Netflix is investing a reported $2.5 billion into Korean TV after the success of shows like Squid Game.
“We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories,” said Ted Sarandos, co-CEO of Netflix during a meeting at Blair House in Washington with South Korean President Yoon Suk Yeol (H/T Deadline (opens in new tab)).
“We were also inspired by the President’s love and strong support for the Korean entertainment industry and fueling the Korean wave. 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,” Sarandos continued.
“I have no doubt our investment will strengthen our long-term partnership with Korea and Korea’s creative ecosystem.”
Sarandos also stated that $2.5 billion is twice the amount Netflix has invested in South Korea since 2016.
Squid Game, a drama which sees ordinary but desperate people compete in deadly games for money, garnered over 1.65 billion streaming hours in just 28 days after its September 17, 2021 release, making it Netflix’s number one show of all time. The Glory, a thriller that sees a victim take revenge against her bullies, came in at number five on the top 10 all-time Non-English TV series chart with 436.90 million hours watched in the first 28 days of release.
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