By way of AFP
SEOUL: Netflix will make investments $2.5 billion in South Korean content material over the following 4 years, the streaming massive’s CEO Ted Sarandos introduced after assembly with the rustic’s President Yoon Suk Yeol in Washington.
South Korea has cemented its standing as a world cultural powerhouse in recent times, thank you partially to the explosive luck of the Oscar-winning movie “Parasite” and the hit Netflix collection “Squid Sport”.
“Netflix is extremely joyful to substantiate that we can make investments USD 2.5 billion in Korea together with the introduction of Korean collection, movies, and unscripted presentations over the following 4 years,” Sarandos mentioned in a commentary given to AFP on Tuesday.
“This funding plan is two times the entire quantity Netflix has invested within the Korean marketplace since we began our carrier in Korea in 2016.”
Sarandos mentioned that Netflix had “nice self belief” that South Korea’s ingenious trade would proceed to inform nice tales, pointing to the new luck of world hits equivalent to “The Glory” and the truth display “Bodily 100”.
“It’s fantastic that the affection in opposition to Korean presentations has led to a much wider passion in Korea, due to the Korean creators’ compelling tales. Their tales at the moment are on the center of the worldwide cultural zeitgeist,” he added.
Over the previous couple of years, South Korean content material has taken the sector by way of hurricane, with over 60 % of Netflix audience gazing a display from the East Asian nation in 2022, corporate knowledge confirmed.
Netflix, which spent greater than 1 trillion received ($750 million) growing Korean content material from 2015 to 2021, had up to now mentioned it might be increasing its South Korean display output, with out giving main points of spending plans.
Yoon, who’s on a six-day state discuss with, hailed what he described as a “very significant” assembly with Sarandos, consistent with a transcript shared with AFP by way of the president’s place of work.
The president mentioned the brand new funding “will probably be a superb opportunity for the Korean content material trade, creators, and Netflix. We sincerely welcome Netflix’s outstanding funding choice.”
Yoon will meet US President Joe Biden on Wednesday.
‘Smart choice’
Lots of Netflix’s largest world hits in recent times were from South Korea, so the corporate is creating a “sensible choice” to double down financially, Regina Kim, an leisure creator and professional on Okay-content founded in New York Town, instructed AFP.
“Netflix has performed an enormous function in disseminating Okay-culture and Okay-content all over the world.”
The company’s newest funding approach audience international “will proceed to witness Netflix’s Korean contents exchange the panorama of world display tradition”, Areum Jeong, a movie professional and visiting pupil at Robert Morris College, instructed AFP.
However the transfer may just carry worry over “how giant Netflix is turning into in Korea as native streamers fight to take care of”, Jason Bechervaise, a Seoul-based movie pupil, instructed AFP.
Netflix could also be probably the most corporations embroiled in a “utilization price” debate in South Korea.
The rustic’s web corporations are looking for to drive primary knowledge customers — such because the streaming massive — to pay extra for bandwidth, one thing Netflix has strongly driven again towards.
SEOUL: Netflix will make investments $2.5 billion in South Korean content material over the following 4 years, the streaming massive’s CEO Ted Sarandos introduced after assembly with the rustic’s President Yoon Suk Yeol in Washington.
South Korea has cemented its standing as a world cultural powerhouse in recent times, thank you partially to the explosive luck of the Oscar-winning movie “Parasite” and the hit Netflix collection “Squid Sport”.
“Netflix is extremely joyful to substantiate that we can make investments USD 2.5 billion in Korea together with the introduction of Korean collection, movies, and unscripted presentations over the following 4 years,” Sarandos mentioned in a commentary given to AFP on Tuesday.googletag.cmd.push(serve as() googletag.show(‘div-gpt-ad-8052921-2′); );
“This funding plan is two times the entire quantity Netflix has invested within the Korean marketplace since we began our carrier in Korea in 2016.”
Sarandos mentioned that Netflix had “nice self belief” that South Korea’s ingenious trade would proceed to inform nice tales, pointing to the new luck of world hits equivalent to “The Glory” and the truth display “Bodily 100”.
“It’s fantastic that the affection in opposition to Korean presentations has led to a much wider passion in Korea, due to the Korean creators’ compelling tales. Their tales at the moment are on the center of the worldwide cultural zeitgeist,” he added.
Over the previous couple of years, South Korean content material has taken the sector by way of hurricane, with over 60 % of Netflix audience gazing a display from the East Asian nation in 2022, corporate knowledge confirmed.
Netflix, which spent greater than 1 trillion received ($750 million) growing Korean content material from 2015 to 2021, had up to now mentioned it might be increasing its South Korean display output, with out giving main points of spending plans.
Yoon, who’s on a six-day state discuss with, hailed what he described as a “very significant” assembly with Sarandos, consistent with a transcript shared with AFP by way of the president’s place of work.
The president mentioned the brand new funding “will probably be a superb opportunity for the Korean content material trade, creators, and Netflix. We sincerely welcome Netflix’s outstanding funding choice.”
Yoon will meet US President Joe Biden on Wednesday.
‘Smart choice’
Lots of Netflix’s largest world hits in recent times were from South Korea, so the corporate is creating a “sensible choice” to double down financially, Regina Kim, an leisure creator and professional on Okay-content founded in New York Town, instructed AFP.
“Netflix has performed an enormous function in disseminating Okay-culture and Okay-content all over the world.”
The company’s newest funding approach audience international “will proceed to witness Netflix’s Korean contents exchange the panorama of world display tradition”, Areum Jeong, a movie professional and visiting pupil at Robert Morris College, instructed AFP.
However the transfer may just carry worry over “how giant Netflix is turning into in Korea as native streamers fight to take care of”, Jason Bechervaise, a Seoul-based movie pupil, instructed AFP.
Netflix could also be probably the most corporations embroiled in a “utilization price” debate in South Korea.
The rustic’s web corporations are looking for to drive primary knowledge customers — such because the streaming massive — to pay extra for bandwidth, one thing Netflix has strongly driven again towards.