Netflix to invest $2.5bn in South Korean content

Netflix has announced that it will invest $2.5bn in South Korea over the next four years. The announcement was made by the company's co-chief executive, Ted Sarandos, after a meeting with South Korean President Yoon Suk-yeol in Washington, where he was on a state visit.
The investment will be used to produce movies and television shows in Asia's fourth largest economy, which has been a great success for Netflix with productions like Squid Game.
"We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories," said Sarandos. He also added that the company was "inspired by the President's love and strong support for the Korean entertainment industry and fuelling the Korean wave."
Squid Game, a South Korean-made production, became Netflix's most-popular series of all time in 2021. It was streamed by 111 million users in the first 28 days after its launch. The success of Squid Game and other South Korean productions have prompted Netflix to invest heavily in the country.
With a presence in over 190 countries, Netflix faces fierce competition from streaming giants such as Amazon, HBO, and Disney. To stay ahead in the game and attract more subscribers, the company has implemented a pricing strategy that involves reducing prices in various countries worldwide. Additionally, the company has announced plans to crack down on password sharing in the coming months, a move that will strengthen the company's revenue streams. By adopting these measures, Netflix aims to solidify its position as the leading streaming platform and continue to dominate the global market.
Netflix's investment in South Korea is a sign of the company's commitment to growth and expansion. It is also a testament to the strength and popularity of South Korea's creative industry. The investment will undoubtedly create more jobs and opportunities for the people of South Korea and will help further fuel the Korean wave.