Netflix Expands Operations in Asia, Leases 16,000 sq Metres of Studio Space in Korea
Over the last five years, Netflix has invested US$700 million in developing Korean content, producing more than 80 shows in Korea for its streaming platform audiences. So far, some of its greatest hits have included Sweet Home, which the company notes was especially popular in the United States, Canada, France, Germany, Qatar, the UAE, and India; and series such as Kingdom Season 2; The King:Eternal Monarch; Start-Up; and It's Okay to Not Be Okay were runaway hits in Hong Kong, Thailand, India, Malaysia, the Philippines, Singapore, Taiwan, and Japan.
Hot on the heels of these successes, this week, the entertainment giant announced it will lease nine stages in Paju-si and Yeoncheon-gun in the Gyeonggi Province, outside of Seoul, totaling approximately 16,000 sq metres of stage and supporting space, where the company will produce further Netflix Korean Original Series and Films.
"Netflix is thrilled to deepen its investment in Korea, as well as Korean Films and Series," said Netflix VP Studio Operations Amy Reinhard in a statement. “With these new studios, Netflix is better positioned than ever to increase our production of great stories from Korea while also providing a wealth of production-related jobs for talented professionals in Korea’s creative community.”
One project that is already in development is Netflix's Korean adaptation of its Spanish original series La Casa de Papel—translated as The House of Paper or Money Heist. The show, which debuted in 2017, was watched by 65 million households in its fourth season. Its Korean adaptation will be directed by Kim Hong-sun.
"Korean creators have been developing their own language and audiovisual culture for years," said Alex Pina, creator and executive producer of La Casa de Papel, in a statement. "They have managed, like our series, to go beyond cultural borders and become a point of reference for thousands of viewers around the world, especially among young people. That is why I find it fascinating that the world of La Casa de Papel is so attractive to Korean creators as to do an adaptation. The fact that the action is set on the Korean Peninsula also seems to me to be a milestone which I am really delighted about."
Additional Netflix Korean shows in progress include Move to Heaven; Kingdom: Ashin of the North; Silent Sea; Squid Game; Hellbound; All of Us Are Dead; and D.P..