Netflix to Invest $2.5 Billion in South Korea to Make TV Shows, Movies

Netflix Inc (NFLX.O) said on Tuesday it will invest $2.5 billion in South Korea over the next four years to produce Korean TV series. The movies and unscripted shows, doubling their investment in the market since 2016.

However, the U.S. streaming service made an announcement. They planned a meeting between South Korean President Yoon Suk Yeol and Netflix co-CEO Ted Sarandos. Yoon arrived in Washington on Monday for a six-day state visit.

So, President Yoon welcomed the investment as a “major opportunity” for Netflix. Also, the content industry of South Korea as the latter seeks to boost its cultural exports and influence.

Shares of South Korean production and entertainment companies rallied. So the Showbox (086980 . KQ) and Studio Dragon (253450 . Kare ) rose 8.75% and 2.26%, respectively, compared to the country’s smaller Kosdaq index’s (.KQ11) 2.21% drop.

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Netflix to Invest $2.5 Billion in South Korean Content Over the Next Four Years

Netflix has enjoyed success with drama series including “Squid Game” and “The Glory,” and increasingly with unscripted shows. Such as “Physical 100,” at both a local and an international level.

Therefore, a roster of Korean content has anchored Netflix’s position. As the dominant streamer within the wealthy and competitive Korean market. And at the same time, Korean shows are increasingly travelling across borders, propelling a “Korean wave” of enthusiastic audiences beyond Korean entertainment’s established markets in East Asia.

However, the new spending commitment by Netflix comes at a time when other global players are. Also, notably Disney+ and Apple TV, are trying to up their game with expanded slates of Korean shows.

Known as the ‘Korean Wave’ or Hallyu. South Korea’s entertainment industry has enjoyed a global boom in recent years. Its music market, led by K-pop groups such as BTS and Blackpink, has been leading the charge.

Squid Game, a 2021 release, remains Netflix’s most-watched series of all time, having racked up 1.65 billion hours of streaming in the first 28 days.

Netflix offered a lighter-than-expected forecast last week. As it looks to crack down on unsanctioned password sharing into the second quarter to make improvements, delaying some financial benefits.

New Korean Dramas Are Coming To Netflix In 2023

The top Korean dramas on Netflix have been drawing a massive fan following around. The globe with its gripping storylines never fails to create a buzz in the entertainment industry. The plot and characters are written in such a way that they keep you hooked till the wee hours if you are binge-watching.

Some of the most popular K-dramas on Netflix and other OTT platforms include new titles arriving on. Netflix will keep K-drama fans busy through 2023. Some of the most anticipated series like Crash Course in Romance, The Glory Season 2, Bloodhounds and Goodbye Earth are slated to release this year, along with many others.