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Netflix is investing $2.5 billion in South Korea’s entertainment industry as global media companies step up investments in country with hit titles included squid game and fitness reality show Physics: 100.
South Korean President Yoon Hee-yeol announced a four-year investment in South Korean drama, film and impromptu programming after meeting Netflix co-CEO Ted Sarandos in Washington as part of a six-day state visit to the United States this week .
Sarandos says investment, which is double the amount Netflix He has spent so far in South Korea, underscoring his confidence in the country’s soft power, after the series squid game Released in September 2021, the show became one of the most-watched shows on the US streaming service.
“Their stories are now at the heart of the global cultural zeitgeist,” Sarandos said, citing squid game, glory and Physics: 100.
South Korea It has become a global cultural powerhouse, with Netflix users watching more shows in South Korea than in any country outside the United States.
Following in the footsteps of Netflix, other global streaming services such as Disney Plus and Apple TV Plus are also increasing their investment in South Korea. The country’s content exports, including music, movies and video games, hit a record high of $12.4 billion in 2021, according to the latest government data.
Korean content has attracted global fans, with more than 60 percent of Netflix viewers watching Korean programming last year, according to the company.
Yoon welcomed the new investment, saying it “will be a great opportunity for the Korean content industry, creators and Netflix.”
Netflix is boosting content spending in the Asia-Pacific region by 15% this year to $1.9 billion, according to Singapore-based research firm Media Partners Asia. The streamer spends $17 billion a year on content globally.
South Korea is Netflix’s biggest spending destination in Asia, with the streaming platform planning to produce at least 34 original shows in 2023.
According to AMPD Research, a subsidiary of Media Partners Asia, Netflix released 29 exclusive Korean dramas last year, six of which entered the top 10 in the Asia-Pacific region. gloryThe 16-episode series dealing with school violence, produced by Studio Dragon, was one of Netflix’s 10 most-watched shows in more than 90 countries in March.
Shares of South Korean entertainment companies rose on Tuesday, with Showbox and Studio Dragon rising 11.5 percent and 1.5 percent, respectively, while the benchmark Kospi Composite Index fell 1.4 percent.
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