Netflix on Monday said plans to spend $2.5 billion on content made in South Korea over the next four years.
The deal was announced 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 “Squid Game” which, in addition to being a global sensation, was in 2022 the first non-English language series to win Outstanding Drama Series. Other South Korea-made hits include “The Glory” and “Physical 100.”
