After Seeing Soaring Success in K-Content, Netflix to Invest a Whooping 10-Figure Amount in South Korea

Published 04/25/2023, 4:30 PM EDT

via Imago

Netflix is ready to put a lot of its eggs in the South Korean basket. In the past few years, the OTT has shown interest in the active expansion and inclusion of international series. Not only has it allowed inclusivity, but also a platform for countries to showcase their talents globally. The verdict was South Korea casting its magic on viewers everywhere, regardless of the language difference.

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Beyond the surface of language and looks, the layers of their shows have proved to be relatable to audiences. After attracting positive reviews and subscribers for the OTT platform, Netflix has decided to invest more in that region’s productions. But it has apparently boosted that budget even more now.

What made Netflix invest a multi-billion amount in South Korean entertainment?

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Things have just gotten serious about Netflix and South Korean entertainment. Ted Sarandos, co-CEO of Netflix, recently had a meeting with the country’s current President, President Yoon Suk. According to CNN, the plan for the OTT giant is to slowly release an amount of up to $2.5 billion for producing more Korean shows and films in the next four years. Back in 2016, they spend $700 million in the South Korean market. This was followed by an addition of $500 million in 2021. This has already begun to prove the hold this country has established on the platform and its consumers.

Yoon was happy with the decision, looking forward to more opportunities for the country’s creators.”We have great confidence that the Korean creative industry will continue to tell great stories,” said Sarandos after the meeting. Squid Game was perhaps one of the initial shows that broke Netflix’s records, becoming one of the most viewed international shows. Physical: 100 and Money Heist only solidified the trust in the country’s creations.

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As the website grows, it is going through some rapid changes in every aspect.

Changes in the platform are also changing its viewer base in recent times

Netflix absolutely boomed during the pandemic, especially with people sharing passwords. But in order to crack down on free users, the streamer will now charge people to share accounts, on per person basis. It is reportedly doing it in order to increase profits and invest in better content. Although they risk losing viewers who are upset by this decision. On the other hand, they saw a rise of  1.46 million paid subscribers in the Asia-Pacific region during the first quarter itself.

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Are you liking the idea of Netflix’s increased investment in South Korea? Share your opinions in the comments.

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Neha Subhash Ghag

1221 articles

Neha Ghag is a prime-time entertainment writer for Netflix Junkie, who has written nearly 1000 articles, immersing herself in pop culture. Writing was not her first choice, but she has now found solace in unraveling the fascinating stories of public figures' personal and professional lives. Neha is a fan of classic hip-hop and psycho thrillers, and she can talk endlessly about Kanye West.

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