Netflix To Invest $500 Million In South Korea In 2021

Netflix revealed on Thursday that it would invest $500 million this year on original films and series in South Korea to expand its increasing slate of materials from the country.

During "What's Next Korea," Min-young Kim, Vice President for Korea, Southeast Asia, Australia, and New Zealand Content at Netflix, made the announcement.

"Netflix has more than 200 million paid users across the world, including 2.8 million in South Korea," Kim Min-young said in an event streamed online.

"For 2021, we will invest $500 million into Korean content and help the entire world enjoy Korean shows," she added.

The U.S. entertainment giant has spent some $700 million on South Korea and produced about 80 Korean content, together with the horror series "Sweet Home" and historical zombie thriller "Kingdom."

The streaming service had 3.8 million paid subscribers in South Korea as of the end of the year 2020.

Netflix disclosed that it had attained two production facilities just outside Seoul. One in YCDSMC-Studio 139, over 9,000 square meters, and the second is Samsung Studio, which is around 7,000 square meters.

"Korean content is the key to lead our growth in the booming Asian market," Kim Min-young from Netflix said in a separate online press conference. "Thanks to Korean content, many Asian people who like Korean shows have come to Netflix."

Netflix also unveiled its schedule shows for 2021. The upcoming shows include: "Love Alarm 2," "Move To Heaven," "DP (Deserter Pursuit)," "My Name (noir series)," "All Of Us Are Dead (zombie series)," "So Not Worth It (comedy)," "Paik's Spirit (reality series w/ Paik Jong-won - it'll feature Korean liquor!)," and "Lee Su-geun: The Sense Coach."

The Netflix move came after the competition in Asia's streaming market, specifically in Korea, is getting fiercer this year.

"As Netflix is a global streaming platform, there are no borders in making quality content targeting global audiences," Min-young Kim said.