Netflix, the streaming giant, has announced plans to invest $2.5bn (£2bn) in South Korea over the coming four years.
Ted Sarandos, the company’s co-CEO, revealed this commitment following a meeting with South Korean President Yoon Suk-yeol in Washington.
At present, President Yoon is on a state visit to the US, with a meeting scheduled with President Joe Biden on Wednesday.
Netflix has experienced success with South Korean content, such as the immensely popular series Squid Game.
Mr. Sarandos stated that the investment would be directed towards producing films and TV shows in Asia’s fourth-largest economy.
“Our decision was based on our strong belief in the continued ability of the Korean creative industry to deliver compelling stories,” he expressed.
He also mentioned being “motivated by the President’s passion and robust backing for the Korean entertainment sector and the propagation of the Korean wave.”
When inquired about further investments in the area, a Netflix spokesperson stated they had “no additional information to share at this moment.”
In 2021, the South Korean-produced Squid Game became the most-watched series in Netflix’s history, amassing 111 million views within the first 28 days of its release.
The show unfolds the story of individuals burdened by debt who compete for a massive cash reward through a series of South Korean children’s games that have a deadly twist.
Earlier this year, South Korean reality show Physical 100 became the most-viewed non-English language program on the platform globally.
Now operating in over 190 countries, Netflix faces growing competition from streaming adversaries such as Amazon, HBO, and Disney.
The company has reduced prices in numerous countries globally in an effort to attract more subscribers.
Last week, Netflix announced that its long-anticipated crackdown on password sharing would commence in the upcoming months.
This change will result in an additional fee for subscribers who wish to share their accounts with individuals outside their household.
With growth slowing significantly as households struggle with rising expenses and saturation in some of its largest markets, Netflix has been exploring ways to re-ignate expansion.