In a major development, Ted Sarandos, the co-Chief Executive Officer of Netflix Inc, is scheduled to embark on a high-profile two-day visit to South Korea starting from June 20. According to exclusive reports from Yonhap News Agency, Sarandos aims to meet with Prime Minister Han Duck-soo and other influential officials during his visit.
This visit comes just two months after Netflix’s groundbreaking announcement of a whopping $2.5 billion investment plan in South Korea over the next four years.
The streaming giant intends to utilize this investment to produce an extensive range of Korean TV series, movies, and unscripted shows, aiming to capitalize on the thriving Korean entertainment industry.
Despite Reuters’ request for comment, Netflix has not yet responded to inquiries regarding Sarandos‘ visit. However, it is believed that this trip signifies Netflix’s commitment to establishing a stronger foothold in the South Korean market, which has witnessed a remarkable surge in international popularity.
Earlier in April, Sarandos had a momentous meeting with South Korean President Yoon Suk Yeol in Washington. This encounter emphasized the global triumph achieved by South Korea’s entertainment industry in recent years.
With the phenomenal rise of the “Korean Wave” or Hallyu, the country’s entertainment sector has experienced an unprecedented boom. Leading the charge are world-renowned K-pop groups like BTS and Blackpink, catapulting South Korean music to the forefront of the global stage.