Netflix CEO says $2.5 billion Korean investment won’t exploit local talent
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1 year ago 06:00:01am Television

Netflix CEO says $2.5 billion Korean investment won’t exploit local talent

New Delhi, 23-June-2023, By IBW Team

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Netflix co-CEO Ted Sarandos promised on Thursday that the streaming giant’s massive investment in South Korean content would not overlook young local talent, following calls from some lawmakers for the streaming giant to share more profits with creators.

South Korea has produced some of the Californian company’s most successful shows, which have become synonymous with the country’s broader international success of cultural exports, prompting it to announce a $2.5 billion investment in Korean content in April.

Netflix ensured that creators and producers were fairly compensated and that young talent was nurtured, according to Sarandos, who also cited a report that the success of Korean content such as “Squid Game” had created thousands of jobs, Reuters reported from Seoul.

“Between 2022 and 2025, for example, one in every five of our titles made for Netflix will come from a first-time writer or director,” he said at a press conference in Seoul.

Sarandos also stated that Netflix was collaborating with the Korea Radio Promotion Association to help talented young people gain production experience.

Don Kang, Netflix’s vice president of Korean content, stated that the company intends to broaden its content investment beyond series to include films and non-fiction.

Sarandos, who is on his first visit to South Korea as co-CEO, said Scanline and Eyeline Studios Korea, a Netflix subsidiary, would invest $100 million in local content over the next six years, which is additional to the $2.5 billion announced in April.

He is due to meet Prime Minister Han Duck-soo on Thursday to discuss cooperation in the entertainment industry between South Korea and the United States in the video streaming market.

On Wednesday, Sarandos met with celebrated South Korean director Park Chan-wook and film students and said telling stories from other countries, not just Hollywood, was his “most proud decision”.

South Korea has produced four of Netflix’s 10 most-watched non-English language series, including “Squid Game”, “The Glory” and “Extraordinary Attorney Woo”.

Some creators who have worked with the company say Netflix has taken a chance on them when others did not.

But as Netflix is by far the biggest streaming platform in South Korea, there are also concerns over its dominance.

Against this backdrop, the government last week announced plans to provide 500 billion won ($390.09 million) to help local streaming platforms compete with global rivals such as Netflix amid soaring production costs.


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