadly twist.
Sarandos said, “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.”
The webtoon based drama will be available on NETFLIX! pic.twitter.com/GuoMuh8Kwi
— kdrama tweets (@iconickdramas) April 25, 2023
Netflix to Attract More Subscribers
Netflix has cut prices in various countries worldwide to attract more subscribers, as it faces increased competition from other streaming rivals such as Amazon, HBO, and Disney.
The company has been looking for ways to reignite its growth, which has slowed down significantly due to rising costs, and has reached a saturation point in some of its largest markets, as per analysts. Netflix will be hoping that the decision to invest in South Korea films and TV shows will help their growth to recover.
Crackdown on Password Sharing
Recently, Netflix announced that its long-promised crackdown on password sharing will commence in the coming months, implying that subscribers who share their accounts with people outside their households will face an additional fee.