Netflix touts Korea’s success with $ 4.7 billion economic boost



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A smartphone with the Netflix logo is visible on a keyboard in front of the words “streaming service” displayed in this illustration taken on March 24, 2020. REUTERS / Dado Ruvic / File Photo

Netflix Inc. celebrated its successful foray into South Korea by highlighting its contributions to the country’s economy, which is increasingly fueled by entertainment companies.

The streaming giant has had a string of hit shows partnering with creative studios in South Korea since it started offering services to the country in 2016. The latest hit – Squid Game – a topped its world rankings this month, becoming the first Korean drama to claim the No.1 spot in the United States

The show is the product of Netflix’s aggressive expansion into South Korea. Netflix added 5.6 trillion won ($ 4.7 billion) to the economy between 2016 and 2020, including 2.3 trillion won just last year, the company said on Wednesday in a co-authored report. with Deloitte.

The economic contribution represents production and distribution by Netflix and the impact on industries such as publishing, comics, music, tourism, food and fashion, he said. In these industries, the company said it created 16,000 full-time jobs during the period.

Netflix has established two studios and produced 80 movies and series since 2016 and now has 3.8 million subscribers in South Korea, according to the report. It has invested around 770 billion won in creating original content in the country.

Netflix is ​​in part benefiting from the rise of the entertainment industry in South Korea, which has seen many of its creators and actors become known internationally. The list includes Bong Joon-ho, who won the Oscar for Best Director for “Parasite” in 2020, Youn Yuh-jung who won the Oscar for Best Supporting Actress this year, and BTS, a boys seven member band commanding armies of loyal fans. worldwide.

Entertainment is one of the fastest growing industries in South Korea along with technology. The number of workers in creative and artistic services increased by 27% between 2009 and 2019, while that of the manufacturing sector, a traditional engine of economic growth, increased by 20% during the same period, according to data from the Statistics Korea website.

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