Netflix has announced it will allocate $2.5 billion to South Korean content as a result of the huge success of ‘Squid Game’, highlighting the explosive popularity of Korean culture worldwide.
Following a meeting with South Korean President Yoon Suk-yeol, Netflix CEO Ted Sarandos announced the decision on Monday, April 24.
Sarandos said the investment demonstrated the company’s confidence in South Korean creative industries to continue telling great stories.
The announcement was described by President Yoon as a “great opportunity” for Korean creators and Netflix. South Korean films and music have gained global acclaim recently, thanks to the phenomenal success of K-pop acts such as BTS and Blackpink, as well as films like the Oscar-winning “Parasite”.
Released in 2021, Netflix’s ‘Squid Game’, which tells the story of indebted participants in a lethal contest for a cash prize, became the platform’s most-watched show of all time, garnering more than 1.6 billion views.
According to Netflix company data, more than six out of 10 Netflix viewers watched a South Korean-produced program on the site in 2022.
Sarandos expressed that the company’s investment reflected the confidence that South Korean creators will “continue to tell great stories” and remarked on the love towards Korean shows that has led to a wider interest in Korea.