After the phenomenal success of the “Squid Game” series, Netflix has announced it will invest $2.5bn in South Korean content. This announcement came from Netflix CEO Ted Sarandos during a meeting with South Korean President Yoon Suk-yeol, who was visiting the United States. Sarandos said they have confidence in the Korean creative industry and its ability to produce great content.
South Korean music and films have gained immense popularity in recent years, and the global success of K-pop acts such as BTS and Blackpink, as well as the Oscar-winning movie “Parasite,” have contributed to this trend. “Squid Game” became Netflix’s most-watched show after its release in 2021, accumulating over 1.6 billion views.
Netflix company data showed that more than 60% of its viewers watched a South Korean-produced program in 2022. Sarandos stated that the investment reflected Netflix’s confidence in the ability of South Korean creators to continue producing great stories, leading to a wider interest in Korea. The investment is a great opportunity for Korean creators and Netflix, strengthening their partnership and the development of diverse Korean content.
