Netflix has announced a $2.5 billion investment in South Korea over the next four years, aiming to capitalize on the success of Korean content, such as the wildly popular show Squid Game.
Co-CEO Ted Sarandos made the announcement after meeting with South Korea’s President Yoon Suk-yeol in Washington.
The funds will be used to produce movies, television shows, and variety shows in Asia’s fourth-largest economy.
Sarandos said, “We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories.”
He also mentioned that the company was inspired by President Yoon’s love and strong support for the Korean entertainment industry and fueling the “Korean wave.”
Korean Content Reigns Supreme
With more than 60% of Netflix’s 233 million members worldwide watching South Korean content, it is no surprise that the streaming giant is investing heavily in the region.
This year, Netflix plans to release its biggest-ever slate of Korean content, including over 20 series, half a dozen films, a handful of reality shows, and two documentaries.
Squid Game’s success has been monumental, with 1,650,450,000 hours spent watching the first season, making it the most-watched non-English language series on Netflix.
Other Korean shows, such as All of Us Are Dead, The Glory, and Extraordinary Attorney Woo, have also achieved impressive viewership numbers, amassing nearly half a billion hours each.
Competitive Streaming Landscape and Growth Strategies
Netflix is currently experiencing tough competition from various streaming services like Amazon Prime, Disney+, and HBO.
As a result, the company has reduced its prices in many countries worldwide to attract more subscribers.
Additionally, they have launched a new subscription tier for $6.99 per month, which comes with ads in twelve countries, and also lowered prices in thirty countries by 20% to 60%.
Furthermore, Netflix plans to start enforcing its long-promised policy of discouraging password sharing in the upcoming months.
This means that they will charge an additional fee for subscribers who share their accounts with individuals outside their households.
To counteract the effects of increasing costs and a saturated market, Netflix is looking to invest in the thriving Korean content market.
This move is aimed at maintaining its position in the streaming industry through strategic measures.
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This article was written for Business 2 Community by Khashayar Abbasi.
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