Netflix has announced that it plans to invest $2.5 billion into South Korean media.
According to BBC, Netflix’s co-chief executive Ted Sarandos made the announcement shortly after meeting with South Korea’s President Yoon Suk-yeol in Washington D.C. President Yoon Suk-yeol is in D.C. for a state meeting with President Biden.
Four of the highest watched non-English speaking shows on Netflix are Korean, CNN reports. One of those shows, Squid Games, was the most watched show of 2021.
“We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories,” Sarandos said in a statement, according to Reuters.
President Yoon believes the investment will be a “huge opportunity” for both Netflix and the South Korean entertainment industry.
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