2023-04-25 13:30:53
Published on :
Netflix is expected to invest $2.5 billion in South Korea in domestically produced content over the next four years. This is the announcement made by Ted Sarandos, the boss of the streaming giant. An investment described as “colossal” by the South Korean president, on a six-day official visit to Washington.
Launched in 2016, in the South Korean market considered difficult and known only to fans of the genre, the global streaming giant has spent 750 million dollars in six years developing 130 South Korean programs.
The global success of “Squid Game” last year changed everything. Watched in 94 countries, this series which stages a mysterious survival competition brought in 900 million dollars to its producers, its cost being estimated at 21 million.
Netflix wants to double down
Now more than two-thirds of Netflix users know at least one program from South Korea. Return on investment pays off big for Netflix. It is a booming market for the American group which wants to double its bet with this two and a half billion dollar investment plan.
It’s also a great opportunity for South Korean creators eager to bring their original content to the world.
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