The South Korean entertainment industry is no longer a fresh player in the global entertainment business. They have established themselves as one of the strongest in the creative domain as their films, shows and music have been ruling the hearts of the audience from all parts of the world. Keeping this in mind, the streaming giant Netflix has decided to invest a huge sum of USD 2.5 billion in South Korean content over the course of 4 years.
The co-CEO of the popular OTT platform, Ted Sarandos announced the exciting news after a meeting with the president of South Korea, Yoon Suk Yeol, who was in Washington for a six-day state visit to discuss the course of action against the growing nuclear acquisition of North Korea.
Netflix tapping the rising craze for Korean content
South Korean content has been expanding its viewer bandwidth with every passing day. The music industry including BTS and Blackpink is now a global phenomenon with their increasing fanbase in every part of the world. Korean shows and films have also been acknowledged and appreciated by people outside of South Korea.
The South Korean film, Parasite won the prestigious Oscar in the year 2020, putting the South Korean entertainment industry on the world map. Squid Game is another gem created by the genius minds of South Korea. The series to date is one of the most-watched shows on Netflix with 1.65 billion hours of streaming just in its first month.
K-dramas are another form of entertainment from South Korea that is deeply loved by diverse audiences. Indian audiences have legit started fan clubs to keep their knowledge updated on the latest K-dramas. The Glory is a K-drama series streaming on Netflix which has 75 million streaming hours just in the first week of its release. It has surpassed the prodigy child of Netflix’s “You Season 4” in terms of its viewership.
Reality shows or non-scripted shows are another raging entertainment from the South Korean film industry. People outside of Korea also follow it religiously with utmost interest. The latest show Physical: 100 is being loved by audiences from different countries.
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What does this investment mean?
A huge investment like this is a welcome move for a country like South Korea. The creative minds of South Korea can find resources to channelise their ideas. To be able to stream on a globally acclaimed platform like Netflix, will be a dream come true for many.
Not just for South Korea, but the deal is a win-win situation for both parties. A major chunk of South Korean entertainment’s success can be credited to Netflix, who has elevated their status from regional to global. Whereas, the “K” in Korean dramas and series stands for “kool,” which is now being cashed by the streaming OG. When Netflix will cater to the growing demand for South Korean Content, it will obviously have a positive impact on business.
Disclosing the deal
Sarandos the co-CEO of Netflix gave a statement to AFP in which he stated, “ Netflix is delighted to confirm that we will invest USD 2.5 billion in Korea including the creation of Korean series, films, and unscripted shows over the next four years,” He further added “This investment plan is twice the total amount Netflix has invested in the Korean market since we started our service in Korea in 2016.”
The President of South Korea, Mr. Yoon expressed his happiness over the investment. He said the new investment “will be a great opportunity for the Korean content industry, creators, and Netflix. We sincerely welcome Netflix’s exceptional investment decision.”
The decision of Netflix to invest in South Korea is a big one, paving the way for many budding creators. The blooming portfolio of the South Korean craze, will now touch new milestones with this investment. South Korea is gaining prominence not just for its films, shows and music but also for its beauty and skincare products, its food and beverages industry as well as the fashion industry. We, for one, cannot wait to watch all the exciting Korean content on Netflix.
