South Korean film and TV has just had a massive financial boost as Netflix commits $2.5 billion (€2.3 billion) over four years into producing content in the country.
Ednews reports citing Euronews that the figure from Netflix is double what the streaming platform has invested in South Korea since 2016, explains Netflix CEO Ted Sarandos. The money will go to producing Korean films, TV series and unscripted programmes.
The news continues a trend of South Korean media crossing over into other markets. K-pop groups like BTS continue to dominate on the international stage, Parasite hoovered up international awards and the Best Picture gong at the Oscars in 2020, while Netflix’s own Squid Game is the service’s most streamed show.
More than 60 percent of Netflix users watched at least one program from South Korea in 2022, according to the company's data.
Netflix, which spent more than $750 million (€678 million) on developing South Korean content between 2015 and 2021, had previously said it would increase its production of South Korean programs, without providing further details.