Netflix investing USD 500M into Korean Content
Netflix announced that it will invest about USD 500 million in Korean content this year.
It is very unusual for Netflix to announce the size of its investment in content production. It is very unusual for Netflix to directly mention the size of its investment in Korea. Although it previously announced that it will more than double its spending on Asian content production this year, it did not reveal the specific amount. Foreign media predicted that USD 1 billion would be invested throughout Asia. In other words, Korean content accounts for about half of all Asian content investments.
Manager of Korea, Southeast Asia, Australia, and New Zealand region in Netflix announced the news at a content lineup introduction event, ’See What's Next Korea 2021’ on the 25th. She also added that they set up two content studios to establish a content-related corporation last year and lay the foundation for long-term production early this year. Considering Netflix's investment of 700 million won in Korean content from 2016 to last year, it has increased significantly.
Ted Saradons, co-CEO and Chief Content Officer of Netflix, also mentioned that from 2016 to 2020, about 80 Korean contents were introduced to the world as Netflix original and Korean content has become a global entertainment trend.
It is interpreted as the result of the surge in the number of paid Netflix subscribers in Korea, with original Korean content. Netflix's massive investment in Korea seems to reflect the successive success of original Korean content and its performance in the Korean market. Netflix has produced more than 200 original Asian contents since 2016. Among them, about 80 original Korean works were introduced around the worlds such as <Sweet Home> and <Space Sweepers> receiving worldwide attention
It also introduced 13 new contents that will be introduced this year. It encompasses a variety of genres, including action, thriller, SF, stand-up comedy, and sitcoms, including spinoff show of zombie series <Kingdom> and more.
Based on strong slate of local IP, Korean content market is emerging enormously with the competitive content which has been drawing attention from all over the world. This investment shows that more and more Korean content is expected to gain more influence in global market, and it is expected that the stronger global network for this movement will be needed.