SEOUL – Netflix stated on Tuesday it plans to speculate US$2.5 billion (S$3.3 billion) in South Korea over the subsequent 4 years to provide Korean TV collection, motion pictures and unscripted reveals, doubling the quantity the corporate has invested available in the market since 2016.
The US streaming service made the announcement after a gathering between South Korean President Yoon Suk Yeol and Netflix co-CEO Ted Sarandos. Mr Yoon arrived in Washington on Monday for a six-day state go to.
President Yoon welcomed the funding as a “main alternative” for South Korea’s content material trade and Netflix because the nation seeks to extend cultural exports and tender energy.
Shares of South Korean manufacturing and leisure corporations rallied on Tuesday with Showbox and Studio Dragon up 8.75 per cent and a couple of.26 per cent, respectively, in comparison with the nation’s smaller Kosdaq index’s 2.21 per cent drop.
Referred to as the “Korean Wave” or Hallyu, South Korea’s leisure trade has loved a worldwide increase lately. Its music market, led by Okay-pop teams corresponding to BTS and Blackpink, have been main the cost.
In 2021, exports of content material together with music, video video games and movies reached a file excessive of US$12.4 billion, in accordance with the newest authorities knowledge, forsaking dwelling home equipment and rechargeable batteries in export quantity.
“We have been capable of make this resolution as a result of now we have nice confidence that the Korean inventive trade will proceed to inform nice tales,” Mr Sarandos stated in an announcement, citing the streaming platform’s world hits produced by South Korean creators corresponding to Squid Sport, The Glory and Bodily:100.
Squid Sport, a 2021 launch, stays Netflix’s most-watched collection of all-time, having racked up 1.65 billion hours of streaming within the first 28 days.
Netflix supplied a lighter-than-expected forecast final week, because it seems to be to crack down on unsanctioned password sharing into the second quarter to make enhancements, delaying some monetary advantages. REUTERS