Netflix will invest $2.5 billion in South Korean content over the next four years, boosting its ties to a creative industry that has delivered massive global hits to the streaming platform in recent years.
"We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories," Sarandos said.
South Korean titles, including shows such as Squid Game, The Glory and Physical: 100, are now "at the heart of the global cultural zeitgeist," Sarandos said.
"It is incredible that love towards Korean shows has led to a wider interest in Korea, thanks to the Korean creators' compelling stories," he said.
The investment will go toward the creation of new films, series and unscripted shows.Netflix was also "inspired by the president's love and strong support for the Korean entertainment industry and fuelling the Korean wave," Sarandos added.
The meeting with Yoon came as the South Korean president kicked off a six-day state visit to the United States that will focus on security and economic ties between the allies.
Hwang Dong-hyuk's Squid Game, a dystopian drama about contestants who play deadly versions of children's games for a cash prize, is Netflix's most popular series of all time. The show drew 111 million viewers in the first 28 days of its launch in 2021 and has been green-lit for a second season.
Earlier this year, reality competition series Physical: 100 shot to the top of Netflix's global streaming charts, while hits ranging from dark revenge drama The Glory to the heartwarming Extraordinary Attorney Woo demonstrate the wide range of Korean content resonating with audiences around the world.
"I sincerely welcome Netflix's decision on an exceptional investment," Yoon said, calling it a "big opportunity" for both the Korean content industry and Netflix.
"Netflix's decision is considered very unusual because it has never before disclosed the scale of or plan for investment in a certain country," Yoon's office added in a statement. "We interpret this as Netflix's high evaluation of K-Content's potential and the president's willingness to promote it."
