It was revealed that Netflix will invest $2.5 billion in Korean content over the next four years. Which is double the amount of its current investment.
According to BBC News, the platform’s co-chief executive Ted Sarandos made the announcement after he met South Korea’s President Yoon Suk-yeol in Washington. Also, Mr. Yoon is on a six-day visit to the US where he is going to meet President Joe Biden.
Netflix has been successful with South Korean productions, including their most popular show “Squid Game“. Firm’s boss announced that the money will be spent on making movies and television shows in Asia’s fourth largest economy.
“We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories,” he said.
South Korean-made series Squid Game became Netflix’s most watched show of all time. It was watched by 111 million users just after 28 days of its release, and has 1.65 billion views till date. Moreover, the reality show Physical 100, released in January, became the platform’s most-watched non-English language show worldwide.
Netflix has been trying out different formulas to regain its market share which has dropped in recent years. As the streaming service is facing serious competition from Disney Plus, HBO Max and Prime Video.
