In this photo illustration, the Netflix logo is displayed on a smartphone.
Rafael Henrique | Images SOUP | Getty Images
Netflix said on Thursday that it will spend $ 500 million this year on movies and series produced in South Korea to expand its list of content in the country.
Korean filmmakers and celebrities gathered in Seoul, where the American streaming giant announced its investment plans and also previewed images from its next list of local language series.
Netflix revealed that at the end of last year, the streaming service had 3.8 million paid subscribers in South Korea.
For the past two years, I’ve seen the world fall in love with incredible Korean content, made in Korea and watched by the world on Netflix.
Ted Sarandos
co-CEO and content director, Netflix
In the last five years – from 2015 to 2020 – Netflix has invested $ 700 million to expand its Korean content list and set up two specially built production units in the country. In addition to acquiring rights to existing Korean content, Netflix has made more than 80 original shows and movies locally, including the popular zombie thriller “Kingdom” by creator Kim Eun-hee.
“For the past two years, we’ve seen the world fall in love with incredible Korean content, made in Korea and watched by the world on Netflix,” said Ted Sarandos, co-CEO and content director at Netflix, via the video at the Event.
“Our commitment to Korea is strong. We will continue to invest and collaborate with Korean storytellers in a variety of genres and formats,” he added.
On Thursday, Netflix also announced two new original movies from South Korea.
South Korean cinema has gained international importance in recent years.
Filmmaker Bong Joon-ho gained worldwide fame last year when his critically acclaimed film “Parasite” dominated the premiere season. It made history by becoming the first English language film to win the best Oscar image at the Oscars.
Netflix, in turn, has turned its attention to Asia-Pacific in recent years as the number of new subscribers in other parts of the world has slowed due to many people already having paid subscriptions.
The California-based streaming giant is betting on markets such as South Korea, India and the entire Southeast Asia region to drive its growth momentum in the future. Netflix has created more than 200 original Asian series and movies since 2016, according to Sarandos.
In December 2020, Netflix reported more than 25 million paid members in the Asia-Pacific region, compared to more than 200 million globally.