Netflix (NFLX) is expanding its Asian movie selection in a deal with Korea’s top studio CJ E&M, the latest license struck by the movie renter as it continues to face animosity from customers for raising its prices.
Continue Reading Below
Terms of the transaction were not disclosed, but CJ E&M said it has agreed to feature 20 of its acclaimed Asian movies on Netflix starting this month. The blockbuster movies include those from iconic Korean director Kang Woo-Suk, including his most recent mystery thriller Moss.
"This is part of our ongoing commitment to expand our members' access to exceptional and high-quality content from around the globe,” Lisa Nishimura, vice president of independent content acquisition for Netflix, said in a statement.
Netflix told customers in July that it needed to raise prices to improve the quality of the service as licensing deals were becoming costlier. The company has faced severe customer backlash since then and has seen its stock drop more than 65% in three months.