Netflix CEO says $2.5 bln Korean investment won't exploit local talent

Korea Investment Holdings

22/06/2023 06:22

SEOUL, June 22 (Reuters) - Netflix co-CEO Ted Sarandos
pledged on Thursday that its bumper investment in South Korean
content would not bypass young local talent, after calls by some
lawmakers for the streaming giant to share more profits with
creators.
    South Korea has created some of the Californian company's 
biggest shows, which have become synonymous with the broader
international success of the country's cultural exports and
spurred it to announce a $2.5 billion investment in Korean
content in April.
    Netflix  NFLX.O  guaranteed that creators and producers were
paid fairly and also nurtured young talent, said Sarandos, who
also cited a report that the success of Korean content like
"Squid Game" had created thousands of jobs.
    "Between 2022 and 2025 for example, one in five of our
titles made for Netflix will come from a first-time writer or
first-time director," he told a press conference in Seoul.
    Sarandos also said that Netflix was working with the Korea
Radio Promotion Association to help talented youngsters gain
experience in the production industry.
    Don Kang, Netflix's vice president of Korean content, said
the company was planning to expand its content investment to
films and non-fiction, after previously focusing on series.
    Sarandos, who is on his first visit to South Korea as
co-CEO, said Scanline and Eyeline Studios Korea, a Netflix
subsidiary, would invest $100 million in local content over the
next six years, which is additional to the $2.5 billion
announced in April.
    He is due to meet Prime Minister Han Duck-soo on Thursday to
discuss cooperation in the entertainment industry between South
Korea and the United States in the video streaming market.
    On Wednesday, Sarandos met with celebrated South Korean
director Park Chan-wook and film students and said telling
stories from other countries, not just Hollywood, was his "most
proud decision".
    South Korea has produced four of Netflix's 10 most-watched
non-English language series, including "Squid Game", "The Glory"
and "Extraordinary Attorney Woo".
    Some creators who have worked with the company say Netflix
has taken a chance on them when others did not.
    But as Netflix is by far the biggest streaming platform in
South Korea, there are also concerns over its dominance.
    Against this backdrop, the government last week announced
plans to provide 500 billion won ($390.09 million) to help local
streaming platforms compete with global rivals such as Netflix
amid soaring production costs.
($1 = 1,293.1100 won)

 (Reporting by Hyunsu Yim
Editing by Ed Davies and Sam Holmes)
 ((Hyunsu.Yim@thomsonreuters.com;))