Netflix is investing $2.5bn in South Korean entertainment as global media companies step up investment in the country on the back of hits including Squid Game and fitness reality show Physical: 100.
The four-year investment to produce Korean dramas, films and unscripted shows was announced after South Korean president Yoon Suk Yeol met Netflix co-chief executive Ted Sarandos in Washington as part of his six-day state visit to the US this week.
Sarandos said the investment, which is double the amount Netflix has spent in South Korea so far, underlines his confidence in the country’s soft power, after the series Squid Game released in September 2021 became one of the US streaming service’s most-watched programmes.
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