Netflix earmarks $500m to ride K-Wave

Global streamer Netflix has said it is set to invest almost US$500m in content made in South Korea this year as it continues its international subscriptions drive.

Minyoung Kim

Netflix, which started working with Korean filmmakers and talent in 2016, has ordered over 80 original Korean shows and films since its first Korean original, the zombie thriller Kingdom from Kim Eun-Hee.

In 2021, it will launch Korean dramas The Silent Sea, Squid Game and Kingdom: Ashin of the North, films such as Carter and Moral Sense, plus new reality series Baik’s Spirit, documentary My Love and its first Korean sitcom, So Not Worth It.

Minyoung Kim, VP of content for Korea, South-east Asia, Australia and New Zealand, said: “I’ve always loved films and series from all over the world. As a kid, I adored the friendship and adventures of The Three Musketeers. When I was 13, I was mesmerized by a local production of Les Miserables. And of course, growing up in Korea, I watched Something Like a Star like everyone. ”

“The K-Wave, or Hallyu as we call it here in Korea, is a huge moment of national pride and we’re proud to be part of it. Great Korean stories are nothing new; in fact, storytelling is deeply rooted in Korean culture.

“But today we live in a world where Parasite is an Academy Award Best Picture winner, BlackPink plays Coachella and over 22 million households tune in to a horror TV series, Sweet Home. Audiences around the world are falling in love with Korean stories, artists and culture.

“That’s why we’re investing nearly US$500m in Korea in 2021 to add more variety and diversity to our growing slate, and to entertain and delight the over 3.8 million Korean households that subscribe to Netflix.”