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Netflix has big plans for its streaming service in South Korea. The American content platform just announced its plans to spend $500 million for the production of South Korean projects this year.
The proposal to finance Korean contents
Netflix’s investment was said to include the filming of two movies and more content for 2021 alone. The company is investing this much as the Korean entertainment market has been booming since it debuted on the platform in 2015, Yonhap News Agency reported.
"Netflix has more than 200 million paid users across the world, including 2.8 million in South Korea," Kim Min Young, Netflix Korea’s vice president, said during a streamed event this week. "For 2021, we will invest $500 million into Korean content and help the entire world enjoy Korean shows."
The company noted that it has already invested around $700 million for various Korean programs and churned out about 80 original contents that include the zombie thriller “Kingdom” and “Sweet Home.”
With the apparent success of the Korean titles around the world, Netflix already set up two filming studios in Seoul as part of the company’s strategy to grow further and produce more originals. Now, since most of what had been filmed were drama series and variety programs, for the first time, Netflix is venturing into Korean film originals.
It was revealed there are several finished contents that are set to be released already. Some of them were said to have been filmed in the U.S. and this includes “Carter,” an action film directed by Jung Byung Gil and “Moral Sense,” a webtoon-based drama helmed by Park Hyun Jin. The cast and release date for these projects were not mentioned.
Cementing Netflix’s presence in S. Korea and Asia
Netflix’s plan to invest more in the South Korean market is a move for the company to create a solid foothold in the country and the rest of Asia. This is especially true as one of its competitors, Disney Plus, is planning to launch its service in the land of Kpop as well, CNBC reported.
“Over the last two years, we’ve seen the world falling in love with incredible Korean content, made in Korea and watched by the world on Netflix,” Netflix Korea’s co-CEO Ted Sarandos said. “Our commitment towards Korea is strong. We will continue to invest and collaborate with Korean storytellers across a wealth of genres and formats.”
