Netflix Subsidiary to Invest $100 Million in Korea Over the Next 6 Years

[Asia Economy Reporter Kim Jin-ho] KOTRA announced that on the 20th, together with the Ministry of Trade, Industry and Energy, it held an investment inauguration ceremony at the Four Seasons Hotel in Seoul with the executives of a global virtual production specialized company, a subsidiary of Netflix.

On the investor side, Stefan Troyanski, CEO of the subsidiary, Hong Seong-hwan, CEO of Scanline VFX Korea, and Park Seong-yong, Head of VFX Division at Netflix Seoul Office, attended. The total investment scale amounts to 100 million dollars over the next six years.

This investment is the first special effects video production facility investment in Asia utilizing VFX (visual effects) and virtual production technology. The parent company, Netflix, has invested more than 1 trillion won in Korean content production until last year and plans to significantly expand support and investment in Korean content this year by increasing domestic production titles.

Through the investment inauguration ceremony, the investors announced plans to ▲advance the domestic content production ecosystem ▲create quality jobs through direct and indirect employment ▲conduct industry-academia-research programs.

Yoo Jeong-yeol, President of KOTRA, said, “It is of great significance that a global company produces content domestically,” adding, “As global demand for Hallyu content expands, the advancement of video production technology through foreign investment attraction will have a positive impact on the domestic related industry and local community revitalization.”