OTT: Netflix to invest $2.5B in the South Korean market
What's the story
Ever since the world saw the OTT boom, the range of content has been broadened and consumers have access to a varied set of works. The OTT giant Netflix has been investing in the Asian market for quite some time and it has proved beneficial too.
Reports suggest that the OTT platform is set to invest higher in the South Korean market.
Investment
Netflix CEO met South Korean President in DC recently
As per Deadline, Netflix is set to invest $2.5B in South Korean series, films, and unscripted shows for the next four years. Ted Sarandos, Netflix's co-CEO stated the same during a meeting with South Korean President Yoon Suk-yeol.
Reportedly, the amount is twice when compared to the amount invested back in 2016. Korean culture has been a hotcake globally.
Twitter Post
Twitter Post
Netflix said it plans to invest $2.5 billion in South Korea over the next four years to produce Korean TV series, movies and unscripted shows, doubling the amount the company has invested in the market since 2016 https://t.co/oUnpuI8Hmo pic.twitter.com/bDpRLp4ceG
— Reuters (@Reuters) April 25, 2023