On April 25th, it was announced that Ted Sarandos, Netflix's co-CEO, has decided to invest $2.5 billion (KRW 3.3 trillion) in the K-content industry, following his meeting with President Yoon Suk Yeol, who is currently visiting the United States. The Ministry of Culture, Sports and Tourism stated that this investment is the most significant attraction in the video content industry's investment history. It will serve as a significant opportunity for the content industry to develop, such as strengthening the domestic production capacity, expanding global market entry and preempting, and creating over 68,000 jobs in the content industry. The Ministry of Culture, Sports and Tourism also expects that this investment will alleviate the financial difficulties of domestic production companies with creative ideas and capabilities.
It is also predicted that the effect of enhancing production infrastructure and upgrading production technology will follow. In addition, there will be an increase in domestic production companies with global production competitiveness. As the global video content market is restructuring around online video services (OTT), K-content is expected to expand into world markets beyond Asia, including the United States and Europe. In addition, it is expected that an environment will be created where international talent will grow in all genres of video content. This includes broadcasting such as dramas, entertainment, documentaries, movies, and animations.
Based on Deloitte's analysis of the employment effect of Netflix's investment in Korean content in 2021, the Ministry of Culture, Sports, and Tourism expects that 68,000 jobs will be created if KRW 3.3 trillion is invested over the next four years through this investment attraction.
Netflix's large-scale investment attraction is a follow-up measure to the strategy to strengthen cooperation with global OTT announced at the 4th Export Strategy Meeting held under President Yoon Suk Yeol in February. At that time, President Yoon Suk Yeol stated, "K-content is generating tremendous economic value considering the increase in export scale and the effects on the entire domestic and foreign industries as it gains worldwide popularity," expressing his willingness to foster K-content. The Ministry of Culture, Sports, and Tourism is planning to actively support the growth of the video content industry in response to this. They plan to provide KRW 790 billion in policy finance, the most significant amount in history, this year to support the content industry.
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