Squid Game, The Glory’s Humungous Success Makes Netflix Invest Whopping $2.5 Billion On Korean Content! ( Photo Credit – Squid Game poster & The Glory Poster )
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Korean dramas are going to rule Netflix in the upcoming years, and there’s no doubt about it. After the massive success of shows like Squid Game, The Glory, Vincenzo and Physical: 100, the online streaming giant is all set to double the content of K-dramas on its platform. Netflix has decided to invest a massive amount in South Korea in the next four years to produce more Korean dramas and movies. For more details, scroll on.
In 2021, Netflix had announced that it would invest nearly half a million dollars in South Korea to produce more Korean content. $500 million meant that South Korea would cover around half of the streaming giant’s $1 billion Asia-Pacific content budget approximately. It seems that fans are not getting over K-dramas anytime soon, and the platform knows it well.
As per a local Korean press, Yonhap News Agency, Netflix will spend around $2.5 billion in South Korea for Korean content, which is almost twice what the streamer spent between its local launch in 2016 and now. The investment plan was first discussed between South Korean President Yoon Suk Yeol and Netflix co-CEO Ted Sarandos.
While talking about the investment, Ted Sarondos said, “We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories. I have no doubt our investment will strengthen our long-term partnership with Korea and Korea’s creative ecosystem.”
It wouldn’t be wrong to say that Ted Saradondos was the one to promote Korean content’s global popularity by bankrolling Bong Joon-ho’s $50 million science-fiction flick, Okja, in 2016. Ever since then, Korean dramas and movies have gained widespread popularity thanks to their refreshing content and original ideas.
This year shows like The Glory and Physical: 100 have become one of the most popular series on the OTT platform. Earlier, Squid Game, Vincenzo and Crash Landing On You became a global phenomenon, and people couldn’t stop talking about them. Keeping the success, popularity and potential of Korean content in mind, Netflix is making sure to establish itself as the dominant force in the South Korean entertainment industry.
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