Netflix has announced that it will be investing $500 million in Korean content in 2021 to expand its native slate.
The platform has 3.8 million subscribers in Korea, calculated at the end of 2020.
Minyoung Kim, VP of Content for Korea, Southeast Asia, Australia and New Zealand, said that the platform is riding the “K-Wave”, a term for the increasing popularity of Korean culture around the world.
“We live in a world where Parasite is an Academy Award Best Picture winner, BlackPink plays Coachella, and over 22M households tune into a horror TV series, Sweet Home. Audiences around the world are falling in love with Korean stories, artists, and culture,” Kim stated.
Netflix already has a number of shows and films planned for the year, including The Silent Sea, Squid Game, Kingdom: Ashin of the North, Carter, Moral Sense.
It is also set to release its first Korean sitcom ‘So Not Worth It’.