Building on the recent popularity of its Korean entertainment lineup, Netflix has now launched a new massive ₩770 billion KRW (approximately $701,738,422 USD) plan to increase its investment in K-content. The staggering $700 million USD investment trumps the streaming platform’s already sizeable ₩333.1 billion KRW (approximately $303,570,219 USD) push seen back in 2019.
Establishing Netflix Entertainment Korea in September 2020 with plans to operate a content creation studio in March, Netflix has edged its way into South Korea’s media industry with 3.62 million current subscribers. But it is the global appeal of K-content seen as of late that has Netflix placing its focus on creating more original Korean content.
Starting with the success of its ₩60 billion KRW (approximately $54,606,514 USD) investment in Bong Joon Ho’s 2017 film Okja, Netflix has gone on to produce 70 films and shows with South Korean production companies. Streamed to 190 countries worldwide, some standouts include Sweet Home, Kingdom, Crash Landing on You, Itaewon Class and Start-Up.
Netflix’s push into K-content has created a crisis for traditional local platforms like theaters and terrestrial broadcasters. With a greater guaranteed audience base, support for large-scale production costs and no restrictions on material or expression, Netflix is now becoming the number one name for entertainment in South Korea with 80 to 100 production pitches every week.
For more entertainment news, Netflix recently delivered a fast-paced teaser trailer for The Naked Director Season 2.