Netflix will spend $2.5 billion on South Korean content over the next four years, the streamer announced Monday.
The deal was made public after a meeting between Netflix co-CEO Ted Sarandos and South Korean president Yoon Suk-yeol in Washington, D.C., where Yoon is currently on a state visit.
“We were able to make this decision because of our great confidence in the Korean content industry, and we’ll continue to make great stories,” Sarandos said. “I have no doubt that our investment will strengthen our long-term partnership with Korea and Korea’s creative ecosystem.”
Sarandos says the sum is double what Netflix has spent in Korea since 2016. Yoon said the investment is a “large opportunity” for the South Korean entertainment industry.
Netflix has seen enormous success with projects made in South Korea — most notably with “Squid Game,” which, in addition to being a global sensation, became the first non-English language series to win Outstanding Drama Series at the 2022 Emmys. Other South Korean Netflix hits include “The Glory” and “Physical 100.”
