Netflix to spend $500 million in South Korea this year to develop new content

In this photo illustration the Netflix emblem is seen displayed on a smartphone.

Rafael Henrique | SOPA Photography | Getty Photography

Netflix said Thursday that this is in a position to perchance spend $500 million this one year on motion photos and series produced in South Korea to broaden its rising slate of negate from the nation.

Korean filmmakers and stars gathered in Seoul where the U.S. streaming huge announced its funding plans and also previewed photography from its upcoming slate of native-language series.

Netflix disclosed that as of the dwell of final one year, the streaming carrier had 3.8 million paid subscribers in South Korea.

Over the final two years, we now occupy seen the arena falling in cherish with impossible Korean negate, made in Korea and watched by the arena on Netflix.

Ted Sarandos

co-CEO and chief negate officer, Netflix

Within the final 5 years — from 2015 to 2020 — Netflix invested $700 million to broaden its slate of Korean negate and established two cause-built manufacturing amenities within the nation. Besides buying rights to existing Korean negate, Netflix has made bigger than 80 customary displays and flicks within the neighborhood, along with the popular zombie thriller “Kingdom” from creator Kim Eun-hee.

“Over the final two years, we now occupy seen the arena falling in cherish with impossible Korean negate, made in Korea and watched by the arena on Netflix,” Ted Sarandos, co-CEO and chief negate officer at Netflix, said thru video on the match.

“Our commitment in direction of Korea is powerful. We’ll have the selection to continue to make investments and collaborate with Korean storytellers across a wealth of genres and formats,” he added.

On Thursday, Netflix also announced two new customary motion photos out of South Korea.

South Korean cinema has received global prominence in contemporary years.

Filmmaker Bong Joon-ho shot to global reputation final one year when his critically acclaimed movie “Parasite” dominated the awards season. It made historical past to alter into the first non-English language movie to get the finest image Oscar on the Academy Awards.

Netflix, for its fragment, has turned its focal level on Asia-Pacific in contemporary years as new subscriber enhance in assorted parts of the arena slowed on sage of many folk already having paid memberships.

The California-headquartered streaming huge is making a wager honorable on markets love South Korea, India and the total Southeast Asia space to power its future enhance momentum. Netflix has created bigger than 200 Asian customary series and flicks since 2016, in accordance with Sarandos.

As of December 2020, Netflix reported bigger than 25 million paid memberships within the Asia-Pacific space when compared with bigger than 200 million globally.

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