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.
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.
“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.
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.
Sarandos said the investment reflected Netflix’s confidence that South Korean creators would “continue to tell great stories”.
“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.