Netflix’s co-CEO, Ted Sarandos, recently confirmed the company’s $2.5 billion investment in South Korean content. This mammoth investment aims to enhance the country’s cultural exports, already having birthed some of Netflix’s most successful shows, while ensuring the nurturing and fair payment of local talent.
The initiative comes in response to appeals by lawmakers urging the streaming giant to share more profits with creators. South Korea has been instrumental in producing some of Netflix’s most-watched non-English language series, including “Squid Game”, “The Glory”, and “Extraordinary Attorney Woo”. This success, according to Sarandos, has generated thousands of jobs and a significant international following for Korean content.
In his pledge, Sarandos committed that between 2022 and 2025, one in five titles made for Netflix would come from a first-time writer or director. This move signifies Netflix’s dedication to cultivating fresh talent and giving newcomers a chance to shine on the global stage.
In collaboration with the Korea Radio Promotion Association, Netflix plans to provide young talent with valuable industry experience. Don Kang, Netflix’s vice president of Korean content, added that the company aims to expand its content investment into films and non-fiction, diverging from its prior focus on series.
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On his inaugural visit to South Korea as co-CEO, Sarandos announced that Scanline and Eyeline Studios Korea, Netflix’s subsidiaries, will invest an additional $100 million in local content over the next six years. This pledge comes in addition to the $2.5 billion investment declared in April.
During his visit, Sarandos also expressed his pride in sharing stories from countries outside Hollywood. Nevertheless, as Netflix emerges as South Korea’s largest streaming platform, there are concerns regarding its dominance. In response, the Korean government announced plans to provide 500 billion won (approx. $390.09 million) to bolster local streaming platforms and counterbalance rising production costs.
As we continue to see the impact of Netflix’s investment in the coming years, it’s clear that the platform’s commitment to nurturing new talent will set a precedent in the global streaming industry.
This news is based on reports from the thestar website.
