Netflix CEO says $2.5 bln Korean investment won't exploit local talent

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Netflix co-CEO Ted Sarandos pledged that its bumper investment in South Korean content would not bypass young local talent, after calls by some lawmakers for the streaming giant to share more profits with creators

South Korea has created some of the Californian company's biggest shows, which have become synonymous with the broader international success of the country's cultural exports and spurred it to announce aguaranteed that creators and producers were paid fairly and also nurtured young talent, said Sarandos, who also cited a report that the success of Korean content like "Squid Game" had created thousands of jobs.

Sarandos also said that Netflix was working with the Korea Radio Promotion Association to help talented youngsters gain experience in the production industry. Sarandos, who is on his first visit to South Korea as co-CEO, said Scanline and Eyeline Studios Korea, a Netflix subsidiary, would invest $100 million in local content over the next six years, which is additional to the $2.5 billion announced in April.

On Wednesday, Sarandos met with celebrated South Korean director Park Chan-wook and film students and said telling stories from other countries, not just Hollywood, was his "most proud decision".

 

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