Netflix's $2.5B South Korean investment to include grooming local talent - report
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Netflix's (NASDAQ:NFLX) Co-CEO Ted Sarandos committed to back Korean showrunners and studios and noted that the company's $2.5B investment in South Korean content would not bypass young local talent, Bloomberg News reported.
In April, Netflix pledged to invest $2.5B over four years in South Korea as the country has already become one of its biggest suppliers of TV shows and movies, helping boost global subscriptions as more people tune in to Korean dramas and reality shows.
However, the surge has also seen protests from local content creators who allege that they have not shared proportionately in this success, from internet service providers who want the company to pay for an increase in online streaming activity, the report added.
Sarandos, who was visiting South Korea to discuss investment plans with Korean production collaborators and government officials, said that Netflix will fund training programs for new entertainers, and will work with local organizations to identify and groom young talent.
The executive noted that a broader investment in creators and production should cause a larger ripple effect in the economy than a normal profit-sharing.
Netflixâs sales in Korea rose by 22% to 773.3B Won (~$600M) in 2022 after streaming services provider raised the monthly subscription cost, the report added citing Byun Jae-il, ab opposition party lawmaker who is a member of the Science, Technology, Information, Broadcasting and Communications Committee of the National Assembly.
South Korea has created some of Netflix's biggest shows such as Squid Game and surprise hits like The Glory.
About 90% of viewers for Korean romance-genre content are from abroad, according to Sarandos.
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