Netflix to invest $2.5bn in South Korean content over next four years

Streaming giant Netflix will invest US$2.5bn in South Korean content over the next four years, its co-CEO Ted Sarandos has revealed.

Ted Sarandos

The investment in Korean TV series, movies and unscripted shows will double the amount the US-based streamer has injected into the market since 2016, resulting in hits such as Squid Game.

Netflix made the announcement after a meeting between South Korean president Yoon Suk Yeol and Sarandos in Washington, where President Yoon has travelled to as part of a six-day state visit to the US.

More recently Netflix has produced shows such as The Glory and Physical 100 in South Korea, while hits such as Parasite have cemented the country’s status as a global cultural powerhouse.

President Yoon described the new investment as a “great opportunity” for South Korea’s content industry, creators and Netflix.

“We sincerely welcome Netflix’s exceptional investment decision,” he said.

Sarandos said: “It is incredible that the love towards Korean shows has led to a wider interest in Korea, thanks to the Korean creators’ compelling stories. Their stories are now at the heart of the global cultural zeitgeist.”

It comes after Netflix last week reported adding 1.75 million global subscribers in the first quarter to reach 232.5 million.

It was the first quarterly financial report since co-founder Reed Hastings announced he was moving from co-CEO and chairman to executive chairman, with Greg Peters becoming co-CEO alongside Sarandos.

During the earning calls, chief financial officer Spencer Neumann added that overall content spend may increase after 2024 if Netflix is able to reaccelerate revenue growth.