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Netflix CEO says $2.5bn investment an 'opportunity' for S.Korea

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Netflix's $2.5bn investment in South Korea is an 'opportunity' for local business, the streaming giant's CEO said Thursday, as he played down a dispute with local internet companies over network usage.

South Korean internet service providers have accused Netflix of free-riding on their networks -- paying the standard rate, despite the significant traffic congestion it has causedSEOUL - Netflix's $2.5 billion investment in South Korea is an"opportunity" for local business, the streaming giant's CEO said Thursday, as he played down a dispute with local internet companies over network usage.

"But I believe we're just scratching the surface of what's possible," he added, vowing to invest heavily in training South Korea's next generation of storytellers, in addition to boosting funding for original shows. Netflix sued SK Broadband in 2020, asking the court to confirm that it has no obligation to pay network usage fees to SK Broadband.

"We've invested about a billion US dollars in developing this open connect system which improves and reduces the cost of delivery of bits around the world."

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