Netflix touts Korea success flagging $4.7 billion economy boost

Netflix Inc. celebrated its successful foray into South Korea by highlighting its contributions to the country’s economy increasingly fueled by entertainment businesses. 

The streaming giant has had a series of hit shows by partnering with creative studios in South Korea since it began offering service in the country in 2016. The latest hit -- Squid Game -- has topped its global rankings this month, becoming the first Korean drama to claim the No. 1 spot in the U.S.

The show is a product of Netflix’s aggressive expansion in South Korea. Netflix added 5.6 trillion won ($4.7 billion) to the economy between 2016 and 2020, with 2.3 trillion won in just last year alone, the company said Wednesday in a report jointly written with Deloitte.