SEOUL : When Netflix co-CEO Ted Sarandos visits South Korea this week he will find an entertainment industry that has achieved global fame through hits such as"Squid Game" and"The Glory", but also growing worries about its effects on the local market.
The government last week announced plans to provide 500 billion won to help local streaming platforms compete with global rivals such as Netflix amid soaring production costs. Against this backdrop, President Yoon Suk Youl welcomed Netflix’s $2.5 billion investment as a"big opportunity" for both South Korea and the U.S. streaming giant.
Unlike the EU, South Korea does not have laws requiring foreign streaming services to produce or invest in local content.
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