Netflix is hoping that new investment in South Korea will lead to the discovery of the next Squid Game.
The streamer has committed to spending $2.5 billion on the creation of Korean TV series, films and unscripted shows, representing a double of the amount it has invested in the country since 2016.
The plans were unveiled following a meeting between Netflix co-chief executive Ted Sarandos and the South Korean President Yoon Suk Yeol, who is on a state visit to Washington DC.
President Yoon described the investment as a “major opportunity” for the South Korean content sector.
In a statement, Mr Sarandos said: “We were able to make this decision because we have great confidence that the Korean creative industry will continue to tell great stories. We were also inspired by the President’s love and strong support for the Korean entertainment industry and fuelling the Korean wave. I’d like to personally thank the President for his kind response letter.”
Squid Game has been a major hit for the steamer, which achieved 1.65 billion views in its first 28 days of release, largely by word of mouth, and continues to hold the record for the most-watched series on the Netflix platform.
The show takes its name from a popular game play in Korean school playgrounds in which children run towards a finish line when “green light” is shouted out and freeze when the words “red light” are called. However, in Squid Game the players are shot dead.
