Netflix will invest $2.5 billion (P139 billion) in South Korean content over the next four years, the streaming giant's CEO Ted Sarandos announced after meeting with the country's President Yoon Suk Yeol in Washington. | via philstarlife
"It is incredible that the love towards Korean shows has led to a wider interest in Korea, thanks to the Korean creators' compelling stories. Their stories are now at the heart of the global cultural zeitgeist," he added.
Netflix, which spent more than 1 trillion won developing Korean content from 2015 to 2021, had previously said it would be expanding its South Korean show output, without giving details of spending plans. Yoon said the new investment"will be a great opportunity for the Korean content industry, creators, and Netflix. We sincerely welcome Netflix's exceptional investment decision."
Pyongyang has conducted another record-breaking string of sanctions-defying launches this year, including test-firing North Korea's first solid-fuel ballistic missile this month—a key technical breakthrough for its military.
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