ajunews Thursday,29 February 2024

President Yoon Suk-yeol welcomes Netflix's $2.5 bln investment plan in S. Korea's content industry

By Kim Joo-heon Posted : April 25, 2023, 14:11 Updated : November 24, 2023, 14:48

[Yonhap News Photo]

SEOUL -- Prior to a summit meeting with U.S. President Joe Biden, President Yoon Suk-yeol has welcomed Netflix's $2.5 billion investment plan in South Korea's content industry. The president highlighted that the global streaming giant's four-year investment would become an opportunity for South Korean content businesses and creators as well as Netflix.
 
According to data released by South Korea's presidential office, more than 60 percent of the 231 million households that subscribed to Netflix in 190 countries consume South Korean content. Famous Korean series include Squid Game, watched by some 111 million households around the world only 28 days after its release, The Glory, and Physical: 100.

"I truly welcome Netflix's special investment decision," Yoon said during the meeting with Netflix co-CEO Ted Sarandos and executives on April 25 and at Blair House, a guesthouse in the U.S. presidential office. Sarandos told reporters that he believes the investment will enhance Netflix's long-term partnership with South Korea and the country's creative ecosystem.
 
"We are deepening our partnership with the Korean creative industry which has produced amazing hits such as Squid Game, The Glory, Physical: 100," said Sarandos, adding that the company will continue to grow the global industry while sharing the joy of entertainment with South Korean storytellers and their fans.
 
Yoon embarked on his seven-day state visit to the U.S. with First Lady Kim Geon-hee on April 24. The South Korean president's visit took place after a classified document was leaked online suggesting that the U.S. has been spying on South Korea and other allies. Yoon's state visit was decided before the Pentagon documents were let loose through an online gaming community platform earlier this month.
 
Yoon's summit meeting with Biden is scheduled to take place on April 26. He will engage in other activities in Washington, D.C., such as a welcoming dinner, social events, and a visit to the NASA Goddard Space Flight Center. Yoon will also travel to Boston to discuss with digital and biotechnology experts at the Massachusetts Institute of Technology (MIT) and participate in a South Korea-U.S. cluster roundtable meeting.
 
This year marks the 70th anniversary of the two nations' alliance. The heads of South Korea's four major conglomerates -- Samsung Electronics' Jay Y. Lee, SK Group's Chey Tae-won, Hyundai auto group's Jung Eui-sun, and LG Group's Koo Kwang-mo -- will join a business delegation along with representatives from six economic organizations, including the Federation of Korean Industries, the Korea Chamber of Commerce and Industry, the Korea Enterprises Federation, and the Korea International Trade Association.

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