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(Netflix) |
Netflix confirmed Thursday that it has established a branch office in Korea named Netflix Entertainment Korea to double down on its commitment to original content produced here.
Launched in September, Netflix Entertainment Korea is responsible for content discovery, support and investment, while the existing Netflix Services Korea will carry on its overall service operation in the country.
Netflix has run separate content branches in countries where the performance of original content is pronounced, such as with the “Sherlock” series of England and “Money Heist” series of Spain. Korea is the first Asian country where Netflix has established a separate content office.
“The new content office aims to introduce more original Korean content to the world. As more and more Korean content is loved by fans worldwide, we aim to bolster our investments,” a Netflix official said.
From 2015 to this year, Netflix’s investments into Korean content amount to approximately 800 billion won ($724 million). About 70 Korean drama series have been released worldwide as original Netflix dramas, offering subtitles in 31 languages and dubbing in 20.
However, Netflix denied speculation that the establishment of the new office is related to tax avoidance issues.
In August, the National Tax Service investigated Netflix Services Korea over suspicions it paid the US headquarters a large sum in phantom management consulting fees so that the Seoul office would report a deficit and avoid paying corporate taxes.
By Kim Byung-wook (
kbw@heraldcorp.com)
