After meeting with Yoon Suk Yeol, President of South Korea, in Washington, Ted Sarandos, CEO of the streaming behemoth, revealed that Netflix would invest $2.5 billion in South Korean programming over the following four years.
The Oscar-winning film "Parasite" and the popular Netflix series "Squid Game" have both helped South Korea solidify its position as a cultural powerhouse in recent years.
"Netflix is delighted to confirm that we will invest USD 2.5 billion in Korea including the creation of Korean series, films, and unscripted shows over the next four years," Sarandos said in a statement given to AFP Tuesday.
"This investment plan is twice the total amount Netflix has invested in the Korean market since we started our service in Korea in 2016."
Sarandos cited the recent success of international hits like "The Glory" and the reality series "Physical 100" in asserting Netflix's "great confidence" that South Korea's creative industry would continue to produce quality tales.
"It is incredible that the love towards Korean shows has led to a wider interest in Korea, thanks to the Korean creators' compelling stories. Their stories are now at the heart of the global cultural zeitgeist," he added.
Over the past few years, South Korean material has swept the globe, and according to corporate statistics, by 2022, over 60% of Netflix subscribers will be watching video from the East Asian nation.
Netflix has previously stated it would be increasing its South Korean show output, but had not provided specifics regarding its investment ambitions. From 2015 to 2021, Netflix spent more than 1 trillion won ($750 million) generating Korean content.
According to a transcript provided to AFP by the president's office, Yoon, who arrived in Washington on Monday for a six-day state visit, praised what he called a "very meaningful" discussion with Sarandos.