Netflix announced the investment of $2.5bn in South Korean entertainment industry over the next four years. The amount will be used to produce Korean TV series, movies and unscripted shows.
The new amount of investment is double than the amount invested in 2016. Netflix made this announcement after a recent meeting between South Korean President Yoon Suk Yeol amd Netflix Co-CEO Ted Sarandos.
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President of South Korea Yoon Suk Yeol is on six-day state visit in United States. He welcomed and appreciated this great opportunity in South Korean entertainment industry.
The investment of Netflix in South Korean industry will prove to be very beneficial for country as Netflix always seeks to increase cultural exports and soft power.
Revenues of South Korean Entertainment industry
From past few years, South Korean entertainment industry is producing global level content making it popular around the world. South Korean showbox rallied 086980.KQ up to 8.75% and 2.26%.
Korean entertainment industry has enjoyed a global rise also known as “Korean Wave” or “Hallyu”. Its music industry is also rising because of Kpop bands like BTS and BlackPink. They have fans all over the world.
In 2021, Korean entertainment industry export only from video games and music record a high rise of $12.4 billion. The entertainment industry in terms of exports also left behind the export volume of home appliances and rechargeable batteries.
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Netflix CEO said that, We decided to invest in Korean entertainment industry because we have great confidence that Korean creative industry will continue to tell great stories.