Netflix says it brought W5.6tr into Korean economy

Netflix Korea officials explain about the company's achievements for the past five years in Korea during a virtual event on Wednesday. (Netflix Korea)

Netflix Korea officials explain about the company’s achievements for the past five years in Korea during a virtual event on Wednesday. (Netflix Korea)

US-based content streaming giant Netflix has generated economic effects in South Korea worth 5.6 trillion won ($4.73 billion) and created 16,000 local jobs since its 2016 entry here, the company said Wednesday.

At its first event for its Korean partners, the firm released a report written by Deloitte on the effects of its presence and investment in the country. Netflix commissioned the study.

Since it launched here in 2016, the company has invested about 770 billion won in domestic content production. This year, it announced plans to spend an additional 550 billion won.

“When Netflix first launched in Korea back in 2016, we would not have believed that in five years’ time we would have made 80 shows and films. It was even harder to imagine the kind of impact we would bring to fans around the world and to the Korean creative economy,” the company said in the report.

During the virtual event, the company praised the content creators’ efforts and talent.

“The latest Korean series, including ‘D.P.,’ resonated throughout our society, while ‘Squid Game’ has awed the world by topping the Netflix US ranking for the first time as a Korean series,” said Kang Dong-han, vice president of content at Netflix Korea.

Netflix stressed its efforts to further globalize Korean content.

“Netflix has been able to be a platform for the spread of the new Hallyu culture through the shows like ‘Kingdom,’ ‘Vincenzo’ and ‘Squid Game.’ These have all led to increased sales and employment in linked industries in line with the globalization of the Korean Wave,” it said.


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