Netflix Inc will invest $2.5 billion in South Korea over the next four years to produce Korean TV series, movies and scripted shows, the Yonhap news agency reported on Tuesday.
The U.S. streaming service announced the investment following a meeting between South Korean President Yoon Suk Yeol and Netflix co-CEO Ted Sarandos after Yoon arrived in Washington for a state visit, the report said.
Netflix did not immediately respond to a Reuters request for comment.
“We were able to make this decision because of our great confidence in the Korean content industry, and we’ll continue to make great stories,” the Korean newspaper quoted Sarandos as saying.
Korean series “Squid Game,” which released in September 2021, is one of Netflix’s most-watched series.
Netflix offered a lighter-than-expected forecast last week, as it looks to crack down on unsanctioned password sharing into the second quarter to make improvements, delaying some financial benefits.