‘Made in Korea, watched by world’: Netflix plans $500 million South Korea budget
Netflix, the California-based streaming giant, has identified South Korea as one of its keys to its success in the massive Asian market. It plans to spend on local content to boost subscribers.
February 25, 2021 / 12:15 PM IST
Netflix is planning to spend $500 million on original movies and television shows in South Korea this year, Bloomberg reported. This investment is expected to help produce the type of content that has played a key role in Netflix’s success in many of the fastest-growing markets.
The streaming giant has invested $700 million since making an entry into the South Korean market in 2016. The spending has been on local content, which led to the creation of around 80 original series and films in South Korea, according to co-Chief Executive Officer and Chief Content Officer Ted Sarandos. Sarandos was speaking at a virtual event on February 25.
The California-based has revealed that it had 3.8 million paid subscribers in South Korea at the end of 2020.
“Over the last two years, we’ve seen the world falling in love with the incredible Korean content,” Bloomberg quoted Sarandos as saying. “Made in Korea and watched by the world on Netflix.”
Currently, Asia is one of the company’s smallest market regions behind Latin America and Europe. Thus, acquiring subscribers in Asia would be crucial for the streaming giant’s success.
Most of Netflix’s growth in Asia has so far come from Australia, Japan, India, and South Korea, according to the news report. With that, the company has identified South Korea as one of its keys to its success in the massive Asian market.