Netflix, the foremost streaming platform, recently disclosed its intention to allocate $2.5 billion over the next four years to South Korea. This substantial investment aims to generate a more diverse assortment of Korean-oriented content, encompassing K-dramas, films, and reality programs.
This announcement followed a meeting between South Korean President Yoon Suk-yeol and Netflix co-CEO Ted Sarandos in Washington D.C. The newly revealed investment signifies a notable escalation from Netflix's previous expenditure of $700 million on Korean content since its 2016 debut in the country, as well as the supplementary $500 million pledged in 2021.
The substantial increase underscores the corporation's mounting faith in the global appeal of Korean content, which has amassed an extensive following. Renowned shows like "Squid Game," "The Glory," and "A Physical: 100." Among these, "Squid Game" rose to become the platform's top series worldwide in 2021, with "The Glory" and "A Physical: 100" ranking among the most-viewed non-English series globally.
Fortifying International Offerings
Amidst decelerating growth in North America and Europe, Netflix has turned to the production of more original international content and has been increasingly relying on overseas prospects.
In January, the company unveiled its most extensive collection of South Korean content to date, with 34 fresh titles slated for release on the streaming platform this year. Data indicates that over 60% of Netflix members viewed Korean series or films in the past year.
South Korea: A "Massive Opportunity"
Of the ten most-viewed non-English TV series on the platform, four are Korean, including "Squid Game," "All of Us Are Dead," "The Glory," and "Extraordinary Attorney Woo." This sizable investment is perceived as a "massive opportunity" not only for Netflix but also for the South Korean content industry and its creators, as President Yoon asserted during a press conference.
Sarandos expressed his unwavering confidence in the Korean creative sector, remarking, Netflix, the foremost streaming platform, recently disclosed its intention to allocate $2.5 billion over the next four years to South Korea.
In the first quarter of the current year, Netflix acquired 1.46 million paid subscribers in the Asia-Pacific region, solidifying its status as the fastest-growing region, even as signups elsewhere have reached a plateau.
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