Netflix has seen an increase in production and costs in South Korea

Netflix has seen an increase in production and costs in South Korea

A report released in early January shows that Netflix is ​​investing heavily in South Korea to produce more movies in that country. According to a Deadline report, Netflix has spent $ 700 million in South Korea over the past five years, recently renting land at two construction sites on the outskirts of Seoul.

The company’s investment seems to have paid off when it launched this month Space broomNetflix is ​​marketing South Korea as the first space film.

Another report said that Netflix was accelerating its investment in Korea and that the company itself showed up at a local show this week.

Depending on the typeNetflix plans to spend $ 500 million in South Korea this year alone. This includes investing in movies like Moral- Emotion And FuhmanDirected by Jung Byung Gill, it “suggests a scene, an action film … an abduction of a man who gets up from a hotel room and makes a noise in his ear and goes to the rescue.”

In total, by 2020 Netflix will have spent about $ 17 billion on content worldwide. After analysis Posted last year.

“Over the past two years, the world has been in love with the amazing Korean content made in Korea and the world sees it on Netflix,” said Ted Sarandos, co-CEO and chief content officer at Netflix. , Like CNBC reported. Sarantos, a longtime “studio boss” at Netflix, was promoted to co-CEO with Reed Hastings last year.

Our commitment to Korea is strong. We invest and work with Korean storytellers in a variety of formats and formats. ”

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At the presentation, Netflix said it had paid 3.8 million subscribers in South Korea by the end of 2020, and 20 percent of households in that country, according to Variety. As the company has no room for growth in the US or Europe, it is believed that Netflix will target Asia in its next phase of subscriber growth. According to CNBC, the company has created more than 200 original Asian shows and movies since 2016.

Netflix has several South Korean TV series Will surely dieAnd Go to heavenAnd Squid game, And DP, “The story of a military unit described as the story of a soldier who finds deserters and confronts the reality of confused young soldiers”.

The company said in its latest earnings report that by the end of 2020, Netflix will have surpassed the milestone of 200 million subscribers worldwide.

Stephen Silver, Technology Writer National interests, Journalist, essayist and film critic Philadelphia InquirerAnd Jubilee VoiceAnd Philadelphia Weekly, That is Jewish Telegraph Agency diesAnd Life without fearAnd Backstage Magazine, Broad street overview And Insert today. Stephen, co-founder of the Philadelphia Film Critics Circle, lives in suburban Philadelphia with his wife and two children. Follow him on Stephens Silver on Twitter.

Photo: Reuters

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