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| Netflix to invest $2.5bn in new South Korea films and TV shows | Netflix to invest $2.5bn in new South Korea films and TV shows |
| (12 days later) | |
| South Korean President Yoon Suk-yeol meets Netflix co-CEO Ted Sarandos in Washington | South Korean President Yoon Suk-yeol meets Netflix co-CEO Ted Sarandos in Washington |
| Streaming giant Netflix says it will invest $2.5bn (£2bn) in South Korea over the next four years. | Streaming giant Netflix says it will invest $2.5bn (£2bn) in South Korea over the next four years. |
| The firm's co-chief executive Ted Sarandos made the announcement after he met South Korea's President Yoon Suk-yeol in Washington. | The firm's co-chief executive Ted Sarandos made the announcement after he met South Korea's President Yoon Suk-yeol in Washington. |
| Mr Yoon is currently on a state visit to the US where he is expected to meet President Joe Biden on Wednesday. | Mr Yoon is currently on a state visit to the US where he is expected to meet President Joe Biden on Wednesday. |
| Netflix has seen success with South Korean productions, including the hugely popular show Squid Game. | Netflix has seen success with South Korean productions, including the hugely popular show Squid Game. |
| Mr Sarandos said the money will be spent on making movies and television shows in Asia's fourth largest economy. | Mr Sarandos said the money will be spent on making movies and television shows in Asia's fourth largest economy. |
| "We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories," he said, external. | "We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories," he said, external. |
| The company was also "inspired by the President's love and strong support for the Korean entertainment industry and fuelling the Korean wave," Mr Sarandos added. | The company was also "inspired by the President's love and strong support for the Korean entertainment industry and fuelling the Korean wave," Mr Sarandos added. |
| A Netflix spokesperson said the company did not "have anything to add at this time," when asked by the BBC about other potential investments in the region. | A Netflix spokesperson said the company did not "have anything to add at this time," when asked by the BBC about other potential investments in the region. |
| Are K-reality shows the next Korean cultural trend? | Are K-reality shows the next Korean cultural trend? |
| K-dramas and Bollywood are more similar than you think | K-dramas and Bollywood are more similar than you think |
| In 2021, South Korean-made Squid Game became Netflix's most-popular series of all time. It was streamed by 111 million users in the first 28 days after its launch. | In 2021, South Korean-made Squid Game became Netflix's most-popular series of all time. It was streamed by 111 million users in the first 28 days after its launch. |
| The show tells the story of debt-ridden people competing for a huge cash prize in a series of South Korean children's games, with a deadly twist. | The show tells the story of debt-ridden people competing for a huge cash prize in a series of South Korean children's games, with a deadly twist. |
| Earlier this year, South Korean reality show Physical 100 became the platform's most-watched non-English language show worldwide. | Earlier this year, South Korean reality show Physical 100 became the platform's most-watched non-English language show worldwide. |
| Netflix, which operates in more than 190 countries, now faces increased competition from streaming rivals including Amazon, HBO and Disney. | Netflix, which operates in more than 190 countries, now faces increased competition from streaming rivals including Amazon, HBO and Disney. |
| It has cut prices in tens of countries around the world in an attempt to attract more subscribers. | It has cut prices in tens of countries around the world in an attempt to attract more subscribers. |
| Last week, the company said its long promised crackdown on password sharing will begin in the coming months. | Last week, the company said its long promised crackdown on password sharing will begin in the coming months. |
| This means subscribers who want to share accounts with people outside their household will face an extra fee. | This means subscribers who want to share accounts with people outside their household will face an extra fee. |
| Netflix has been looking for ways to re-ignite growth, which has slowed sharply as households grapple with rising costs and it reaches what analysts see as a saturation point in some of its biggest markets. | Netflix has been looking for ways to re-ignite growth, which has slowed sharply as households grapple with rising costs and it reaches what analysts see as a saturation point in some of its biggest markets. |