Netflix To Devote $500M For South Korean Content In 2021

Netflix Inc (NASDAQ: NFLX) plans to incur $500 million on film and series production in South Korea in 2021 to broaden the local content. The streaming service company had 3.8 million paid subscribers in South Korea as of 2020 end.
Netflix has invested $700 million towards Korean content and established two production facilities in the country. It has produced over 80 original shows and films locally and acquired rights of current Korean content. It also announced two new original films out of South Korea today.
The streaming giant is focusing on Asia-Pacific following a saturation in new subscriber growth in other parts of the world. Netflix has created over 200 Asian original series and films since 2016.
Netflix reported over 25 million paid memberships in the Asia-Pacific region versus over 200 million globally as of December 2020.
The company promoted mobile-only plans in India, Malaysia, Indonesia, the Philippines, and Thailand, with subscription plans below $5 a month versus the U.S., where a standard subscription costs about $14.
Netflix has also incurred $400 million in developing original and licensing content for the Indian market between 2019 and 2020.
Southeast Asia’s internet economy can be worth $300 billion by 2025 from the growing popularity of video streaming and music subscription services.
However, the streaming service faces stiff competition from local, regional, and international players, including Amazon.Com Inc’s (NASDAQ: AMZN) Prime Video, The Walt Disney Co’s (NYSE: DIS), Disney+ Hotstar, AT&T Inc’s (NYSE: T) HBO Max and Tencent Holdings Ltd’s (OTC: TCEHY) iflix.
Price action: NFLX shares are down 0.48% at $550.74 on the last check Thursday.

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