Netflix To Boost South Korean Content With $2.5B Investment, Riding On Success Of 'Squid Game'

Netflix Inc NFLX will invest $2.5 billion in South Korea over the coming four years to create content in the country.

What Happened: The announcement was made by South Korea's presidential office on Tuesday (Seoul time), reported Financial Times.

See Also: How To Buy Netflix (NFLX) Shares?

The office of South Korean President Yoon Suk Yeol reportedly made the announcement after the leader met with Netflix co-CEO Ted Sarandos in Washington as a part of a state visit.

Sarandos said that the investment was double what Netflix has spent in South Korea until now and underscores the confidence in the East Asian nation's soft-power abilities after the release of "Squid Game" in 2021. 

Why It Matters: Softly after its release, “Squid Game” surpassed the 100 million viewing threshold on Netflix. 

At the time Netflix said it planned to invest $500 million in film and series production in South Korea in order to broaden local content. 

Last year, Netflix teased views with promos for the next season of “Squid Game.” Netflix acknowledged at the time that the first season was its biggest television show ever.

More recently "The Glory," a slow-burn vengeance K-drama, became the most-watched non-English TV show on the streaming video platform.

Price Action: On Monday, Netflix shares closed 0.3% higher, at $329.02 in the regular session, and were largely unchanged in the after-hours trading, according to Benzinga Pro data.

Read Next: Enjoyed ‘Squid Game?’ Here Are 5 More Binge-Watch Worthy Korean Shows On Netflix

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Posted In: EntertainmentNewsGlobalTechMediaSouth KoreaSquid GameTed SarandosThe GloryYoon Suk Yeol
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