On Tuesday, Netflix Inc. (NFLX.O) announced it would invest $2.5 billion in South Korea over the next four years to develop Korean TV episodes, movies, and unscripted projects, tripling its investment since 2016.
After meeting with South Korean President Yoon Suk Yeol, Netflix co-CEO Ted Sarandos made the news. Monday marked Yoon’s six-day state visit to Washington.
President Yoon called the investment a “major opportunity” for South Korea’s creative sector and Netflix to boost cultural exports and soft power.
Showbox (086980. KQ) and Studio Dragon (253450. KQ) rose 8.75% and 2.26%, respectively, on Tuesday, outperforming the Kosdaq index’s (.KQ11) 2.21% dip.
The “Korean Wave,” or Hallyu, has boosted South Korea’s entertainment sector worldwide. BTS and Blackpink top its music market.
Content exports hit $12.4 billion in 2021, surpassing home appliances and rechargeable batteries.
“We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories,” Sarandos said, citing the streaming platform’s global hits like “Squid Game,” “The Glory,” and “Physical:100” from South Korean creators.
The 2021 release “Squid Game” is Netflix’s most-watched series, with 1.65 billion hours of watching in the first 28 days.
Netflix issued a lighter-than-expected projection last week as it cracks down on unsanctioned password sharing until the second quarter to improve, postponing financial advantages.
Comment Template