JAKARTA - Netflix Inc announced it will invest USD 2.5 billion (IDR 37.4 Trillion) in South Korea over the next four years to produce Korean TV series, films, and unscripted shows, doubling its investment in the market since 2016.
The streaming service from the United States announced the investment after a meeting between South Korean President Yoon Suk Yeol and Netflix Co-CEO Ted Sarandos. Yoon arrives in Washington on Monday, April 24 for a six-day state visit.
President Yoon welcomed the investment as a "great opportunity" for Netflix and the South Korean content industry which is looking for ways to increase its exports and cultural influence.
Shares of South Korean production and entertainment companies, such as Showbox and Studio Dragon, jumped, with gains of 8.75% and 2.26% respectively, compared with the Kosdaq index's 2.21% decline.
Known as the "Korean Wave" or Hallyu, the South Korean entertainment industry has experienced a global boom in recent years. Its music market, led by K-pop groups such as BTS and Blackpink, has led the way.
In 2021, exports of content including music, video games, and films hit a record high of US$12.4 billion (IDR 185.5 trillion), according to government data, surpassing the volume of exports of household appliances and rechargeable batteries.
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"We were able to make this decision because we have great faith that the Korean creative industry will continue to tell great stories," Sarandos said in a statement, citing the streaming platform's success of works by South Korean creators such as "Squid Game", "The Glory", and "Physical:100".
"Squid Game", released in 2021, remains the most-watched series on Netflix of all time, with a total stream of 1.65 billion hours in its first 28 days.
Pop culture critic Jung Duk-hyun says South Korean content and Netflix enjoy a mutually beneficial relationship. "Today is a win-win situation. Netflix maintains its position in the global market with the help of economical Korean content. At the same time, Korean content has enjoyed a higher global status through the Netflix platform in recent years," he said, quoted by Reuters.
Netflix offered a lighter-than-expected revenue forecast last week, as it tries to crack down on unauthorized password dissemination in the second quarter to make amends, delaying some of the financial gains.
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