Yoon's First Schedule in the US: Secures 3.3 Trillion Won Netflix Investment (Update)

by Bae Kyunghwan

Published 25 Apr.2023 06:56(KST)

Updated 25 Apr.2023 09:03(KST)

"South Korea's Content Industry and Creators, a Great Opportunity for Netflix"

President Yoon Suk-yeol met with the CEO of Netflix on the 24th (local time) as his first official schedule during his state visit to the United States, securing an investment of $2.5 billion (approximately 3.3 trillion KRW).

On the afternoon of the same day, President Yoon met with Ted Sarandos, Co-CEO of Netflix, at Blair House in Washington, D.C., and stated, "Mr. Sarandos announced that Netflix plans to invest $2.5 billion, about 3.3 trillion KRW, in K-content over the next four years." President Yoon emphasized, "This investment will be a great opportunity for the Korean content industry, creators, and Netflix alike."

President Yoon Suk-yeol, on a state visit to the United States, is seen enjoying showing a video of a professional baseball ceremonial first pitch to Ted Sarandos, Co-CEO of Netflix, during a meeting with global corporate executives at the White House Reception Hall in Washington DC on the 24th (local time).
[Image source=Yonhap News]

The announced investment amount is twice the total amount Netflix has invested in Korea over the six years from 2016 to last year. Mr. Sarandos also mentioned, "The reason we were able to make this decision was because we had faith in the Korean creative industry and believed that Korea would continue to tell wonderful stories." He added, "I also think President Yoon's affection for the Korean entertainment industry and Hallyu, along with his strong support, played a significant role."