In a new partnership with South Korea, Netflix is attempting to replicate its success with the widely popular series Squid Game. After meeting with South Korean President Yoon Suk Yeol in Washington, Netflix co-CEO Ted Sarandos announced a $2.5 billion investment in South Korean TV series and films over the next four years.
Netflix in south korea
Suk Yeol is in Washington for a six-day visit and will meet with President Joe Biden on Wednesday. Meanwhile, Suk Yeol agreed to meet with Sarandos, describing Netflix’s investment in South Korean content as a “major opportunity,” according to Reuters.
Netflix announced last year that it expected to invest an additional $500 million in Korean content, on top of the $700 million it has already spent since 2016, but Sarandos’ revelation means the firm is now double its prior investment ambitions.
“This decision was made based on the conviction that the Korean creative industry and related creative ecosystem will continue to present great stories,” Sarandos said in the press release.
He added, “It’s amazing how the love for Korean-made stories is having a positive impact on the world’s interest in Korea. I think all of this is thanks to the outstanding storytelling capabilities of Korean creators. Korean works now stand tall at the center of the global spirit of the times.”
Sarandos’ statement comes at a time when interest in Korean films and TV shows has grown since Squid Game became Netflix’s most-watched show in 2021.
Other hits were The Glory, which soared to become the most-watched show in the world when it debuted in March, and Physical:100, which debuted in February as the most popular non-English show in the world.
Netflix, according to Sarandos, was “inspired by the President’s [Suk Yeol’s] love and strong support for the Korean entertainment industry and fueling the Korean wave.”
Netflix said in January that it would be significantly expanding its South Korean programming this year, with 34 new and returning films. According to the company’s analytics, more than 60% of Netflix users will watch Korean films or episodes in 2022.
Netflix Getting Revenue Loss Due to Password Sharing
Netflix’s capacity to invest in new television content was being hampered by the loss of revenue from the shared accounts, the company claimed.
It has stated that it intends to expand the new strategy to more nations in the upcoming months.
“Over the last year, we’ve been exploring different approaches to address this issue in Latin America, and we’re now ready to roll them out more broadly in the coming months, starting today in Canada, New Zealand, Portugal and Spain,” it said in a blog post on Wednesday.
It has previously been simple for subscribers to give their login information and password to pals who live outside of their home.
When it tweeted “Love is sharing a password” in 2017, Netflix even gave the impression that it was endorsing the behaviour.
However, increasing consumer subscription cancellations due to rising living expenses and increased competition in the streaming industry have forced Netflix to concentrate on increasing its revenue.
The company claimed that permitting accounts to be used by multiple people in a single household had “created confusion” regarding who could share what and how.
Members in Canada, New Zealand, Spain, and Portugal, according to the announcement, will now be required to establish a “primary location” for their accounts and control who has access to them.
To read our blog on “Netflix expand its 2023 global crackdown on password sharing,” click here
