Netflix to Invest $500 million in South Korea for new content development

Netflix said Thursday that it will spend $500 million this year on films and series produced in South Korea to broaden its growing slate of content from the country.

Korean filmmakers and stars gathered in Seoul where the U.S. streaming giant announced its investment plans and also previewed images from its upcoming slate of local-language series.

Netflix disclosed that as of the end of last year, the streaming service had 3.8 million paid subscribers in South Korea.

Besides acquiring 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 last two years, we’ve seen the world falling in love with incredible Korean content, made in Korea and watched by the world on Netflix,” Ted Sarandos, co-CEO and chief content officer at Netflix, said via video at the event.

“Our commitment towards Korea is strong. We will continue to invest and collaborate with Korean storytellers across a wealth of genres and formats,” he added.

CNBC

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