Future of cinema is bright says Netflix CEO during talks with local studios

Movies

Published: 23 Jun. 2023, 11:43 Updated: 26 Jun. 2023, 11:28

Future of cinema is bright says Netflix CEO during talks with local studios

Netflix co-CEO Ted Sarandos, second from left, speaks during a meeting with production company representatives at an open talk session held at Four Seasons Hotel in Jung District, central Seoul, on Thursday. [NETFLIX]

The future of cinema is very bright and Netflix’s efforts to support Korean content will be “unchanged forever,” Netflix co-CEO Ted Sarandos promised during meetings with film studies students and leading production studio representatives on Wednesday and Thursday.

Sarandos, together with legendary Korean Director Park Chan-wook, met with around 100 students at a cinema in Yongsan District, central Seoul, on Wednesday and held an open session discussing the future of cinema, the appeal of Korean films and what makes a good movie.

“The future of cinema is very strong, and this is the time to be making and telling stories,” said Sarandos Wednesday. “I do think that a lot of changes to technologies allow people to make better cinema. There is nothing greater than the experience of being in a dark theater with a group of people, but thank goodness that we can now watch movies in other ways. Through the invention of the internet, smartphones and social media, professional storytelling has reached new possibilities.”

For Park, the future of cinema is about the growth of diversity both in terms of content and how films are made.

“Decades ago only a select few people with the ability to handle the huge cameras and the capital to make movies could do so,” said Park Wednesday. “But now anyone with a smartphone can film content and those videos filmed with phones are opening in theaters. The future of the cinema will become that much more diverse.”

The appeal of Korean films is that Korean content is made to fit the tastes of the local audience, who have a high standard and are not easily satisfied, said Park.

Left, Netflix co-CEO Ted Sarandos, and right, director Park Chan-wook, speak during an open talk session with film studies students held at a cinema in Yongsan District, central Seoul, on Wednesday. [NETFLIX]

“Koreans historically have suffered a lot through their parents’ and grandparents’ generation, and so are very acute emotionally,” said Park. “So they expect not just one kind of emotion from a film or drama but all emotions across the board. That makes for very emotionally strong and stimulating content from Korea, which then appeals to global audiences.”

“There is a lot of free expression in Korea and it is very helpful for a population to be adventurous and curious,” said Sarandos. “The more freedom to create, the more the culture is critically and commercially successful.”

Good films, dramas and content in general does one of two things, according to Sarandos Wednesday.

“I think people look to movies to either connect or escape,” said Sarandos. “To feel more connected to each other or to disappear completely for two hours. The more that a story is unique and authentic, the better the film does this.”

“A good film lets you go beyond your small worldview and break out of your misconceptions,” added Park. “Without stories and films, we would be boxed into our individual outlook only. A good film lets you understand others and strive for diversity.”

During Thursday’s open talk session with production studio representatives, Sarandos reiterated plans for a $2.5 billion investment into Korean content over the next four years promised in April, adding that the streaming service will also invest into nurturing future content creators.

“Over 60 percent of Netflix users last year have watched a Korean film or drama, showing the strength and popularity of Korean content,” said Sarandos Thursday. “Of this Korean content, one out of five works is by a newcomer director or producer. This goes to show how much we are reliant on the growth of the Korean content industry for Netflix’s continuing success.”

Sarandos exchanged opinions with a number of production studio representatives on what Netflix could do better in Korea to improve the content producing environment and cooperation between Netflix and the studios. Sarandos promised that the company’s efforts related to Korean content will be “unchanged forever,” and emphasized that this was just the start for Netflix and Korea.

“We have only scratched the surface in our drive to spread Korean content globally,” said Sarandos. “When we do it right, when we do it local and make content that will be first and foremost successful in Korea, that will be the recipe for success around the world."