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In this photo illustration, the Netflix logo is displayed on a smartphone.
Rafael Henrique | SOPA Pictures | Getty Images
Netflix said Thursday it will spend $ 500 million this year on films and series produced in South Korea to expand its growing list of content from the country.
Korean filmmakers and stars gathered in Seoul, where the US streaming giant announced its investment plans and also viewed footage from its upcoming local language series.
Netflix revealed that at the end of last year, the streaming service had 3.8 million paying subscribers in South Korea.
Over the past couple of years, we’ve seen the world fall in love with amazing Korean content, made in Korea and watched by the world on Netflix.
Ted sarandos
Co-CEO and Content Director, Netflix
Over the past five years – from 2015 to 2020 – Netflix has invested $ 700 million to expand its line of Korean content and established two specially designed production facilities in the country. In addition to acquiring the rights to existing Korean content, Netflix has made more than 80 original shows and films locally, including the popular zombie thriller “Kingdom” from creator Kim Eun-hee.
“Over the past couple of years, we’ve seen the world fall in love with incredible Korean content, made in Korea and watched by the world on Netflix,” said Ted Sarandos, Co-CEO and Chief Content Officer of Netflix, via a video at the event.
“Our commitment to Korea is strong. We will continue to invest and collaborate with Korean storytellers in a multitude of genres and formats,” he added.
On Thursday, Netflix also announced two new original movies from South Korea.
South Korean cinema has gained international fame in recent years.
Filmmaker Bong Joon-ho gained worldwide fame last year when his critically acclaimed film “Parasite” topped awards season. It made history to become the first non-English film to win the Oscar for Best Picture at the Oscars.
Netflix, for its part, has focused on Asia-Pacific in recent years, as the growth of new subscribers in other parts of the world has slowed due to the fact that many people already have paid subscriptions.
The California-based streaming giant is betting big on markets like South Korea, India and the entire Southeast Asian region to drive future growth. Netflix has created more than 200 original Asian series and films since 2016, according to Sarandos.
As of December 2020, Netflix reported over 25 million paid subscriptions in the Asia-Pacific region, compared to over 200 million worldwide.
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