Greater than some other U.S. model, Netflix stays intently related to South Korea’s bankable leisure trade, because of some savvy early bets and a constant technique of heavy funding there. Even with the second season of Squid Recreation to not come till December, the corporate’s share of Korea’s home streaming market was dominant within the first half of 2024, a brand new examine from regional consultancy Media Companions Asia reveals. However the analysis additionally reveals how native platform Tving, a three way partnership between a trio of Korea’s greatest media corporations, has began to catch up.
Total, Korea’s streaming market continues to be increasing. The nation’s subscription video-on-demand panorama grew by 705,000 subscribers to achieve 20.8 million within the first half of 2024, with revenues within the sector climbing 11 % year-on-year to $922 million. Complete streaming viewing time expanded by 5 % to 103 billion minutes, in line with MPA’s estimates.
Tving made the most important beneficial properties of any firm within the first half with year-on-year viewership development of 6 %, taking 30 % of the total pie. Its share of income, in the meantime, was 15 %. The service additionally contributed simply over one-third of the sector’s subscription additions, as its sub depend climbed to 4.2 million within the interval.
Tving is a three way partnership between Korean studio big CJ ENM, main native web firm Naver and TV community JTBC. The service was launched to make sure Korea’s legacy media giants didn’t miss out on the streaming revolution.
“Tving’s development is anchored to fashionable tvN and JTBC community dramas, selection and originals,” MPA mentioned. “The introduction of a brand new promoting tier additionally helped drive development, with month-to-month lively customers exceeding 11.5 million.”
Netflix’s share of complete viewership slipped three % within the first half, however it was nonetheless the market chief at 37 %. The corporate’s slice of the whole income piece was a dominant 43 %, because of its native subscriber base of almost 7 million and significantly greater ARPUs.
Different platforms trailed the 2 market leaders for viewership. Wavve, the three way partnership between a number of of Korea’s prime broadcasters, took an 18 % share, whereas Coupang Play adopted at 9 %, and Disney+ confirmed up at 5 %.
Native content material continues to be the sector’s dominant enterprise driver, with Korean titles capturing 77 % of premium VOD class engagement and 75 % of buyer acquisition, mentioned Dhivya T, lead analyst at MPA’s analysis arm AMPD.
“Tving led hits throughout scripted and unscripted titles, carrying 10 of the highest 15 titles within the first half of 2024 (with seven shared with different platforms),” she added. Netflix, in the meantime, had seven of the highest 15 titles through the interval.