Netflix announced today, Tuesday, that it intends to invest $2.5 billion in South Korea over the next four years to produce Korean television series, films, and stand-up performances. This move will increase the amount invested by the company in the market since 2016. Shares of South Korean production and entertainment companies rose today, with Showbox and Studio Dragon up 8.75% and 2.26% respectively.
South Korean President Yoon Suk-yeol welcomed the investment, describing it as a "major opportunity" for both the South Korean content industry and Netflix, as the country seeks to increase cultural exports and enhance its soft power.
In a statement, Netflix Co-CEO Ted Sarandos said, "We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories," referencing successful works produced by South Korean creators that have achieved global success, such as "Squid Game," "The Glory," and "Physical: 100."
The announcement from the American streaming service came after a meeting between Yoon and Sarandos.
