Netflix has allocated $2.5 billion to produce original movies and shows in South Korea.
Netflix has announced that it intends to invest $2.5 billion in creating Korean entertainment content due to the popularity of shows and movies like Squid Game from South Korea.
Over the next four years, the streaming service will use the billions of funds to develop and produce new series and films, which is twice the amount initially invested in South Korea in 2016. Netflix plans to create content catering to both Korean and international audiences.
South Korean President Yoon Suk Yeol recently met with Netflix co-CEO Ted Sarandos in the United States.
“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 on Monday.
“We were also inspired by the President’s love and strong support for the Korean entertainment industry and fueling the Korean wave.”
