JAKARTA - Netflix CEO Ted Sarandos promised on Thursday 22 June that the company's big investment in South Korean content would not ignore its young local talent, after some lawmakers asked the streaming company to share more profits with creators.
South Korea has created some of the largest events of the California-based company, which has become a synonym with broader international success from the country's cultural exports and prompted Netflix to announce an investment of 2.5 billion US dollars (Rp47.6 trillion) in Korean content in April.
Netflix guarantees that creators and producers are paid fairly and also care for young talents, Sarandos said, who also cited a report stating that the success of Korean content such as "Squid Game" has created thousands of jobs.
"For example, between 2022 and 2025, one of our five titles made for Netflix will come from new writers or directors," he told a news conference in Seoul.
Sarandos also said that Netflix is working with the Korean Radio Promotion Association to help talented youth gain experience in the production industry.
Don Kang, vice president of Korean content Netflix, said the company plans to expand its content investment into films and non-fictions, having previously focused on the series.
Sarandos, who is visiting South Korea for the first time as CEO together, said that Scanline and Eyeline Studios Korea, a subsidiary of Netflix, will invest $100 million in local content in the next six years, which is an addition to the 2.5 billion US dollars announced in April.
He is scheduled to meet with Prime Minister Han Duck-soo on Thursday, June 22 to discuss cooperation in the entertainment industry between South Korea and the United States on the video streaming market.
On Wednesday, Sarandos met with renowned South Korean director Park Chan-wook and film students, and said that telling stories from other countries, not just Hollywood, was "the proudest decision" for him.
South Korea has produced four of the ten most watched non-English language series on Netflix, including "Squid Game", "The Glory", and "Extraordinary Attorney Woo".
Several creators who have worked with the company say Netflix is giving them a chance when others don't give them the same opportunity.
However, as Netflix is South Korea's largest streaming platform, there are also concerns over its dominance.
In this background, the government last week announced plans to provide 500 billion won (Rp7.4 trillion) to help local streaming platforms compete with global competitors such as Netflix amid rising production costs.
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