Netflix announced on Tuesday that it will invest $2.5 billion in South Korea over the next four years to produce more Korean content for the platform. The value injection underscores that the company is doubling its investment in the market since its last application in 2016.
Known as “the Korean wave” or Hallyu, South Korea’s entertainment industry has been experiencing a global boom for a few years now. Second Reutersthe arrival of K-pop groups such as BTS and Blackpink has given the country greater visibility, leveraging the market.
Also, the success of Round 6 (Squid Game), launched in 2021, culminated in further growth possibilities. The series remains Netflix’s most-watched series of all time, amassing 1.65 billion hours of streaming in its first 28 days.
We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories.
Netflix CEO Ted Sarandos.
It is worth mentioning that Netflix has many other successful Korean series and movies, as is the case, for example, with Looking for glory AND All of us are dead – the latter became the second most watched Korean production after Round 6.
Exports of content such as music, video games and movies reached a record $12.4 billion in 2021, surpassing the volume of exports of home appliances and rechargeable batteries, according to data from the Korean government.
Following the announcement of Netflix’s new investment, shares of entertainment companies in South Korea surged on Tuesday.
With information from Reuters
The post Netflix Announces Billion Dollar Investment in South Korea first appeared on Olhar Digital.
Source: Olhar Digital
Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.
