Netflix CEO Ted Sarandos commits to spending $2.5 billion on South Korean film and TV production over the next four years. The total is double the amount Netflix has spent in Korea since 2016, the company says.
A roster of Korean content has anchored Netflix position as the dominant streamer within the wealthy and competitive Korean market. And at the same time, Korean shows are increasingly traveling across borders, propelling a"Korean wave" of enthusiastic audiences beyond Korean entertainment’s established markets in East Asia.
Korean-based streaming operators, notably Tving and Wavve are also seeking a bigger piece of the Korean wave for themselvesIn response to the booming demand for content, Korean production companies have also expanded their operations. CJ ENM launched a third production subsidiary, whileAt the height of the content race two years agothat Netflix would spend some $700 million on Korean content in 2022, but the figure was not confirmed by the streamer.
. Simultaneously, a Korean internet giant was challenging Netflix to pay fees for carriage on its networks and the company was criticized by an influential committee within Korea’s National Assembly. “The world’s interest has expanded not only to Korean content, but also to the Korean creators who produce them. Netflix’s investment goes beyond producing great works to create a ‘virtuous circle’ that grows with Korean companies involved in content production, including special effects , special makeup , post-production, production finance, and line production,” a translated version of the longer statement says.
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