Video streaming service Netflix is doubling down on its investment in South Korea. The company will invest $2.5 billion over the next four years to produce more Korean dramas, movies, and reality shows as K-content remains popular.
US streaming service Netflix is investing $2.5 billion in South Korea over the next four years to produce local television series, movies, and programs, according to Yonhap. This was revealed on Monday, April 24, following a meeting between South Korean President Yoon Suk-yeol and Netflix CEO Ted Sarandos in Washington.
The new investment will be a "great opportunity" not only for Netflix but also for South Korea's content industry, Yoon told reporters. In 2021, the company's executives revealed that Netflix plans to invest around $500 million in South Korean content, in addition to the $700 million it has already invested since 2016.
In January, Netflix announced that it was planning its largest South Korean content programming in history, with 34 series set to be launched in 2023. According to the service, four of the top ten non-English-language dramas are Korean: Squid Game, We're All Dead, Fame, and Woo Yeon-woo's Unusual Lawyer.
In 2022, Netflix released 25 original projects from South Korea. The company said that over 60% of all users have watched Korean programs or movies. According to a report from Netflix, the service gained 1.4 million subscribers from the Asia-Pacific region last year, making it the fastest-growing region on the platform.