Netflix to invest $500 million in South Korean projects for 2021

[waves-of-light.livejournal.com]

Global streaming service Netflix said Thursday that it will funnel US$500 million into creating South Korean projects this year, including two films.

"Netflix has more than 200 million paid users across the world, including 3.8 million in South Korea," Kim Min-young, vice president of Netflix, said in an event streamed online. "For 2021, we will invest $500 million into Korean content and help the entire world enjoy Korean shows."

Since its Korean market debut in 2015, the U.S. entertainment giant has spent some $700 million on South Korean projects and made about 80 Korean originals, including the historical zombie thriller "Kingdom" and the horror series "Sweet Home."

As Netflix has enjoyed success in the country on the back of its hit Korean titles, it has set up two filming studios in cities just north of Seoul as part of its strategy to expand original content production.

Moreover, Netflix said it will start producing Korean original films in South Korea for the first time since its entry into the country in 2015. Its 2017 original film, Bong Joon-ho's adventure "Okja," was produced in the United States.

They are the action film "Carter," directed by Jung Byung-gil, and the webtoon-based romance "Moral Sense" by Park Hyun-jin. But it did not elaborate on details of release schedules and the cast of the cited films.

The company has focused more on Korean TV series so far and just bought the distribution rights of five Korean films, including "Time To Hunt," "Call" and "Space Sweepers," to release them on its platform without theatrical runs.

The move came as Netflix has been making efforts to cement its solid position in the Korean and Asian streaming market in the face of fiercer competition this year.

Walt Disney Co. announced its plans to launch its flagship streaming service Disney+ in South Korea, while homegrown streamers like Wavve and Tving are moving to splurge on original content.






source: Yonhap News

Comments

[marsdiamonds.livejournal.com]

My favorite thing about kdramas is the only season/16 episodes format. And I see Netflix did Love Alarm in two seasons already. So I’ll stick to TVN’s illegal streaming, thank you!

[xoxkenzxox.livejournal.com]

they did that with My First First Love as well and I was super disappointed. Netflix shows can be hit or miss for me.

[myungung.livejournal.com]

Ugh I really don’t like the 2 part thing when it obviously could be done in 16 episodes/1 season. I fear that with Love Alarm and Kingdom getting hyped, it might set a new precedent. Please stick to terrestrial channels

[timetobegin.livejournal.com]

Whenever a webtoon adaptation is announced I take a look at the original and Moral Sense really surprised me here. BDSM?! Very much not my cup of tea but intrigued how this'll be adapted.

[iviih.livejournal.com]

Stranger had 2 seasons and it did not disappoint, I would watch a 3º season easily, it was really good!!

But I disliked My first love season 2, and I'll check love alarm season 2

I really liked some Netflix original, but disliked others, seems like they prefer horror genre more??

I liked extracurricular and wanted season 2 but after the main lead actor bullying scandal I don't want it anymore.......

[accioanime.livejournal.com]

I think Netflix do a lot of Korean horror and gritty shows because these are shows that most public broadcasting companies in Korea would turn down because of either censorship or the controversial topics or gory scenes wont appeal to the wide public, where the highest rated shows tend to be family-friendly weekend dramas. With Netflix, they can get away with whatever while still having the budget for it.

[iviih.livejournal.com]

Thanks this makes sense!!

I also noticed the "horror" genre is more accepted by international people? Like I hear some say " asian horror/revenge movies are the best" and most just check it if the genre is horror or zumbi (My sister never wanted to watch any kdramas with me, but she is checking out kdramas with horror tag and liking it)