Netflix to inject $2.5 bn in Korean drama series, movies over next 4 years

WASHINGTON, D.C. –  US streaming giant Netflix is slated to invest $2.5 billion in South Korea over the next four years to boost its content creation, the company’s Co-Chief Executive Ted Sarandos said during a meeting with President Yoon Suk Yeol on Monday during the first official event of the Korean leader’s state visit to the US.

As Korean content has taken over the world over the past years, Netflix will spur production of the country’s drama series, movies and reality shows, the co-CEO said. The fund is double the investment that Netflix made in Korea between 2016 and 2022.

The co-CEO said he believes in Korea’s content creation industry and that the country will continue to tell great stories. President Yoon’s deep interest and strong support for the entertainment sector accelerated the streaming giant’s decision to invest such a large amount, he added.

It is fantastic to see Korean content reaching across the world, and such stories reflect cultural trends around the globe, he said.

Netflix expects the investment will revitalize Korea’s content creation ecosystem and accelerate the production of global hits, such as Squid Game, the Glory and Physical: 100.

The Korean government welcomes Netflix’s decision, which bring a great opportunity to the country’s content industry as well as to the US streaming platform itself, said Yoon.

'CULTURAL ALLIANCE'

The presidential office first suggested Netflix for the investment and has prepared for the meeting for the last three months, a government official said at the Washington Foreign Press Center.
 
While Netflix internally discussed the investment plan, the president and the first lady, Kim Keon Hee, who is highly interested in the Korean content industry, were updated on the progress, the official said.

The announcement by Netflix is exceptional as the streaming platform has rarely opened its investment plans to the public, the official added.

“I fully agree with Co-CEO Sarandos’s opinion that the relationship between Netflix and Korean content creation firms is similar to the US-Korea alliance. As an international alliance defends freedom, we need culture to protect and expand freedom,” said Yoon.

The investment will boost both Netflix’s content production in Korea, as well as the streaming of content produced by other firms, such as Mr. Sunshine, a Korean TV drama made by Studio Dragon in 2018.

The presidential couple and the co-CEO had a brief chat after the meeting. Sarandos showed Yoon and Kim photos of his dogs, and the three watched a video of Yoon giving the ceremonial first pitch at a baseball game on April 1.  

**Updated with the presidential office's comments

Write to Byung-Uk Do at dodo@hankyung.com

Jihyun Kim edited this article.