Streaming juggernaut Netflix claims it will invest $2.5 billion (£ 2 billion) in South Korea over the following four years.
Ted Sarandos, the company’s co-chief executive, made the declaration following his meeting with Yoon Suk-yeol, the president of South Korea, in Washington.
Mr. Yoon is presently in the US on a state visit and will meet President Joe Biden on Wednesday.
The immensely popular show Squid Game is just one of the South Korean products that Netflix has found success with.
We were able to make this choice because of our strong belief in the ability of the Korean creative industry to produce more outstanding stories, he added.
“The company was also inspired by President’s love as well as strong support for the Korean entertainment industry and fuelling the Korean wave,” Mr. Sarandos continued.
When questioned by the about more prospective investments in the area, a Netflix spokeswoman responded that the business did not “have anything to add at this time.”
Squid Game, which was produced in South Korea, rose to the top spot among all Netflix programs in 2021. 111 million users streamed it in the first 28 days of release.
In various South Korean children’s games, the show depicts the tale of debt-ridden individuals battling for a huge cash reward with a fatal twist.
Physical 100, a reality show from South Korea, earlier this year overtook other non-English language shows on the site in terms of global viewership.
Streaming competitors like Amazon, HBO, and Disney are increasing the competition for Netflix, which operates in more than 190 countries.
In an effort to entice new users, it has lowered costs in dozens of nations worldwide.
The business announced last week that it would soon start enforcing its long-promised crackdown on password sharing.
As consumers struggle with rising costs and it reaches what experts regard as a saturation point in some of its biggest areas, Netflix has been seeking for methods to re-ignite growth.
