Sharjah24 - Reuters: Netflix Inc NFLX.O said on Tuesday it plans to invest $2.5 billion in South Korea over the next four years to produce Korean TV series, movies and unscripted shows, doubling the amount the company has invested 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" for South Korea's content industry and Netflix as the country seeks to increase cultural exports and soft power.
Shares of South Korean production and entertainment companies rallied on Tuesday with Showbox 086980.KQ and Studio Dragon 253450.KQ up 8.75% and 2.26%, respectively, compared to the country's smaller Kosdaq index's .KQ11 2.21% drop.
Known as the "Korean Wave" or Hallyu, South Korea's entertainment industry has enjoyed a global boom in recent years. Its music market, led by K-pop groups such as BTS and Blackpink, have been leading the charge.
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