February 23, 2024

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Netflix to take a position $2.5b in South Korean content material

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“Netflix is delighted to verify that we’ll make investments USD 2.5 billion in Korea together with the creation of Korean collection, movies, and unscripted reveals over the subsequent 4 years,” Sarandos stated in an announcement given to AFP Tuesday.

“This funding plan is twice the full quantity Netflix has invested within the Korean market since we began our service in Korea in 2016.”

Sarandos stated that Netflix had “nice confidence” that South Korea’s artistic business would proceed to inform nice tales, pointing to the current success of world hits equivalent to “The Glory” and the fact present “Bodily 100”.

“It’s unbelievable that the love in the direction of Korean reveals has led to a wider curiosity in Korea, because of the Korean creators’ compelling tales. Their tales are actually on the coronary heart of the worldwide cultural zeitgeist,” he added.

Over the previous few years, South Korean content material has taken the world by storm, with over 60 p.c of Netflix viewers watching a present from the East Asian nation in 2022, firm information confirmed.

Netflix, which spent greater than 1 trillion received ($750 million) growing Korean content material from 2015 to 2021, had beforehand stated it could be increasing its South Korean present output, with out giving particulars of spending plans.

Yoon, who arrived in Washington Monday for a six-day state go to, hailed what he described as a “very significant” assembly with Sarandos, in response to a transcript shared with AFP by the president’s workplace.

Yoon stated the brand new funding “can be an excellent alternative for the Korean content material business, creators, and Netflix. We sincerely welcome Netflix’s distinctive funding choice.”

Yoon’s is about to fulfill US President Joe Biden Wednesday, together with his go to coming because the allies transfer to bulk up navy cooperation over North Korea’s increasing nuclear threats.

Pyongyang has performed one other record-breaking string of sanctions-defying launches this 12 months, together with test-firing North Korea’s first solid-fuel ballistic missile this month – a key technical breakthrough for its navy.

In response, Yoon has pulled South Korea nearer to long-standing ally Washington, and the journey has a packed schedule together with the summit with Biden, the place the pair will rejoice 70 years of ties.

Yoon was additionally accompanied by greater than 120 South Korean enterprise leaders, together with Samsung chairman Lee Jae-yong, and the go to may handle their considerations over Biden’s Inflation Discount Act.

Analysts have stated that the journey going nicely is especially necessary for Yoon, who is keen to spice up his low home approval rankings particularly within the realm of overseas coverage.

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