Netflix has revealed that it would spend $2.5bn on South Korean content after the success of ‘Squid Game’, the latest sign of Korean culture’s explosive popularity globally.
The CEO of Netflix, Ted Sarandos, made the announcement recently, after a meeting with South Korean President Yoon Suk-yeol, who is visiting the United States.
In a statement, Sarandos said: “We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories.”
President Yoon loves the announcement and sees it as a “great opportunity” for Korean creators and Netflix.
South Korean film and music have gained global attention in recent years amid the great success of K-pop acts like BTS and Blackpink, and movies like the Oscar-winning “Parasite”.
“Squid Game”, which narrates the story of indebted contestants in a fatal competition for a cash prize, became Netflix’s most-watched show of all time when it was released in 2021, quickly garnering over 1.6 billion views.
According to Netflix data, over six in 10 Netflix viewers watched a South Korean-produced program on the streaming platform in 2022.
Sarandos said the investment reflected the confidence of Netflix that South Korean creators would “continue to tell great stories”.
He said: “It is incredible that the love towards Korean shows has led to a wider interest in Korea, thanks to the Korean creators’ compelling stories.”
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