Netflix has announced a huge investment in Korean content.
On April 24th (local time), President Yoon Suk Yeol met Netflix co-CEO Ted Sarandos for the first official schedule after his state visit to the United States.
On this day, Sarandos announced that they would invest 2.5 billion dollars (approximately 3.3 trillion won) in K-content such as Korean dramas, movies, and reality shows over the next four years. This amount is twice the amount Netflix invested in Korea from 2016 to last year. Sarandos explained that the reason for this decision was “because I have faith in Korea’s creative industry and I thought that Korea would continue to tell great stories” and that “Korean entertainment is currently at the center of world culture.”
Regarding this, President Yoon said, “This investment will be a great opportunity for both the Korean content industry, creators, and Netflix,” and added, “I sincerely welcome Netflix’s unprecedented investment decision.”
Netflix’s unconventional investment decision, at the center of which is the “Squid Game”. “Squid Game” was a worldwide hit and currently holds the record as the most-watched series on Netflix. In addition, it was honored to win six awards at the Emmy Awards last year, including Best Director and Best Actor, and it was the first non-English drama to win Best Director at the Emmy Awards.
As the whole world is paying attention to K-content, attention is paid to whether new K-content will surpass the record of the “Squid Game”.