- Netflix announced its plan to invest $2.5 billion in the next four years to produce more K-content.
- On Monday, Netflix co-CEO Ted Sarandos met with South Korean President Yoon Suk-yeol in Washington.
Netflix has announced its plans to invest $2.5 billion in South Korean content over the next four years.
The investment sum is double the amount Netflix has invested in the Korean market since its 2016 launch in South Korea, per the company's press release today.
The announcement follows a meeting between Netflix's co-CEO Ted Sarandos and South Korean President Yoon Suk-yeol on Monday in Washington, DC on a six-day state visit, per South Korean outlet Yonhap.
"It is incredible that the love towards Korean shows has led to a wider interest in Korea, thanks to the Korean creators' compelling stories," said Sarandos in the press release. "Their stories are now at the heart of the global cultural zeitgeist."
International hits on Netflix such as "Squid Game," "The Glory," and "Physical: 100" are among the many projects that have drawn attention to the Korean creative industry in recent years.
The streaming giant's timely investments have been riding a global K-wave that's decades old, driven by an interest in a multitude of creative content including K-pop and K-drama.
"We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories," said Sarandos.