The top streaming provider in the world, Netflix, has declared that it will spend $2.5 billion (about Rs. 20,475 crore) in South Korea over the next four years to increase the production of local original TV episodes, films, and unscripted programmes. This is twice as much as what Netflix has put into the market since launching its service there in 2016.
Following a meeting between Netflix co-CEO Ted Sarandos and South Korean President Yoon Suk Yeol on Monday in Washington, the announcement was made. In light of South Korea’s efforts to boost cultural exports and soft power, President Yoon hailed the investment as a “major opportunity” for Netflix and the country’s content business.
Netflix has made a significant investment in Korean programming, which has been drawing viewers from all over the world with its variety of genres, captivating narratives, and high production values. According to the streaming juggernaut, more than 60% of its users watched Korean television episodes or films in 2017. In addition to being Korean, “Squid Game,” “All of Us Are Dead,” “The Glory,” and “Extraordinary Attorney Woo” are four of the top ten non-English TV series ever on Netflix.
With 1.65 billion hours of streaming in the first 28 days, “Squid Game,” which features participants playing dangerous children’s games to earn a sizable cash prize, became Netflix’s top show globally in 2021. The most watched programme on the platform during the week it debuted in March was the drama “The Glory,” which is about a lady seeking retribution from bullies she was bullied as a youngster. In February, “Physical: 100,” a demanding physical fitness competition show, ranked as Netflix’s second-most popular non-English programme globally.
More than 40 new and returning Korean titles, including dramas, films, documentaries, and reality series, will be produced by Netflix this year, according to the company. The sci-fi thriller “The Silent Sea,” starring Gong Yoo and Bae Doona, “Hellbound,” a supernatural horror series based on a webtoon created by “Train to Busan” director Yeon Sang-ho, and “D.P,” a drama about a soldier who pursues military deserters are just a few of the upcoming projects.
Through collaborations with universities and cultural institutions, the corporation also declared that it will encourage the cultivation of local talent and creative education. By constructing a new office in Seoul and a production studio in Paju, it will also increase its physical presence in South Korea.
Sarandos said in a statement, “We were able to make this decision because we have great trust that the Korean creative sector will continue to create wonderful tales. According to him, South Korean stories “represent the global cultural zeitgeist.”