Yoon Launches Business Trip with a 'Letter'... Announces $3.3 Trillion Investment Attraction 3 Hours After Arriving in the US (Comprehensive)

Yoon: "A Pioneer in Market Development Whom Many Seek to Learn From"
Serandos CEO: "Grateful for Strong Support and Kind Response Letters"
Netflix's Unusual Investment in Specific Countries... Economic Benefits Expected to Increase

On the 24th (local time), President Yoon Suk-yeol secured an investment of $2.5 billion (approximately 3.3 trillion KRW) as the first agenda of his state visit to the United States by meeting with the CEO of Netflix. It is reported that President Yoon and Ted Sarandos, co-CEO of Netflix, exchanged letters beforehand to promise investment and support, announcing a large-scale investment agreement just three hours after arriving locally.

On the same day, President Yoon met with CEO Sarandos at Blair House in Washington, D.C., and conveyed that "Netflix has expressed its intention to invest $2.5 billion, about 3.3 trillion KRW, in K-content over the next four years." The meeting between President Yoon and CEO Sarandos took place just over three hours after President Yoon arrived at Andrews Air Force Base near Washington, D.C., around 1:30 p.m.

President Yoon Suk-yeol, on a state visit to the United States, is listening to Ted Sarandos, Co-CEO of Netflix, announce investments in Korean content at the White House Reception Room in Washington, D.C., on the 24th (local time).
[Photo by Yonhap News]

At the meeting, President Yoon told CEO Sarandos, "You are a figure who recognized market changes early, jumped into business, created a business model, and pioneered the market, and many people want to learn from you." He added, "CEO Sarandos said the relationship between Netflix and Korean content companies is like the Korea-U.S. alliance, and I completely agree. The Korea-U.S. alliance is a value alliance that protects freedom, and culture is an essential requirement to protect and expand freedom."

CEO Sarandos responded, "Collaborating with Korean creators is a great strength for us. Korean works have incredible stories, and we are exporting Korean culture to the world." He also added, "The work of adding Korean subtitles started small at first, but now we operate 34 offices worldwide, showing great results."

The investment amount announced that day is twice the total amount Netflix invested in Korea over six years from 2016 to last year. CEO Sarandos explained, "The reason we could make this decision was because we had faith in the Korean creative industry and believed Korea would continue to tell wonderful stories. I also think President Yoon’s affection for the Korean entertainment business and Hallyu and his strong support played a part."

The connection between President Yoon and CEO Sarandos was also revealed. CEO Sarandos said, "I was also inspired by the President’s love and strong support for the expansion of the Korean entertainment industry and Hallyu. I am grateful for the kind reply letter the President sent in response to my letter." Recently, President Yoon and CEO Sarandos watched a video of President Yoon throwing the first pitch at the opening game of the Korean professional baseball season together and talked. President Yoon said, "It was my first pitch in 40 years," and CEO Sarandos showed photos of two rescue dogs he is raising to the President and First Lady Kim Keon-hee.

Industry insiders interpret this public investment announcement as very unusual, considering that Netflix has not previously disclosed the scale or plans of investment in specific countries. This is also read as a sign that Netflix highly values the potential of K-content and the President’s commitment to fostering it.

The Presidential Office expects that starting with securing Netflix’s investment, President Yoon, as the "No. 1 salesperson," will achieve various results in economic diplomacy. On the second day of his tour, the 25th, President Yoon will discuss local market entry and investment attraction measures at the investment signing ceremony, the Korea-U.S. Business Roundtable, and the Korea-U.S. Advanced Industry Forum held in Washington, D.C. To this end, a large economic delegation of 122 members, the largest since the launch of the Yoon Suk-yeol administration, will accompany him.

This content was produced with the assistance of AI translation services.