Netflix announced that it will invest 2.5 billion U.S. dollars in South Korea in the next four years to produce TV series, movies and programs.
(AFP file photo)
[Financial Channel/Comprehensive Report] The streaming platform Netflix (Netflix) said on Tuesday (25th) that it plans to invest US$2.5 billion (approximately NT$76.47 billion) in South Korea in the next four years for the production of TV series, movies and The program has doubled Netflix's investment in the South Korean market since 2016.
"Reuters" reported that South Korean President Yoon Suk-yue visited the United States this week and arrived in Washington on Monday (24th) for a six-day state visit.
The announcement came after Yoon met with Netflix CEO Ted Sarandos.
Yoon welcomed the investment, calling it a "significant opportunity" for South Korea's content industry and Netflix, as South Korea seeks to expand its cultural exports and soft power.
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South Korea's entertainment industry, known as the "Korean Wave", has boomed globally in recent years. According to government data, exports of content including music, video games and movies will hit a record high of US$12.4 billion (about NT$379.3 billion) in 2021 A new high, the export volume is second only to household appliances and rechargeable batteries.
Sarandos said in a statement that Netflix made the decision because of the company's confidence in South Korea's creative industries, citing South Korean TV series and shows that have become global hits such as "Squid Game," "Dark Glory," and "Performance." : Hundred People Challenge".
"The Squid Game", which will be on Netflix in 2021, is still the highest-rated series in the history of the platform until now, with as many as 1.65 billion hours of streaming in the first 28 days after its release.
South Korean President Yoon Suk-yue (left) and Netflix CEO Sarandos (right).
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