LONDON (ShareCast) - (Sharecast News) - Netflix announced on Thursday that it would spend $500m developing South Korean content this year.
The news comes as the streaming service reported 3.8bn paid subscribers in the Asian country at the end of last year.

In the last five years - from 2015 to 2020 - Netflix invested $700m to expand its slate of Korean content and established two purpose-built production facilities in the country. The company also announced two new original films out of South Korea.

It has also acquired rights to existing Korean content, Netflix has made more than 80 original shows and films locally.

"Over the last two years, we've seen the world falling in love with incredible Korean content, made in Korea and watched by the world on Netflix," said Ted Sarandos, co-chief executive and chief content officer at Netflix.

"Our commitment towards Korea is strong. We will continue to invest and collaborate with Korean storytellers across a wealth of genres and formats," he added.

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