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Netflix Co-CEO Ted Sarandos Says $2.5BN Korean Investment Won’t Exploit Local Industry, Amid Pushback From Lawmakers

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During a three-day visit to Seoul, Netflix co-CEO Ted Sarandos said the streamer is fairly compensating producers and nurturing new talent, after calls from some local lawmakers and industry figure…

– and the streamer announced a $2.5BN investment in Korean content in April.

Last week, the Korean government announced plans to provide $390M to help local streaming platforms compete with global streamers, including Netflix, as they tackle soaring production costs. “In the longer term, we need to learn, adapt and innovate together. It’s not always going to be easy as the audiences are incredibly demanding…but we are committed to the partnership because we have seen first-hand how much our members love K-content,” he continued.

Don Kang, Netflix’s vice president of Korean content, said the company is planning to invest more in Korean films and non-fiction, after initially focusing more on series.

 

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