Netflix has announced that it is set to spend the sum of $2.5 billion on Korean content following the massive success of ‘Squid Game’ mania- thus signaling the popularity of Korean culture worldwide.
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The announcement was made on Monday Netflix CEO, Ted Sarandos following a meeting with South Korean President Yoon Suk-yeol, who is on a six-day visit to the United States.
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“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.
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Yoon hailed the announcement as a “great opportunity” for Korean creators and Netflix.
More than six in 10 Netflix viewers watched a South Korean-produced program on the site in 2022, according to Netflix company data.
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Sarandos said the investment reflected Netflix’s confidence that South Korean creators would “continue to tell great stories”.
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“It is incredible that the love towards Korean shows has led to a wider interest in Korea, thanks to the Korean creators’ compelling stories,” he said.
