Netflix to spend $500 million more to line up original shows, movies in South Korea
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Netflix has been spending heavily on developing original content as it faces intense competition from other streaming platforms
Netflix Inc said on Thursday it plans to invest $500 million on original movies and TV shows in South Korea this year, as the streaming giant expands in one of the fastest-growing markets in Asia.
The company has built a pipeline of Korean original content including sci-fi thriller "The Silent Sea", reality series Baik`s Spirit and sitcom "So Not Worth It", Netflix said in a blog post.
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Netflix, which had 3.8 million paid subscribers in the country at the end of 2020, has already invested nearly $700 million, feeding off the global popularity of the pop culture machine of South Korea.
It has created more than 70 Korean-made shows, including the hit zombie thriller "Kingdom" and documentary series "Black Pink: Light Up the Sky" about the highest charted female K-Pop act.
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The streaming pioneer enjoyed a boom in subscriptions last year as people around the globe were largely stuck at home due to COVID-19 restrictions.
Netflix has been spending heavily on developing original content as it faces intense competition from other streaming platforms including Walt Disney Co`s Disney+, HBO Max from AT&T Inc and Apple Inc`s Apple TV+.