Netflix plans $500 million spending in Korea to crack Asia

Netflix Inc. plans to spend $500 million on original movies and TV shows in South Korea this year, boosting investment in content that’s been key to the streaming giant’s success in one of its fastest-growing markets.

Since entering the country in 2016, the US company has invested $700 million in local content, creating about 80 original series and films in South Korea, co-Chief Executive Officer and Chief Content Officer Ted Sarandos said at a virtual event on Thursday. Disclosing the market’s user numbers for the first time, Netflix said it had 3.8 million paid subscribers in South Korea at the end of 2020.

“Over the last two years, we’ve seen the world falling in love with the incredible Korean content,” Sarandos said. “Made in Korea and watched by the world on Netflix.”