Netflix Planning On Spending A Ridiculous Amount Of Money On One Country’s Content
Netflix is investing billions in South Korean content.
Netflix is going all in on South Korean content, as the streaming giant just committed to investing $2.5 billion in South Korean series, films, and unscripted shows over the next four years. Deadline reported on the news, which Netflix co-CEO Ted Sarandos announced during South Korean President Yoon Suk Yeol’s visit to the US. According to the Korean press, Yoon welcomed the announcement and said it would be a great opportunity for Korean creators.
It’s no surprise that Netflix is bullish about Korean content, considering its success so far with the content on the platform. One of the best examples is undoubtedly the hit drama Squid Game. Squid Game remains the most-watched Netflix series of all time, with critical acclaim that includes numerous Emmy nominations and a historic win for Lee Jung-jae for Outstanding Lead Actor in a Drama Series.
Squid Game follows a group of financially strapped individuals who compete in deadly games to win a massive cash prize. The series was created for Netflix by Hwang Dong-hyuk and starred Lee Jung-jae, Park Hae-soo, Wi Ha-joon, HoYeon Jung, O Yeong-su, Heo Sung-tae, Anupam Tripathi, and Kim Joo-ryoung. While Hwang Dong-hyuk didn’t initially have plans for a sequel, the unexpected immense success of the series led to it being greenlit for a second season.
It remains to be seen if the second season of Squid Game will capture the pop culture zeitgeist again, but it seems almost inevitable that it will draw close to the same amount of viewers. Of course, Squid Game is far from the only reason Netflix is betting on more South Korean content. The streamer has plenty of other successes with the Korean drama The Glory and the reality competition Physical 100.
Netflix’s successful relationship with South Korea can be traced back to the streamer’s initial foray into international productions. Back in 2017, Netflix became the distributor for the Bong Joon-Ho film Okja, which was met with undeniable critical acclaim. The film followed a young girl saving her pet genetically altered super pig from the US meat industry, and it starred Ahn Seo-hyun, along with Byun Hee-bong, Yoon Je-moon, Choi Woo-shik, Tilda Swinton, Paul Dano, Steven Yeun, Lily Collins, Shirley Henderson, Daniel Henshall, Devon Bostick, Giancarlo Esposito, and Jake Gyllenhaal.
This massive multi-billion dollar commitment is certainly a strong signal that Netflix is happy to put more money into K-content, but it invested plenty into the international arrangement before this. Currently, 17 different Korean Netflix original shows are either pending renewal or already renewed, including the aforementioned Squid Game and The Glory. Also, the streamer has already released 18 original Korean films since 2020.
That’s not including the five upcoming Netflix original films from Korea that are planned for a 2023 release or later. These films include The Match, the documentary Yellow Door: Looking for Director Bong’s Unreleased Short Film, Ballerina, Believer 2, and more. We’ll have to see how far this $2.5 billion goes over the next four years, but history says that there’s no reason this relationship won’t be beneficial and fruitful for both the streamer and South Korean creators.
