Netflix plans to spend $500M on new Korean content this year

Netflix plans to spend nearly $500 million in making new original Korean movies and series this year.

During its "See What's Next Korea" event on Thursday, the streaming giant said it has successfully acquired two new production facilities in South Korea to bolster its commitment to K-content.

Netflix Vice President for Content Minyoung Kim said they were also stepping up their engagement with Korean creators.

"We also are engaging heavily on regular knowledge sharing programs for new writers, VFX... experts as well as film major students," Kim said.

“These are some of our efforts to join hands with the Korean content industry every step of our journey," she added.

Kim expressed gratitude to subscribers for the recent success of Korean titles with unique and original concepts.

These include horror-thriller "Sweet Home," which has recorded more than 22 million views worldwide.

"That’s why we’re investing nearly 500 million USD in Korea in 2021 to add more variety and diversity to our growing slate, and to entertain and delight the over 3.8 million Korean households that subscribe to Netflix," she said in a vlog.

Earlier, Netflix unveiled a lineup of new original Korean movies and TV shows to be released later on this year. —JCB, GMA News