Netflix created 5.6 trillion WON in economic effects, 16,000 employment effects over 5 years after entering Korea

Netflix, the world’s largest OTT (Over-the-top) service and online video streaming platform announced that it has created 5.6 trillion won in economic value and 16,000 jobs by making continuous investments over the past five years since entering Korea.

Seoul [South Korea], September 30 : It is analyzed that Netflix is strongly claiming the mutual growth in response to the rising ‘Techlash’ trend (a backlash against the IT companies or strengthening sanctions) around the world, including Korea. Netflix held the ‘Netflix Partner Day’ on Wednesday and announced the achievements of shared growth over the past five years with the Korean creative ecosystem.
At this event, Korean partners of Netflix, including a special makeup company Studio CELL’s CEO Hwang Hyo-kyun, Dexter sound’s subsidiary LIVETONE’s CEO Choi Tae-young, VFX (Visual Effect) company West World’s CEO Son Seung-hyun, and a dubbing and subtitling company Iyuno-SDI Group’s global customer director Oh Hye-seok, attended.
Netflix cited research by global consulting group Deloitte and emphasized that it has generated a huge economic ripple effect of about 5.6 trillion won over the past five years in overall related industries beyond the domestic content industry.
Also, it announced that Netflix contributed to creating about 16,000 jobs by investing about 770 billion won in the Korean domestic content industry. This year, Netflix previously announced an investment plan worth about 550 billion.
It also mentioned the globalization of Korean content through Netflix.
“Korean content created by Netflix and Korean creators is literally becoming a popular culture enjoyed by the world, including America, Europe, and Africa, beyond Asia, the existing market with high popularity of Korean Wave,” said Kang Dong-Han, Netflix VP, Content (Korea).
“The recent Netflix original series ‘D.P.’ has had a great influence in various fields of our society beyond the content industry. Also, ‘Squid Game’ surprised the world by ranking first in the US top 10 chart for the first time as a Korean series,” Kang Dong added.
Netflix pointed out that Netflix accounts for a very high proportion among major Korean content streaming channels used by overseas viewers last year. According to a survey of 8,500 people conducted by the Korea Foundation for International Culture Exchange, Netflix accounted for 64.3% of movies, 63.2% of TV series, and more than 50% in both entertainment and animation.
In addition, Netflix said that the love of fans around the world for Korean content is leading the globalization of the Korean Wave and the growth of the domestic creative industry.

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