Netflix Commits to $2.5 Billion Production Spend on Korean Content
variety.comPatrick Frater Asia Bureau Chief Global streaming giant Netflix has publicly committed to spending $2.5 billion (approx. KRW3.34 trillion) on South Korean film and TV production over the next four years.
The total is double the amount it has spent in Korea since 2016, the company said. The promise was made by Ted Sarandos, co-CEO of Netflix, at a meeting in Washington DC with South Korean President Yoon Suk Yeol. “We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories.
We were also inspired by the President’s love and strong support for the Korean entertainment industry and fueling the Korean wave.
I’d like to personally thank the President for his kind response letter,” Sarandos said in a statement. “It is incredible that the love towards Korean shows has led to a wider interest in Korea, thanks to the Korean creators’ compelling stories.
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