Netflix Subsidiary Decides to Invest $100 Million in Korea Over 6 Years
Dean Garfield, Vice President of Policy at Netflix, is speaking at a media open talk held on November 4 last year at the JW Marriott Dongdaemun Square Seoul Hotel in Jongno-gu, Seoul. Photo by Hyunmin Kim kimhyun81@
[Asia Economy Sejong=Reporter Lee Jun-hyung] Netflix, the world's largest online video service (OTT) company, is investing $100 million (approximately 130 billion KRW) to establish special effects production facilities in Korea.
The Ministry of Trade, Industry and Energy announced on the 20th that it held an investment declaration ceremony worth $100 million with Netflix's subsidiary 'Scanline VFX' at the Four Seasons Hotel in Seoul. Scanline VFX is the company responsible for producing special visual effects for Netflix. It has supplied special effects technology to global content producers such as Warner Bros., Marvel Studios, and DC Comics.
Scanline VFX will invest $100 million over six years from this year until 2027 to build Korea's special effects infrastructure. This is the first time Netflix has established a special effects production facility directly operated in Asia. Scanline VFX plans to use part of the investment funds to advance the Korean content production ecosystem.
'All of Us Are Dead' Popularity, How Far Does It Go?(Seoul=Yonhap News) Reporter Seomyeong Gon = On the afternoon of February 2nd, citizens visiting the Netflix Korean original series 'All of Us Are Dead' popup zone installed at Central City in Seocho-gu, Seoul, are experiencing various activities. 2022.2.2
Photo by Seomyeong Gon
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The background of Netflix's large-scale investment includes the government's behind-the-scenes efforts. The Ministry of Trade, Industry and Energy and KOTRA persuaded Netflix by emphasizing the domestic investment environment and support systems. It is reported that Netflix decided on the investment after comprehensively considering Korea's content production infrastructure, foreign investment support systems, and accessibility to the Asia-Pacific market.
Netflix stated that it intends to contribute to job creation through this investment. Scanline VFX Korea said, "We will smoothly carry out the investment to contribute to the creation of quality jobs in Korea's content industry."
An Deok-geun, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy, said at the declaration ceremony, "The export value of K-content surpassed 14 trillion KRW in 2020, and the global influence of Korean content is growing," adding, "We hope this investment will contribute to Korea's growth as a global media powerhouse."
Director General An also emphasized the government's willingness to support. He said, "We will strive to provide possible support within the scope permitted by current laws for Netflix's investment."
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