Netflix to Invest in South Korean Cinema
The US streaming service Netflix has had great success with its broadcasting of South Korean TV series. The shows “Squid Game” and “Fame”, as well as the popular “One Hundred Athletes” TV show were watched globally. Netflix has now decided to invest $2.5 billion (about 3.34 trillion South Korean Won) in the production of South Korean films and TV shows, which will be invested over the next four years.
Netflix CEO Ted Sarandos stressed at a meeting with South Korean President Yoon Suk-Yeol in Washington that this is double the amount spent on film production in the US since 2016. According to Ted Sarandos, Korean shows and series are now at the center of the global cultural zeitgeist and investing in their production will lead to an explosion of interest in Korea and its culture.
Apart from Netflix, other players, such as Disney+ and Apple TV+ are also betting on South Korea’s film industry and are planning on investing their resources into it.
Read the full version of the article at the link: variety.com