Netflix to take a position USD 2.5 billion in South Korean content material materials

By AFP

SEOUL: Netflix will make investments $2.5 billion in South Korean content material materials over the next 4 years, the streaming massive’s CEO Ted Sarandos launched after meeting with the nation’s President Yoon Suk Yeol in Washington.

South Korea has cemented its standing as a world cultural powerhouse these days, thanks partially to the explosive success of the Oscar-winning film “Parasite” and the hit Netflix assortment “Squid Game”.

“Netflix is delighted to confirm that we will invest USD 2.5 billion in Korea including the creation of Korean series, films, and unscripted shows over the next four years,” Sarandos acknowledged in a press launch given to AFP on Tuesday.

“This investment plan is twice the total amount Netflix has invested in the Korean market since we started our service in Korea in 2016.”

Sarandos acknowledged that Netflix had “great confidence” that South Korea’s ingenious enterprise would proceed to tell good tales, pointing to the newest success of world hits much like “The Glory” and the actual fact current “Physical 100”.

“It is incredible that the love towards Korean shows has led to a wider interest in Korea, thanks to the Korean creators’ compelling stories. Their stories are now at the heart of the global cultural zeitgeist,” he added.

Over the last few years, South Korean content material materials has taken the world by storm, with over 60 p.c of Netflix viewers watching a gift from the East Asian nation in 2022, agency data confirmed.

Netflix, which spent better than 1 trillion gained ($750 million) creating Korean content material materials from 2015 to 2021, had beforehand acknowledged it is going to be rising its South Korean current output, with out giving particulars of spending plans.

Yoon, who’s on a six-day state go to, hailed what he described as a “very meaningful” meeting with Sarandos, based mostly on a transcript shared with AFP by the president’s office.

The president acknowledged the model new funding “will be a great opportunity for the Korean content industry, creators, and Netflix. We sincerely welcome Netflix’s exceptional investment decision.”

Yoon will meet US President Joe Biden on Wednesday.

‘Wise dedication’

Many of Netflix’s largest world hits these days have been from South Korea, so the company is making a “wise decision” to double down financially, Regina Kim, an leisure writer and educated on Ok-content based in New York City, suggested AFP.

“Netflix has played a huge role in disseminating K-culture and K-content around the world.”

The company’s latest funding means viewers worldwide “will continue to witness Netflix’s Korean contents change the landscape of global screen culture”, Areum Jeong, a film educated and visiting scholar at Robert Morris University, suggested AFP.

But the switch might elevate concern over “how big Netflix is becoming in Korea as local streamers struggle to keep up”, Jason Bechervaise, a Seoul-based film scholar, suggested AFP.

Netflix might be considered one of many firms embroiled in a “usage fee” debate in South Korea.

The nation’s internet firms are in search of to strain major data clients — such as a result of the streaming massive — to pay additional for bandwidth, one factor Netflix has strongly pushed once more in opposition to.

SEOUL: Netflix will make investments $2.5 billion in South Korean content material materials over the next 4 years, the streaming massive’s CEO Ted Sarandos launched after meeting with the nation’s President Yoon Suk Yeol in Washington.

South Korea has cemented its standing as a world cultural powerhouse these days, thanks partially to the explosive success of the Oscar-winning film “Parasite” and the hit Netflix assortment “Squid Game”.

“Netflix is delighted to confirm that we will invest USD 2.5 billion in Korea including the creation of Korean series, films, and unscripted shows over the next four years,” Sarandos acknowledged in a press launch given to AFP on Tuesday.googletag.cmd.push(function() googletag.present(‘div-gpt-ad-8052921-2′); );

“This investment plan is twice the total amount Netflix has invested in the Korean market since we started our service in Korea in 2016.”

Sarandos acknowledged that Netflix had “great confidence” that South Korea’s ingenious enterprise would proceed to tell good tales, pointing to the newest success of world hits much like “The Glory” and the actual fact current “Physical 100”.

“It is incredible that the love towards Korean shows has led to a wider interest in Korea, thanks to the Korean creators’ compelling stories. Their stories are now at the heart of the global cultural zeitgeist,” he added.

Over the last few years, South Korean content material materials has taken the world by storm, with over 60 p.c of Netflix viewers watching a gift from the East Asian nation in 2022, agency data confirmed.

Netflix, which spent better than 1 trillion gained ($750 million) creating Korean content material materials from 2015 to 2021, had beforehand acknowledged it is going to be rising its South Korean current output, with out giving particulars of spending plans.

Yoon, who’s on a six-day state go to, hailed what he described as a “very meaningful” meeting with Sarandos, based mostly on a transcript shared with AFP by the president’s office.

The president acknowledged the model new funding “will be a great opportunity for the Korean content industry, creators, and Netflix. We sincerely welcome Netflix’s exceptional investment decision.”

Yoon will meet US President Joe Biden on Wednesday.

‘Wise dedication’

Many of Netflix’s largest world hits these days have been from South Korea, so the company is making a “wise decision” to double down financially, Regina Kim, an leisure writer and educated on Ok-content based in New York City, suggested AFP.

“Netflix has played a huge role in disseminating K-culture and K-content around the world.”

The company’s latest funding means viewers worldwide “will continue to witness Netflix’s Korean contents change the landscape of global screen culture”, Areum Jeong, a film educated and visiting scholar at Robert Morris University, suggested AFP.

But the switch might elevate concern over “how big Netflix is becoming in Korea as local streamers struggle to keep up”, Jason Bechervaise, a Seoul-based film scholar, suggested AFP.

Netflix might be considered one of many firms embroiled in a “usage fee” debate in South Korea.

The nation’s internet firms are in search of to strain major data clients — such as a result of the streaming massive — to pay additional for bandwidth, one factor Netflix has strongly pushed once more in opposition to.