As a seasoned gamer with a penchant for binge-watching Korean dramas, I must admit that the streaming landscape in South Korea has become my personal battleground these days. The rise of local platforms like Tving has certainly shaken up the market, making it a more exciting and competitive space.
Among all American brands, Netflix stands out as particularly linked to South Korea’s thriving entertainment industry. This is largely due to strategic early investments and consistent heavy funding in the region. Despite the delay for the second season of “Squid Game” until December, Netflix held a commanding position in Korea’s domestic streaming market during the first half of 2024, according to a study by regional consultancy Media Partners Asia. However, the report also highlights how local platform Tving, a collaboration between three major Korean media companies, is gradually closing the gap.
As a dedicated fan, I can’t help but marvel at the continuous growth of Korea’s streaming market. In just the first half of 2024, our subscription video-on-demand scene swelled by an impressive 705,000 subscribers, reaching a staggering 20.8 million. This expansion was accompanied by a significant 11% increase in sector revenues, which now stand at a whopping $922 million.
In the first half of the year, our company experienced the largest percentage increase in viewership compared to last year, growing by 6%. This accounts for 30% of the total market share. Additionally, it generated 15% of the overall revenue. Furthermore, the service accounted for more than one-third (approximately 34%) of the sector’s new subscription additions during this period, bringing its subscriber count to 4.2 million.
Tving is a collaboration between the major Korean studios CJ ENM, internet company Naver, and television network JTBC. This service was introduced to make sure that traditional Korean media companies wouldn’t be left behind during the rise of streaming platforms.
“Tving’s expansion is rooted in hit TV series on the tvN and JTBC network, as well as their variety shows and original content,” MPA stated. “The addition of a new advertising level significantly contributed to this growth, with over 11.5 million active users accessing the platform monthly.”
Netflix saw a decrease of three percent in its share of overall viewership during the first half of the year, but it remained the market leader with a 37% share. The company’s dominance in revenue was even more pronounced, accounting for 43%. This strong position was largely due to its substantial local subscriber base of almost 7 million and higher average revenue per user (ARPU).
On competing platforms, the two market leaders dominated with a majority of viewership. Wavve, a collaboration between some of Korea’s leading broadcasters, captured an 18% share, while Coupang Play came in second at 9%, and Disney+ managed to secure a 5% share.
In this field, local content remains the primary engine for businesses, as Korean productions account for 77% of viewer interaction in high-tier video on demand and 75% of new customer recruitment. This analysis comes from Dhivya T, who is the head analyst at MPA’s research division, AMPD.
As a dedicated fan, I’ve been instrumental in driving success across a variety of scripted and unscripted shows, with an impressive ten of the top fifteen titles claimed during the first half of 2024, sharing the glory with other platforms on seven of these. Interestingly enough, Netflix managed to secure seven of the top fifteen titles as well during this period.
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2024-08-14 12:24