In recent years, Netflix has emerged as a dominant player in South Korea’s entertainment industry, thanks to its strategic investments and early partnerships. According to a study by Media Partners Asia, Netflix maintained its stronghold on Korea’s domestic streaming market in the first half of 2024, despite the highly anticipated second season of Squid Game not premiering until December. However, the research also highlighted the rise of local platform Tving, which has started to gain ground on Netflix.
The streaming market in Korea is experiencing significant growth, with subscription video-on-demand services expanding by 705,000 subscribers to reach 20.8 million in the first half of 2024. Revenues in the sector also saw an 11 percent year-on-year increase, totaling $922 million. Total streaming viewing time expanded by 5 percent to 103 billion minutes, indicating a growing appetite for digital content among Korean audiences.
Tving, a joint venture between CJ ENM, Naver, and JTBC, made significant gains in the first half of 2024, with a 6 percent year-on-year increase in viewership. The platform now holds a 30 percent share of the market and contributed over one-third of the sector’s subscription additions, reaching a subscriber count of 4.2 million. Tving’s success can be attributed to its popular tvN and JTBC network dramas, variety shows, and original content offerings.
Despite facing competition from Tving, Netflix remains the market leader in Korea, with a 37 percent share of total viewership. The streaming giant also commands a dominant 43 percent share of total revenue, thanks to its local subscriber base of nearly 7 million and higher average revenue per user (ARPU). Netflix’s success in Korea can be attributed to its diverse content library and strong brand presence in the region.
Other streaming platforms in Korea, such as Wavve, Coupang Play, and Disney+, trail behind Netflix and Tving in terms of viewership share. Local content continues to be a key driver of the sector, with Korean titles capturing 77 percent of premium VOD category engagement and 75 percent of customer acquisition. Tving led the way in hits across scripted and unscripted titles, with 10 of the top 15 titles in the first half of 2024, while Netflix had seven titles in the top 15 during the same period.
Overall, the streaming market in Korea is thriving, with both local and international players vying for audience attention. As competition intensifies, platforms like Netflix and Tving will need to continue investing in compelling content and innovative strategies to maintain their market positions and attract new subscribers.
