Netflix takes another huge step towards global expansion with a huge investment.
Video entertainment provider, Netflix, has made its motto to expand worldwide as quickly as possible, it is grabbing every opportunity to expand and grow its name internationally. It has provided finances of $50 million to a South Korean Film, ‘Okja’, which is going to be directed by Bong Joon-ho, whose previous movie was a hit named ‘Snowpiercer’.
The company has not stopped its search for high quality original content and is refining this strategy more and more every month, it is not afraid of losing money when it comes to achieving content. This also a good way of reducing the cost of the content it achieves. According to business finance news, this is the most risky investment the company has made so far. The amount of $50 million is huge for the movie because the previous hit only cost $42 million and this investment is the biggest one making Okja the number one expensive Korean move till now.
Regardless of the risk, this is going to beneficial for expansion of Netflix Inc. by collaborating South Korea’s biggest filmmaker. The famous director said in statement regarding this development, “It really is a fantastic opportunity for me as a filmmaker. For Okja I needed a bigger budget than I had for Snowpiercer and also complete creative freedom. Netflix offered me the two conditions that are difficult to have in hand together.”
The film is going to be released in Asia with the help of the video streaming services company, which is making huge efforts and progress in coming into an Asian entertainment business. The actors in the film are from Hollywood, Jake Gyllenhaal and TIlda Swinton, and the production will take place in New York and South Korea in April and expected to be released in 2017.
Netflix is very famous when it comes to entertainment and especially, the recent success with Netflix TV shows is obvious in the market and audience. It is now starting new shows and is planning to have its own in-house shows now. It currently has 65 million subscribers globally.
This movie is releasing at a beneficial time. Netflix is launching in South Korea in 2016 and not long after that is the release of this movie, which helps the company’s growth in the country, helping it to get more subscribers. It has also made an investment of $60 million in Brad Pitt’s movie, War machine. This shows the company is fearless when it comes to content and taking risks in order to achieve its goals.
Netflix stock closed at $108.92 on November 12.