NextGen Day

Netflix announced on Monday that it would spend USD 2.5 billion in South Korea over the next four years to develop Korean TV episodes, films, and scripted dramas.

Following a meeting between South Korean President Yoon Suk Yeol and Netflix co-CEO Ted Sarandos after Yoon came to Washington for a state visit, the American streaming giant revealed the idea.

Following the discussion at Blair House, Sarandos declared, “We will continue to develop fantastic tales because of our enormous faith in the Korean content sector.

“I do not doubt that our investment will strengthen our long-term partnership with Korea and Korea’s creative ecosystem,” the speaker declared.

According to Sarandos, the amount is double what Netflix spent in South Korea when the country opened in 2016.

He added that Korean stories are “now at the heart of the global cultural zeitgeist,” citing successes like “Squid Game,” “The Glory,” and “Physical 100.”

Yoon praised the investment and said he anticipates it as a “large opportunity” for Netflix, South Korean creators, and the creative industry.

The largest investment ever made in South Korea’s content business, according to a release from the Ministry of culture, would contribute to the creation of 68,000 new jobs.

The ministry added that it would improve domestic production firms’ capacities and raise their chances of international competition.

Later, a presidential representative told reporters in Washington that the investment choice had taken three months.

The official added that the investment was first recommended by the presidential office, after which Netflix conducted internal discussions before settling on a USD2.5 billion price tag.

During the process, Yoon and Sarandos “exchanged letters, and the president and first lady had some level of interaction with Netflix’s top management in advance,” the person claimed.

When questioned about how first lady Kim Keon Hee was involved, the official responded that he initially informed the president of changes before informing her because she had “quite a large interest in the content industry.”

At the Blair House function earlier in the day, Kim was present.

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