In a significant move, Netflix has revealed its intention to allocate $2.5 billion to South Korean content, reflecting the escalating global fascination with Korean culture. The announcement came from CEO Ted Sarandos on Monday following a meeting with South Korean President Yoon Suk-yeol during his six-day visit to the United States.
Sarandos expressed confidence in the Korean creative industry’s ability to continue producing compelling stories, stating, “We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories.”
President Yoon welcomed the decision, recognizing it as a “great opportunity” for Korean creators and Netflix. South Korean film and music have garnered international acclaim, propelled by the immense success of K-pop groups like BTS and Blackpink, along with acclaimed films such as the Oscar-winning “Parasite.”
Netflix’s original series “Squid Game,” featuring contestants in a high-stakes competition for a cash prize, achieved unprecedented success upon its 2021 release, becoming the platform’s most-watched show with over 1.6 billion views. Recent Korean productions on Netflix, including the drama “The Glory,” centered around revenge, and “Physical:100,” a reality fitness competition, have also enjoyed popularity.
Company data reveals that over 60% of Netflix viewers watched a South Korean-produced program on the platform in 2022. Sarandos emphasized that the substantial investment underscores Netflix’s confidence in South Korean creators to “continue to tell great stories” that resonate globally.
He added, “It is incredible that the love towards Korean shows has led to a wider interest in Korea, thanks to the Korean creators’ compelling stories. Their stories are now at the heart of the global cultural zeitgeist.”
Government figures indicate that South Korea’s cultural exports, spanning music, video games, and films, reached a record-high of $12.4 billion in 2021, further highlighting the global impact of Korean cultural contributions.
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