Netflix goes all-in on South Korean content, with $2.5bn investment plan

Bloodhounds

Netflix is planning to invest $2.5bn in South Korean content over the next four years, according to co-CEO Ted Sarandos.

This announcement comes after the US-based streamer unveiled a huge slate of 34 new and returning titles earlier this year, including upcoming series and films across both scripted and unscripted, such as drama Bloodhounds and true crime doc In the Name of God: A Holy Betrayal.

Sarandos revealed the plans after meeting South Korea’s President Yoon Suk-yeol in Washington, during his state visit to the US this week.

“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, whose firm saw massive success with the 2021 South Korean thriller Squid Game.

President Yoon said that the Netflix investment was a “great opportunity” for South Korean content creators and that “we sincerely welcome Netflix’s exceptional investment decision.”

In January, Netflix VP of content for Korea, Don Kang, revealed that during 2022 South Korean shows had regularly featured in the streamer’s Global Top 10 list in more than 90 countries, with three of Netflix’s most-watched shows of all time hailing from Korea. At the time he said that 2023 would see Netflix “pushing the envelope even further.”

Last week, Sarandos said that Netflix is planning to maintain its overall $17bn content spend in 2024, following the streamer’s Q1 results, during which it revealed it had added 1.75 million net new subscribers in the period.