Netflix announces $2.5 billion investment in Korean content for the platform
CBSN
Streaming giant Netflix confirmed it will be investing $2.5 billion into creating Korean content for the platform, including television series, movies and unscripted shows, over the next four years.
Netflix's co-CEO Ted Sarandos made the announcement Monday at a meeting with South Korea's President Yoon Suk Yeol in Washington. The investment is twice the total amount the company has invested in the Korean market since 2016, when Netflix started its service in the country.
"We are deepening our partnership with the Korean creative industry, which has produced global hits such as 'Squid Game', 'The Glory', and 'Physical:100,'" Sarandos said in a statement. "With the partnership, we will continue to grow with the local industry while sharing the joy of entertainment with Korean storytellers to our fans around the world."
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