- Netflix's $2.5 Billion Bet on Korean Content: Implications for Local Production Companies and OTT Competitors 목차
Netflix's co-CEO, Ted Sarandos, recently announced plans to invest around $2.5 billion (approximately 3.3 trillion won) in Korean content over the next four years, focusing on dramas, movies, and reality shows. This follows the success of Korean original series like "Squid Game," "The Glory," and variety show "Physical: 100."
In 2022, after investing about 800 billion won in Korean original content, Netflix released around 25 Korean dramas and movies. Sarandos expressed his faith in the Korean creative industry and its ability to continue producing engaging stories that resonate with global audiences.
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Although the production industry generally reacted positively to Netflix's announcement, some believe that the investment may not significantly change the landscape, as it is similar to the company's previous commitments to Korean content. One production official said, "It means that we will keep this investment as it is, so nothing will change much from before."
Nonetheless, this news may raise concerns for domestic broadcasters and competing OTTs, who could worry about falling behind in the OTT competition due to Netflix's substantial investment. As the industry continues to evolve, local players will need to adapt and innovate to keep pace with the increasing popularity of Korean content on global platforms like Netflix.
