On Tuesday, Netflix announced its plans to invest $2.5 billion in South Korea over the next four years, doubling the company’s investment in the market since 2016.
The investment will be focused on producing Korean TV series, movies, and unscripted shows. The announcement came after a meeting between Netflix co-CEO Ted Sarandos and South Korean President Yoon Suk Yeol in Washington.
Shares of South Korean production and entertainment companies Showbox and Studio Dragon rallied on Tuesday, as the “Korean Wave” or Hallyu has enjoyed a global boom in recent years, with music market exports, led by K-pop groups such as BTS and Blackpink, reaching a record high of $12.4 billion in 2021.
Sarandos expressed confidence in the Korean creative industry’s ability to continue to produce great stories, citing the success of global hits produced by South Korean creators such as “Squid Game,” “The Glory,” and “Physical:100.”
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