On a recent visit to South Korea, Netflix Co-CEO Ted Sarandos shared that more than 60% of its users have watched at least one Korean title on the streaming service.
Since the release of Bong Joon-ho’s “Okja,” Netflix’s first international film in 2017, the South Korean media has become something of a cash cow for the most popular streaming service. of the world. His 2021 hit show «Squid Game» made waves around the world and made history as the platform The most seen show or movie of all time.
Speaking at an event, Sarandos, who visited seoul from June 20 to 22, he said that in the past four years alone, the audience for «K content» has increased six-fold. He added that more than 90% of the viewers of Korean romance shows on Netflix come from outside of Korea.
In April, Netflix revealed that invest $2.5 billion in the Korean media for the next four years, including on shows for local young talent. At a news conference, Sarandos said that 1 in 5 shows or movies will be directed by a first-time director or writer between 2022 and 2025, Reuters reported.
Sarandos also expressed concern that Netflix’s gigantic size would crowd out local media companies, emphasizing its collaboration and partnership with South Korean VFX studios, according to the hollywood reporter.
Sarandos’s visit last week came as the South Korean government fiance that it would invest 500 billion won, or about $390 million, in its local streaming services to compete against the US streaming giant, according to Reuters.
At the event, he spoke fondly of his relationship with “Parasite” director Bong, whom he met on the production of “Okja.”
“He is the ultimate teacher and he gave me a crash course in Korean cinema,” Sarandos said. “And then I had the great privilege of introducing him to Martin Scorsese, one of his heroes. A few years later, director Bong won best director and best picture Oscars for «Parasite,» the same year Martin Scorsese was nominated.