Netflix (NFLX) to spend $500 million in South Korea in 2021

On this photograph illustration the Netflix emblem is seen displayed on a smartphone.

Rafael Henrique | SOPA Pictures | Getty Pictures

Netflix mentioned Thursday that it’ll spend $500 million this 12 months on movies and collection produced in South Korea to broaden its rising slate of content material from the nation.

Korean filmmakers and stars gathered in Seoul the place the U.S. streaming large introduced its funding plans and likewise previewed photographs from its upcoming slate of local-language collection.

Netflix disclosed that as of the tip of final 12 months, the streaming service had 3.8 million paid subscribers in South Korea.

During the last two years, we have seen the world falling in love with unimaginable Korean content material, made in Korea and watched by the world on Netflix.

Ted Sarandos

co-CEO and chief content material officer, Netflix

Within the final 5 years — from 2015 to 2020 — Netflix invested $700 million to increase its slate of Korean content material and established two purpose-built manufacturing amenities within the nation. Apart from buying rights to current Korean content material, Netflix has made greater than 80 authentic reveals and movies regionally, together with the favored zombie thriller “Kingdom” from creator Kim Eun-hee.

“During the last two years, we have seen the world falling in love with unimaginable Korean content material, made in Korea and watched by the world on Netflix,” Ted Sarandos, co-CEO and chief content material officer at Netflix, mentioned through video on the occasion.

“Our dedication in direction of Korea is powerful. We are going to proceed to take a position and collaborate with Korean storytellers throughout a wealth of genres and codecs,” he added.

On Thursday, Netflix additionally introduced two new authentic movies out of South Korea.

South Korean cinema has gained worldwide prominence in recent times.

Filmmaker Bong Joon-ho shot to international fame final 12 months when his critically acclaimed film “Parasite” dominated the awards season. It made historical past to grow to be the primary non-English language movie to win the very best image Oscar on the Academy Awards.

Netflix, for its half, has turned its give attention to Asia-Pacific in recent times as new subscriber development in different elements of the world slowed on account of many individuals already having paid memberships.

The California-headquartered streaming large is betting large on markets like South Korea, India and the entire Southeast Asia area to drive its future development momentum. Netflix has created greater than 200 Asian authentic collection and movies since 2016, in keeping with Sarandos.

As of December 2020, Netflix reported greater than 25 million paid memberships within the Asia-Pacific area in comparison with greater than 200 million globally.

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