Netflix said Monday it plans to spend $2.5 billion on content made in South Korea over the next four years.
The deal was announced following a meeting between Netflix co-CEO Ted Sarandos and South Korean President Yoon Suk Yeol in Washington, DC, where Yoon is currently on a state visit.
“We were able to make this decision because of our great faith in the Korean content industry, and we will continue to create great stories,” Sarandos said, “I have no doubt that our investment will strengthen our long-term partnership with Korea and Korea’s creative ecosystem.”
Sarandos says Netflix has doubled what it has spent in Korea since 2016. Yoon said the investment is a “huge opportunity” for the South Korean entertainment industry.
Netflix has had huge success with projects made in South Korea, most notably “Squid Game,” which, in addition to being a global sensation, was the first non-English language series to win Outstanding Drama Series in 2022. Other South Korean-produced hits include “The Glory” and “Physical 100”.