Netflix, the world’s largest streaming website, has said it plans to invest $500 million in original movies and TV shows in South Korea this year.
According to reports, Netflix is trying to further expand the growing markets in Asia.
Netflix said in a blog post that the company is producing original Korean content, including the science fiction thriller The Silent Sea, reality series Baik’s Spirit and sitcom So Not Worth It.
By the end of 2020, Netflix had 3.8 million subscribers in South Korea, and the company had already invested about $700 million due to the global popularity of South Korean pop culture.
Netflix has produced more than 70 Korean shows, including the Zombie Thriller Kingdom and the documentary series Black Punk: Light Up the Sky.
In January, Netflix announced that it would release a record 70 Hollywood movies this year.
The administration had said that 70 films to be released in the United States would be released globally in 10 languages other than English.
In addition to releasing Netflix films in 190 countries in 2021, they will also be released in cinemas in some countries in collaboration with Netflix.
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Netflix aims to release as many movies as possible to give its rival streaming websites a tough time, as Apple, Disney Plus, HBO Max and other websites have also started releasing movies on OTT Platforms as theatres are closed due to Coronavirus.
In addition, other countries, including India and Pakistan, are witnessing an increase in the number of streaming websites at the local level, and plans are afoot to release more movies online instead of in cinemas in the near future.