This photo illustration shows the Netflix logo on a smartphone.
Rafael Henrique | SOUP Pictures | Getty Images
Netflix said Thursday it will spend $ 500 million this year on movies and series produced in South Korea to expand its growing list of the country’s content.
Korean filmmakers and stars met in Seoul, where the American broadcast giant announced its investment plans and also previewed images from its upcoming local-language series list.
Netflix revealed that late last year, the broadcast service had 3.8 million paid subscribers in South Korea.
For the past two years, we’ve seen how the world fell in love with amazing Korean content, made in Korea and seen by the world on Netflix.
Ted Sarandos
co-CEO and general manager of content, Netflix
In the last five years, from 2015 to 2020, Netflix invested $ 700 million to expand its list of Korean content and set up two country-specific production facilities. In addition to acquiring rights to existing Korean content, Netflix has made more than 80 original shows and movies locally, including the popular zombie thriller “Kingdom” by creator Kim Eun-hee.
“Over the past two years, we’ve seen the world fall in love with amazing Korean content, made in Korea and seen around the world on Netflix,” said Ted Sarandos, co-CEO and CEO of Netflix content, via video at the event.
“Our commitment to Korea is strong. We will continue to invest and collaborate with Korean narrators in a wide range of genres and formats,” he added.
On Thursday, Netflix also announced two new original films outside of South Korea.
South Korean cinema has gained international prominence in recent years.
Filmmaker Bong Joon-ho gained fame last year when his critically acclaimed film “Parasite” dominated the awards season. It made history by becoming the first English language film to win an Oscar for Best Picture at the Oscars.
Netflix, meanwhile, has focused on Asia-Pacific in recent years, as the growth of new subscribers in other parts of the world slowed due to many people already having paid subscriptions.
The California-based transmission giant is betting on markets such as South Korea, India and the entire Southeast Asian region to boost its future growth momentum. Netflix has created more than 200 original Asian series and movies since 2016, according to Sarandos.
As of December 2020, Netflix reported more than 25 million paid members in the Asia-Pacific region compared to more than 200 million worldwide.