Netflix to drop $2.5bn on Korean content material after ‘Squid Sport’ mania | Arts and Tradition Information

Announcement comes as South Korean President Yoon Suk-yeol is on a six-day go to to the US. 

Netflix has introduced it can spend $2.5bn on South Korean content material within the newest signal of Korean tradition’s explosive recognition worldwide.

CEO Ted Sarandos made the announcement on Monday following a gathering with South Korean President Yoon Suk-yeol, who’s on a six-day go to to the US.

“We have been capable of make this determination as a result of we’ve got nice confidence that the Korean artistic business will proceed to inform nice tales,” Sarandos mentioned in a press release.

Yoon hailed the announcement as a “nice alternative” for Korean creators and Netflix.

South Korean movie and music have gained international renown in recent times amid the gorgeous success of Okay-pop acts, together with BTS and Blackpink, and movies such because the Oscar-winning “Parasite”.

Netflix collection “Squid Sport”, which tells the story of indebted contestants in a lethal competitors for a money prize, grew to become the streaming service’s most-watched present of all time upon its launch in 2021, shortly racking up greater than 1.6 billion views.

Extra lately, Korean-produced “The Glory”, a drama a few lady searching for revenge on her bullies from college, and “Bodily:100”, a actuality health competitors, have ranked among the many well-liked exhibits on the positioning.

Greater than six in 10 Netflix viewers watched a South Korean-produced program on the positioning in 2022, in accordance with firm information.

Sarandos mentioned the funding mirrored Netflix’s confidence that South Korean creators would “proceed to inform nice tales”.

“It’s unbelievable that the love in direction of Korean exhibits has led to a wider curiosity in Korea, because of the Korean creators’ compelling tales,” he mentioned.

“Their tales at the moment are on the coronary heart of the worldwide cultural zeitgeist.”

South Korea’s cultural exports, together with music, video video games and movies, hit a document excessive of $12.4bn in 2021, in accordance with authorities figures.

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