Netflix Pledges $2.5 Billion to Make Original Korean Content
Netflix is one of the biggest producers in entertainment, and it is ready to expand it reaches more so than ever before. After investing in anime a few years back, Netflix has seen revenue return in force as the industry has taken off in the last decade. Now, Netflix is ready to invest in a very different brand of entertainment as it has pledged to spend more than $2 billion USD on Korean entertainment in the next four years.
The update comes from Ted Sarandos, the co-CEO of Netflix. During a recent meeting at Blair House with South Korea's president Yoon Suk Yeol, Sarandos affirmed the site's plans to invest in South Korean content. This decision comes on the heels of major successes such as Squid Game, The Glory, and more.
According to this report, Netflix is now preparing to at least double its budget for Korean content since it began overseeing original productions. "We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories," said Sarandos.
"We were also inspired by the President's love and strong support for the Korean entertainment industry and fuelling the Korean wave.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," Sarandos continued. "I have no doubt our investment will strengthen our long-term partnership with Korea and Korea's creative ecosystem."
Of course, you can see why Netflix is delving into Korean media so heavily. The streaming service has become a go-to destination for watching dramas and films in a fairly wide open market. Following the shutdown of DramaFever several years ago, Viki Rakuten was one of the biggest sites providing South Korean shows to fans internationally. Now, Netflix has become a major player in the industry thanks to mega-hits like Squid Game. As the South Korean 'Hallyu' Wave churns on, fans can expect Netflix to invest in even more goodies, so you better check out the service's most popular dramas now before more drop!
What do you think about Netflix's new pledge regarding Korean entertainment? Have you checked out any K-dramas on Netflix as of yet? Share your thoughts with us in the comments section below or hit me up on Twitter @MeganPetersCB.