Netflix Inc. said on Tuesday it will invest $2.5 billion in South Korea over the next four years to produce Korean TV series, movies, and unscripted shows, doubling its investment 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.
President Yoon welcomed the investment as a “major opportunity” Netflix and the content industry of South Korea as the latter seeks to boost its cultural exports and influence.
Shares of South Korean production and entertainment companies rallied, with Showbox and Studio Dragon up 8.75 percent and 2.26 percent, respectively, compared to the country’s smaller Kosdaq index’s 2.21 percent drop….