Netflix to put $2.5bn in Korea content after Yoon meeting

South Korean president Yoon Suk Yeol landed within the U.S. on Monday to begin a six-day state go to. 

That very same day, Yoon met with the top of an organization that’s maybe accomplished probably the most of any U.S. agency, no less than in recent times, to help Korea’s international fame as a cultural hub: the streaming firm Netflix. 

Netflix co-CEO Ted Sarandos led a gathering with Yoon on Monday at Blair Home, the U.S. visitor home for visiting dignitaries. The assembly between Yoon and Sarandos was the primary official engagement by South Korea’s president within the U.S., in keeping with The Korea Herald, an English-language newspaper in Korea. 

After the assembly, Netflix introduced that it might make investments $2.5 billion in Korean content material over the subsequent 4 years, double the quantity the streaming firm had already invested within the nation since 2016. 

“We had been in a position to make this determination as a result of we’ve got nice confidence that the Korean artistic trade will proceed to inform nice tales,” Sarandos stated in a press release. Korean exhibits are “now on the coronary heart of the worldwide cultural zeitgeist,” he stated. 

Yoon known as the “unprecedented” funding “a major alternative for all Korean content material companies and creators, in addition to for Netflix.”

Korea has been a key supply of standard content material for Netflix for the reason that stunning international success of the present Squid Recreation in 2021. The streaming service reported in January that 60% of its customers watched no less than one Korean-made present final yr, and introduced it was planning 34 new and returning titles from the nation this yr. 

Competing streaming platforms, like Disney+, Apple TV, and Asia-based service ViuTV are additionally snapping up Korean and Korean-inspired content material for the area. 

The broader Asia-Pacific area is a constant supply of progress for Netflix, at the same time as subscriber progress flags elsewhere. The corporate added 1.46 million paying subscribers from the area final quarter, out of a complete of 1.75 million. 

What else is Yoon discussing within the U.S?

South Korea’s president is within the U.S. for a six-day journey that features a summit and state dinner with U.S. President Joe Biden. The South Korean president is joined by a 122-person enterprise delegation, together with Samsung chairman Lee Jae-yong and SK Group chairman Chey Tae-won. 

Yoon can also be anticipated to journey to Boston for occasions at each the Massachusetts Institute of Expertise and Harvard College. 

Yoon is anticipated to debate safety preparations with the Biden administration given North Korea’s continued improvement of nuclear weapons. 

Yoon’s go to to the U.S. comes amid numerous disagreements between Seoul and Washington D.C. Korean officers are sad with a number of the situations related to new subsidies for chips and electrical autos, which regularly require both U.S.-based manufacturing or constraints on China-based funding. 

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