Netflix to invest US$2.5bil in South Korea to make TV shows, movies

FILE PHOTO: A Netflix logo is pictured in Los Angeles, California, U.S., September 15, 2022. REUTERS/Mario Anzuoni/File Photo

NETFLIX Inc said on Tuesday 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.

The U.S. streaming service made the announcement after a meeting between South Korean President Yoon Suk Yeol and Netflix co-CEO Ted Sarandos. Yoon arrived in Washington on Monday for a six-day state visit.