Netflix said Monday it will invest US$2.5 billion in South Korea over the next four years to produce Korean TV series, movies and scripted shows.
The U.S. streaming service announced the plan following a meeting between South Korean President Yoon Suk Yeol and Netflix co-CEO Ted Sarandos after Yoon arrived in Washington for a state visit.
"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 following the meeting 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.
Sarandos said the sum is twice the amount Netflix has invested in South Korea since it started there in 2016.
Citing Korean hits, such as "Squid Game," "The Glory" and "Physical 100," he also said stories produced by Korean creators are "now at the heart of the global cultural zeitgeist."
Yoon welcomed the investment, saying he expects it to be a "large opportunity" for the South Korean content business, creators and Netflix.
Source: Yonhap News Agency