April 25, 2023
SEOUL – Netflix chief Ted Sarandos said his company will invest $2.5 billion in Korean content for next four years during a meeting with President Yoon Suk Yeol, who arrived in Washington on Monday.
President Yoon met Sarandos as his first official engagement in the US. The meeting was accompanied by the ministers of finance, culture and industry, as the Netflix management team, according to the presidential office.
“The investment will be a significant opportunity for all Korean content businesses and creators, as well as for Netflix,” Yoon said during a joint press briefing that followed their meeting.
He said he “sincerely welcomed the drastic investment” made by Netflix.
The $2.5 billion investment plan by Netflix is double the amount the company has invested in Korea since it first entered the Korean market in 2016.
“We were able to make this decision because of our great confidence in the Korean content industry. And we’ll continue to make great stories,” Sarandos said in response. “We also were inspired by the president’s love and strong support for Korean entertainment industry.”
Sarandos also expressed his appreciation for Korean creators and their compelling stories, stating that their stories are now at the heart of the global cultural zeitgeist.
“I have no doubt that our investment will strengthen our long-term partnership with Korea’s creative ecosystem,” he said. “We are deepening our partnership with Korea’s creative industry which has produced such amazing hits as ‘Squid Game,’ ‘The Glory,’ ‘Physical 100.’”