Netflix to invest $2.5 billion in South Korean films and TV shows – Kommersant
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Over the next four years, Netflix intends to invest $2.5 billion in the production of South Korean series, films and TV shows. According to Reutersthe announcement came after Netflix co-CEO Ted Sarandos met with South Korean President Yoon Seok-yeol, who is in the US on a state visit.
The South Korean entertainment industry has developed rapidly in recent years and is consistently in demand outside the country. In 2021, exports of South Korean entertainment content, including music, video games and films, hit a record $12.4 billion in 2021, according to South Korean officials cited by Reuters. This is more than exports of household appliances and batteries. Netflix’s previous experience with South Korean content has been very successful, with The Squid Game remaining the most watched Netflix series of all time.
Shares of South Korean film companies and companies in the entertainment industry are actively rising on the news about Netflix. In particular, Showbox shows almost 9% growth, Studio Dragon – more than 2%.
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