Netflix announced Monday that it would invest heavily in Korean content, committing $2.5 billion over the next four years.
The news comes after Korean-based programming, including “Squid Game,” “The Glory,” and “Physical: 100,” have been successful for the streaming giant, per The Hollywood Reporter. This massive investment in Korean-made TV series, movies, and unscripted projects will be double what Netflix spent on Korean content from its local launch in 2016 until today, the outlet noted.
Investment plans were shared Monday during a meeting between South Korean President Yoon Suk Yeol and Netflix co-CEO Ted Sarandos.
“We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories,” Sarandos said. He went on to state his belief that Korean content has a good chance of success.
“It is incredible that the love towards Korean shows has led to a wider interest in Korea, thanks to the Korean creators’ compelling stories. Their stories are now at the heart of the global cultural zeitgeist,” the Netflix exec continued. “I have no doubt our investment will strengthen our long-term partnership with Korea and Korea’s creative ecosystem.”
Sarandos is the one behind Netflix’s Korean content thus far. It all started when he funded Korean creator Bong Joon-ho’s $50 million sci-fi action drama “Okja” (2016). That success led to more K-content, including “Sweet Home,” “Squid Game,” “Hellbound,” “Physical 100,” and “Kill Boksoon.”
“Squid Game” features contestants playing deadly children’s games to win a huge cash prize. It became the company’s top show worldwide in 2021, raking in around $900 million in revenue for Netflix.
“The Glory” is a drama about a woman taking revenge against her childhood bullies. It was also the streaming platform’s most-watched show when it was released in March.
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“Physical: 100” is a grueling physical fitness competition that became Netflix’s second most popular non-English show worldwide in February, per CNN Business.
Netflix released 29 exclusive Korean dramas last year. Of those, six were among the top 10 most-watched titles in the Asia-Pacific region in 2022, THR reported. Korean dramas also were the most-watched content category in the region last year.
It’s not just Netflix getting in on the trend. Disney+, Amazon Prime Video, and Apple TV+ are all putting money toward acquiring and producing original Korean content, too.