In this photo image, the Netflix logo is displayed on a smartphone.
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Netflix announced Thursday that it will be spending $ 500 million on films and series produced in South Korea this year to add to the country’s growing content.
Korean filmmakers and stars gathered in Seoul where the US streaming giant announced its investment plans and also featured images from its upcoming list of local series.
Netflix announced that the streaming service had 3.8 million paid subscribers in South Korea late last year.
Over the past five years, from 2015 to 2020, Netflix invested $ 700 million to expand its Korean content and set up two purpose-built production facilities in the country. In addition to acquiring rights to existing Korean content, Netflix has shot more than 80 original shows and films on location, including the popular zombie thriller “Kingdom” by Kim Eun-hee.
“In the past two years we’ve seen the world fall in love with incredible Korean content made in Korea and viewed by the world on Netflix,” said Ted Sarandos, Co-CEO and Chief Content Officer, Netflix, per Video under the event.
“Our commitment to Korea is strong. We will continue to invest in and work with Korean storytellers in a variety of genres and formats,” he added.
On Thursday, Netflix also announced two new original films from South Korea.
South Korean cinema has gained international fame in recent years.
Filmmaker Bong Joon-ho rose to global renown last year when his critically acclaimed film “Parasite” dominated the awards season. History made history as the first non-English language film to win the Academy Awards Oscar for Best Picture.
For its part, Netflix has been focusing on the Asia-Pacific region in recent years as the growth of new subscribers in other parts of the world has slowed due to many already paid memberships.
The streaming giant, headquartered in California, is relying heavily on markets such as South Korea, India and the entire Southeast Asia region to drive its future growth momentum. According to Sarandos, Netflix has created more than 200 Asian original series and films since 2016.
As of December 2020, Netflix reported more than 25 million paid memberships in the Asia-Pacific region compared to more than 200 million worldwide.