Netflix Co-CEO Ted Sarandos Says $2.5BN Korean Investment Won’t Exploit Local Industry, Amid Pushback From Lawmakers
deadline.comDuring a three-day visit to Seoul, Netflix co-CEO Ted Sarandos said the streamer is fairly compensating producers and nurturing new talent, after calls from some local lawmakers and industry figures for more profit-sharing with creators.
Sarandos said emerging writers and directors are getting more breaks as a result of its investment, while global breakout shows like Squid Game had created thousands of jobs. “Between 2022 and 2025 for example, one in five of our titles made for Netflix will come from a first-time writer or first-time director,” he told a press conference in Seoul on Thursday (June 22).
South Korea has produced some of Netflix’s biggest global shows – including Squid Game, The Glory and Extraordinary Attorney Woo – and the streamer announced a $2.5BN investment in Korean content in April.
However, local lawmakers have been voicing concerns about Netflix’s growing dominance in the local entertainment industry. In the wake of Squid Game’s success, questions were asked about Netflix’s profit-sharing arrangements with local producers, and more recently, Netflix’s tax contributions and stance on network usage fees have become a hot topic.
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