Netflix to invest $2.5 billion in new South Korean movies and TV shows

Illustrative photo

Streaming giant Netflix says it will invest $2.5 billion in South Korea over the next four years.

The firm's CEO Ted Sarandos made the announcement after meeting with South Korean President Yoon Suk-yeol in Washington.

Yoon is currently on a state visit to the US, where he is expected to meet with President Joe Biden on Wednesday.

Netflix has seen success with South Korean productions, including the wildly popular show Squid Game.

Sarandos said the money will be spent on making movies and TV shows in Asia's fourth-largest economy.

"We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories," he said.

The company was also "inspired by the President's strong love and support for the Korean entertainment industry and the promotion of the Korean wave," Mr. Sarandos.

A Netflix spokesman said the company "has nothing to add at this time" when asked by the BBC about other potential investments in the region.

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