Netflix to invest US$2.5bil in S. Korea to make TV shows, movies FMTNews FMTBusiness
SAN FRANCISCO: Netflix Inc said on Tuesday it plans to invest US$2.5 billion in South Korea over the next four years to produce Korean TV series, movies and unscripted shows, doubling the amount the company has invested in the market since 2016.
President Yoon welcomed the investment as a “major opportunity” for South Korea’s content industry and Netflix as the country seeks to increase cultural exports and soft power. Known as the “Korean Wave” or Hallyu, South Korea’s entertainment industry has enjoyed a global boom in recent years. Its music market, led by K-pop groups such as BTS and Blackpink, have been leading the charge.
“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, citing the streaming platform’s global hits produced by South Korean creators such as “Squid Game”, “The Glory” and “Physical:100”.
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