In this photo illustration, the Netflix logo is displayed on a smartphone.
Rafael Henrique | SOPA images | Getty Images
Netflix said on Thursday that it will spend $ 500 million this year on films and series produced in South Korea to expand its list of content growth in the country.
Korean filmmakers and stars gathered in Seoul, where the U.S. streaming giant announced its investment plans and also previewed images of its next series of series in local language.
Netflix reported that by the end of last year, the streaming service had 3.8 million subscribers in South Korea.
In the past two years, we’ve seen the world fall in love with the incredible Korean content, made in Korea and watched by the world on Netflix.
Ted Sarandos
co-CEO and content director, Netflix
In the past five years – from 2015 to 2020 – Netflix has invested $ 700 million to expand its list of Korean content and has established two specific production facilities in the country. In addition to acquiring the rights to existing Korean content, Netflix made more than 80 original programs and films locally, including the popular zombie thriller “Kingdom” by creator Kim Eun-hee.
“In the past two years, we’ve seen the world fall in love with the incredible Korean content, made in Korea and watched by the world on Netflix,” said Ted Sarandos, co-CEO and director of content for Netflix, by video at the event.
“Our commitment to Korea is strong. We will continue to invest and collaborate with Korean storytellers in a wide variety of genres and formats,” he added.
On Thursday, Netflix also announced two new original South Korean films.
South Korean cinema has gained international prominence in recent years.
Filmmaker Bong Joon-ho reached global fame last year, when his critically acclaimed film “Parasite” dominated the awards season. It made history by becoming the first non-English film to win the Oscar for best Oscar film.
Netflix, for its part, has shifted its focus to Asia-Pacific in recent years, as the growth of new subscribers in other parts of the world has slowed due to the fact that many people already have paid subscriptions.
The California-based streaming giant is betting heavily on markets such as South Korea, India and the entire Southeast Asia region to boost its future growth. Netflix has created more than 200 original Asian series and films since 2016, according to Sarandos.
In December 2020, Netflix reported more than 25 million paid memberships in the Asia Pacific region, compared to more than 200 million globally.