‘Squid Game’ Boosts Netflix Amid Korean Streaming Competition as Tving Gains Ground

4 months ago

‘Squid Game’ Boosts Netflix Amid Korean Streaming Competition as Tving Gains Ground

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South Korea’s Premium Streaming Market Thrives in 2024

The premium streaming landscape in South Korea showcased impressive growth in 2024, with Netflix continuing to lead the pack. However, the homegrown platform Tving made significant strides, nearly matching Netflix’s market share, as highlighted in the latest report from Media Partners Asia (MPA).

Record-Breaking Streaming Minutes and Revenue

The report indicates that Korean audiences streamed an astonishing 131 billion minutes of premium VOD content last year, reflecting an 18% increase from 2023. This sector generated $2 billion in revenue, marking a 14% year-over-year growth, with total subscriptions reaching 22.9 million.

Netflix and Tving: The Streaming Titans

Netflix held onto its market leadership with a 35% viewership share, but Tving is closing in, boasting a remarkable 34% share—a significant 10-point gain from the previous year. Together, these two streaming powerhouses accounted for 70% of total premium VOD viewership and captured 80% of new subscriptions in 2024.

Netflix’s Strong Q4 Performance

Netflix particularly excelled in the fourth quarter, securing 39% of viewership thanks to hits like “Squid Game,” “Culinary Class Wars,” and licensed titles such as “The Tale of Lady OK” and “Doubt.” Additionally, a strategic partnership offering free, ad-supported viewing to Naver Plus members proved to be a winning move.

Tving’s Aggressive Content Strategy

Tving’s remarkable growth can be attributed to its aggressive content strategy, which includes a mix of original productions, broadcast shows, variety programming, and sports—all available through a budget-friendly ad-supported tier. By the end of 2024, Tving boasted 5.2 million subscribers, trailing behind Netflix’s estimated 8 million Korean subscribers.

Coupang Play Emerges as a Contender

E-commerce giant Coupang made waves with its streaming service, Coupang Play, which finished 2024 with 3.2 million subscribers. The platform gained traction through investments in local series and sports content, positioning itself as a serious competitor in the market.

Local Content Dominates the Rankings

Local content reigned supreme, with Korean dramas and variety shows dominating the year’s top 15 titles. Netflix’s “Queen of Tears” topped the rankings, while both Netflix and Tving together claimed 13 spots in the top 15, showcasing their content strength and audience appeal.

Insights from MPA

“Netflix and Tving were the primary growth drivers in Korea’s premium VOD market in 2024,” stated Dhivya T, lead analyst and head of insights at MPA. “While Netflix led with a 35% viewership share and had a stellar Q4, Tving rapidly narrowed the gap.”