Netflix Increases Investment in South Korean Seriesjessie tan
Streaming giant Netflix has been a frontrunner in introducing South Korean content to the world after spending nearly $700 million USD in licensing and creating South Korean series. Having found success in a number of South Korean hits, the platform eyes further collaboration with South Korean networks and budgeted an investment of $500 million USD this year.
Netflix’s investment in South Korean content has generated approximately $5 billion in economic benefit and created more than 16,000 jobs in the country’s entertainment industry. In return, South Korean production companies are grateful to be able to break barriers and allow them to introduce their culture to the international stage.
As Netflix differentiates itself from other streaming platforms, the platform does not shy away from allocating a big budget for South Korean content. While Netflix took a risk by investing nearly $20 million in thriller series Squid Game, the series is on track to become the platform’s most watched series.
Looking ahead, Netflix’s $500 million investment will support new and exciting content such as supernatural thriller Hellbound (starring Yoo Ah In), sci-fi thriller The Silent Sea (starring Bae Doona and Gong Yoo), and legal drama Juvenile Justice (starring Kim Hye Soo). The platform plans to continue to leverage on the popularity of South Korean content and shake up the entertainment delivery model.
Source: Korea Star Daily