Netflix has decided to invest $2.5 billion (approximately KRW 3.3 trillion) in K-content, including Korean dramas, movies, and reality shows, over the next four years.
President Yoon Seok-yeol met with Netflix co-CEO Ted Sarandos on the 24th (local time) as part of his first official state visit to the United States.
President Yoon met with a number of Netflix executives, including CEO Sarandos, at the U.S. government guesthouse ‘Blair House’ this afternoon. The meeting was scheduled for a time that was not announced in advance.
In a joint press release, President Yoon said, "I just had a very meaningful time meeting with the CEO of Sarandos and the CEOs of Netflix." He added, "CEO Sarandos announced that he will invest $2.5 billion, or about 3.3 trillion won, in K content over the next four years. “I have stated my position,” he said. He also said, “It will be a great opportunity for both Korean content businesses, creators, and Netflix,” and added, “We sincerely welcome Netflix’s unconventional investment decision.”
CEO Surendos said, “Netflix has decided to invest $2.5 billion in Korea, which will help create Korean dramas, movies, and reality shows over the next four years.” He explained that $2.5 billion is twice the total amount invested by Netflix from 2016, when it entered the market, to last year.
CEO Surendos said, "I was able to make this decision because I had faith in Korea's creative industry and thought Korea would continue to tell great stories." “I think the support also played a part,” he said. He also said, "Our investment will not only contribute to a long-term partnership with Korea, but also revitalize the Korean creative industry ecosystem," referring to Netflix's hits 'Squid Game', 'The Glory', and 'Physical: 100'. “It’s truly fantastic to see Korean culture and Korean creations spreading across the world,” he said. “Stories coming out of Korea now represent the cultural zeitgeist around the world.”
The President's Office said in a press release, "Netflix has not disclosed the scale of investment or investment plan for a specific country, so this public investment announcement is considered very unusual." Additional related remarks were also released.
President Yoon said, “CEO Sarandos said that the relationship between Netflix and Korean content companies is like the ROK-US alliance, and I agree 100%.” He added, “The ROK-US alliance is a value alliance that protects freedom, but in order to protect and expand freedom, culture is necessary.” “It is a necessary requirement,” he said.
When President Yoon said, “I hope that Korean content companies will board the big ship called Netflix and head to the world,” CEO Sarandos responded, “There will be times when there will be waves, but I think we can overcome them together.” In response, President Yoon said, "With Netflix, I don't think there will be any worries about any waves," which led to laughter among the attendees, according to the President's Office.
From the Korean government, Deputy Prime Minister and Minister of Strategy and Finance Choo Kyung-ho, Minister of Culture, Sports and Tourism Park Bo-kyun, and Minister of Trade, Industry and Energy Lee Chang-yang were present, and from the President's Office, Senior Secretary for Economic Affairs Choi Sang-mok and Senior Secretary for Public Relations Kim Eun-hye were present.
According to the President's Office, on the Netflix side, Chief Content Officer (CCO) Bela Bazaria, Chief Legal Officer (CLO) David Hyman, Asia Pacific Content General Manager Kim Min-young (Vice President), Korean Content General Manager Kang Dong-han (Vice President), and Korea Policy General Manager Choi Seung-hyeon (Executive Director) ), etc., attended by a large number of senior executives from Netflix's LA headquarters and Korea branch.
Kim Ji-won, Ten Asia reporter bella@tenasia.co.kr