Netflix eyed the lucrative South Korean market for the next Squid Game hit as the streaming giant said to invest $2.5 billion in the next four years on Korean content.
The company’s co-chief executive Ted Sarandos unveiled the investment after meeting with South Korea's President Yoon Suk-yeol in Washington.
The streaming giant has seen overwhelming success with hugely popular Korean shows such as Squid Game.
The head honcho gives insight into the massive investment, adding the money will be put into Asia’s fourth-largest economy for making movies and television shows.
"We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories," he added.
The firm was also "inspired by the President's love and strong support for the Korean entertainment industry and fuelling the Korean wave," says Mr. Sarandos.
While further details were kept wrapped, as a Netflix spokesperson said, the company did not "have anything to add at this time.”
In 2021, Squid Game smashed Netflix's all records to become the most-popular show of all time.
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