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South Korea’s streaming landscape: A dynamic first half of 2024
A surge in subscribers and revenue
The first half of 2024 has been a remarkable period for the South Korean streaming market. According to recent data, the subscription video-on-demand (SVOD) sector saw a significant increase, adding 705,000 new subscribers and reaching a total of 20.8 million by the end of June. This growth translated into an 11% year-on-year revenue increase, amounting to $922 million. Viewing time also saw a notable rise, expanding by 5% to a staggering 103 billion minutes.
Netflix vs. Tving: A battle for dominance
While Netflix continues to hold the crown in the premium VOD category with a 43% share of revenue and 37% of viewership, Tving emerged as the biggest gainer in the first half of the year. Tving managed to secure a third of all net new subscriptions, bringing its total subscriber count to 4.2 million by the end of June. The platform also increased its share of premium VOD viewership from 24% to 30% and captured 15% of the revenue in this segment.
Tving’s impressive growth can be attributed to its strong lineup of popular dramas, variety shows, and original content from networks like tvN and JTBC. The introduction of a new advertising tier also played a crucial role in driving user growth, with monthly active users exceeding 11.5 million.
The broader streaming ecosystem
In the wider Korean video streaming market, which includes premium VOD, AVOD, SVOD, and live streaming platforms on mobile devices, the total viewing time reached 534 billion minutes in the first six months of 2024. This marks a 24% increase compared to the same period last year. YouTube continues to dominate this space, capturing 80% of the total VOD viewership.
The power of local content
Local content has proven to be a significant driver of engagement and customer acquisition in the premium VOD category. In the first half of 2024, local content accounted for 77% of premium VOD category engagement and 75% of customer acquisition. This success can be attributed to a plethora of local drama and variety releases across major VOD platforms, with over 200 titles contributing to 80% of Korean content demand.
Tving led the pack with 10 of the top 15 titles, including both scripted and unscripted content. Other key platforms like Netflix and Disney+ also made their mark, with Netflix securing seven of the top 15 titles. Coupang Play‘s sports and original content also gained traction, while CJ ENM produced six of the top 15 titles in the first half of 2024.
Market share breakdown
In terms of market share for premium VOD viewership in South Korea, Netflix held 37%, followed by Tving with 30%, Wavve with 18%, Coupang Play with 9%, Disney+ with 5%, and U+ Mobile and Watcha each with 1%.
Personal reflections for enthusiasts
For cinema and TV series enthusiasts, the South Korean streaming market offers a treasure trove of content. The rise of platforms like Tving and the continued dominance of Netflix highlight the diverse range of options available to viewers. Whether you’re a fan of gripping dramas, entertaining variety shows, or original content, there’s something for everyone.
For those interested in exploring some of the top titles, here are a few recommendations:
- Tving: Dive into popular dramas and variety shows from tvN and JTBC.
- Netflix: Check out a mix of local and international hits.
- Coupang Play: Enjoy a blend of sports and original content.
- Disney+: Explore a range of original series and movies.
Final thoughts
The first half of 2024 has been a dynamic period for the South Korean streaming market, marked by significant growth in subscribers, revenue, and viewing time. Platforms like Tving and Netflix continue to lead the way, offering a diverse array of content that caters to a wide range of tastes. As the market continues to evolve, it will be fascinating to see how these platforms adapt and innovate to meet the ever-changing demands of viewers.
