Netflix to invest $2.5bn in new South Korea films and TV shows

Netflix has announced that it will invest $2.5bn in South Korea over the next four years. The announcement was made by the company’s co-CEO, Ted Sarandos, after meeting with South Korea’s President, Yoon Suk-yeol, in Washington.

The money will be used to create movies and television shows in Asia’s fourth-largest economy, where Netflix has seen success with South Korean productions, including the hugely popular show Squid Game.

Sarandos cited his confidence in the Korean creative industry’s ability to continue telling great stories and expressed his inspiration by the President’s strong support for the Korean entertainment industry. When asked about other potential investments in the region, a Netflix spokesperson declined to comment.

In 2021, the South Korean series Squid Game became Netflix’s most-watched show of all time, with 111 million viewers streaming the show in the first 28 days of its release. The show follows the story of people in debt competing for a cash prize in a series of children’s games with deadly consequences. Additionally, the South Korean reality show Physical 100 became Netflix’s most-watched non-English language show globally earlier this year.

As Netflix faces competition from streaming rivals such as Amazon, HBO, and Disney, it has lowered prices in several countries to attract more subscribers. The company has also announced that it will begin cracking down on password sharing in the coming months, which will require subscribers who share accounts with people outside their household to pay an extra fee.

Netflix has been seeking ways to boost growth, which has slowed significantly due to rising costs and market saturation in some of its biggest markets, according to analysts.

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