The hefty investment plans were unveiled during a meeting between South Korean President Yoon Suk Yeol and Netflix co-CEO Ted Sarandos in Washington D.C.
The streamer said Monday, in a statement targeted to the local Korean press, that it will spend $2.5 billion in South Korea over the next four years to produce Korean TV series, movies and scripted shows. The hefty investment would represent twice what Netflix has spent in Korea between its local launch in 2016 and today, according to the company.
The investment plans were first shared during a meeting between South Korean President Yoon Suk Yeol and Netflix co-CEO Ted Sarandos in Washington, where Yoon arrived Monday for a state visit.
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