Netflix’s $2.5 billion investment in South Korea will also go into developing local talent

According to Bloomberg News, Co-CEO Ted Sarandos said that the company would support Korean showrunners and studios and that the $2.5 billion investment in South Korean content would not exclude young local talent.

In April, Netflix announced that it would invest $2.5 billion in South Korea over the course of four years. The country has already emerged as one of Netflix’s largest suppliers of movies and television shows, contributing to an increase in global subscriptions as more people watch Korean reality shows and dramas.

However, internet service providers who want the company to pay for an increase in online streaming activity and local content creators who claim they have not shared proportionately in this success have also protested the surge, according to the report.

Sarandos, who was in South Korea to talk about investment plans with people from the Korean government and production partners, said that Netflix would pay for training programs for new entertainers and work with local organizations to find and groom young talent.

The executive pointed out that, in comparison to standard profit sharing, a larger investment in creators and production ought to have a greater economic impact.

According to Byun Jae-il, a lawmaker from the ab opposition party who is a member of the Science, Technology, Information, Broadcasting, and Communications Committee of the National Assembly, the report also stated that Netflix’s sales in Korea increased by 22% to 773.3B Won (or approximately $600M) in 2022 as a result of the streaming services provider raising the cost of its monthly subscription.

Squid Game, one of Netflix’s biggest shows, and The Glory, a surprise hit, were made in South Korea.

According to Sarandos, approximately 90% of viewers of Korean romance-themed content are international.

Topics #$2.5 billion investment #Co-CEO Ted Sarandos #local talent #Netflix #South Korea