Netflix Commits to Supporting Local Talent in South Korea’s Content Industry.
Ted Sarandos, co-CEO of Netflix, reassured that the streaming giant’s substantial investment in South Korean content would not overlook young local talent. There have been calls from lawmakers for Netflix to share more profits with creators, given the success of South Korean shows that have gained international recognition. In April, Netflix announced a $2.5 billion investment in Korean content, reflecting the significance of the country’s cultural exports.
Sarandos emphasized that fair compensation for creators and producers and the cultivation of emerging talent were top priorities for Netflix. He highlighted a report that demonstrated how the popularity of Korean content like “Squid Game” generated thousands of jobs. Sarandos also revealed that in the coming years, one in every five Netflix titles would be from first-time writers or directors.
Additionally, Netflix is collaborating with the Korea Radio Promotion Association to offer valuable industry experience to talented young individuals seeking a career in production. Don Kang, Netflix’s vice president of Korean content, revealed plans to expand the company’s investment into films and non-fiction, having previously focused on series.
During his visit to South Korea, Sarandos announced that Scanline and Eyeline Studios Korea, both subsidiaries of Netflix, would invest an additional $100 million in local content over the next six years, supplementing the $2.5 billion previously pledged. He is scheduled to meet with Prime Minister Han Duck-soo to discuss cooperation between South Korea and the United States in the streaming market.
Sarandos met acclaimed South Korean director Park Chan-wook and film students, emphasizing Netflix’s commitment to showcasing stories worldwide, not just in Hollywood. South Korea has produced four of Netflix’s top 10 most-watched non-English language series, including “Squid Game,” “The Glory,” and “Extraordinary Attorney Woo.” Many creators who have collaborated with Netflix appreciate the platform for taking a chance on their work when others did not.
However, with Netflix’s dominant presence in South Korea’s streaming landscape, concerns about its market dominance have been raised. In response, the government recently announced plans to provide financial support of 500 billion won ($390.09 million) to local streaming platforms to enhance their competitiveness amid rising production costs.