Netflix is planning to invest billions in new films and TV shows from South Korea
OTT platform Netflix is ready to invest $2.5 billion in the South Korean entertainment industry. The decision was made after the meeting of South Korea’s President Yoon Suk-Yeol with the co-chief executive of Netflix, Ted Sarandos, in Washington. Mr. Yoon is currently on a visit to the United States and is expected to meet Joe Biden.
With South Korean shows, notably the immensely popular sitcom Squid Game, Netflix has found success.
The fourth-largest economy in Asia, according to Mr. Sarandos, will use the funds to produce TV shows and movies. He said, “We were able to arrive at this choice since we have great trust in the ability of the Korean creative sector to generate amazing stories going forward.”
The company was additionally “motivated by the President’s love and unwavering encouragement of the Korean entertainment industry and powering the Korean wave,” Mr. Sarandos stated.
Squid Game, which was produced in South Korea, rose to the top spot among all Netflix programmes in 2021. 111 million users streamed it in the first 28 days of release. In a series of South Korean children’s games, the show depicts the tale of debt-ridden individuals battling for a huge cash reward with a fatal twist.
“Physical 100,” a reality show from South Korea, earlier this year overtook other non-English-language shows on the site in terms of global viewership.
Streaming competitors like Amazon, HBO, and Disney are increasing the competition for Netflix, which operates in more than 190 countries. The company also reduced its prices in many countries in an attempt to attract more customers.
The business announced this week that its long-promised crackdown on password sharing will start in the upcoming months.
Customers who want to share their accounts with others outside of their household will be charged more as a result.
In light of consumers’ struggles with rising costs and the fact that it has reached what analysts believe to be a saturation point in several of its biggest areas, Netflix has been looking for ways to re-ignite its growth.