ISTANBUL: Netflix will invest around US$2.5 billion in South Korea, the US streaming service has said. This would be the largest investment in the country's content industry which is expected to create 68,000 jobs.
The announcement came during a meeting between South Korean President Yoon Suk Yeol, who is in Washington on a state visit to the US since Monday and Netflix CEO Ted Sarandos.
Netflix will produce Korean TV series, movies and scripted shows as the investments by the US streaming service would be made over the next four years.
"We were able to make this decision because of our great confidence in the Korean content industry, and we'll continue to make great stories," Sarandos said after meeting Yoon at Blair House.
"I have no doubt that our investment will strengthen our long-term partnership with Korea and Korea's creative ecosystem," he said.
Lauding South Korean TV productions which include "Squid Game," "The Glory," and "Physical 100 hits, Sarandos said: "The sum is twice the amount Netflix has invested in South Korea since it started there in 2016."
"Stories produced by Korean creators are now at the heart of the global cultural zeitgeist," he said, according to Seoul-based
Yonhap News.
Yoon welcomed the investment, saying he expects it to be a "large opportunity" for the South Korean content business, creators and Netflix.
South Korea's culture ministry said the investments "will help strengthen the capabilities of domestic production companies and increase their chances of advancing to the global market."
