Netflix holds leadership in Korean SVOD market

Netflix had a 33% share of South Korea’s 14.1 million SVOD subscribers on the finish of 2021, thanks largely to its premium native content material roster, based on new information from Media Companions Asia (MPA).

MPA South Korea on-line video client insights and evaluations notes that South Koreans streamed 31 billion minutes of SVOD and freemium content material within the fourth quarter, with Netflix taking a 36% share of that watch time. Greater than half of Netflix’s Korean consumption is pushed by native content material, the MPA says, with US fare taking a 25% share.

Waave, the service owned by SKT, KBS, SBS and MBC, can also be pushed by native content material, particularly selection, drama and extra from its terrestrial channel father or mother firms. Content material from KBS, SBS and MBC contributes 75% to Wavve consumption, with selection reveals significantly widespread, the MPA notes. The service gained a 21% share of SVOD/freemium streaming minutes within the fourth quarter and 19% of SVOD subscribers. TVING, operated by CJ ENM and JTBC, can also be dominated by native content material, with a 16% share of streaming time and 18% of subscribers. The opposite dominant native participant, Coupang Play, owned by e-commerce big Coupang, affords US, UK and Korean movies, selection and drama, youngsters’s instructional content material, worldwide sports activities and originals. It had an 8% share of streaming minutes and SVOD subs.

Disney+ arrived in South Korea in November and, by the top of the 12 months, had secured round 2% of streaming minutes and seven% of SVOD subscribers. Having additionally wager closely on Korean drama, Disney+ is anticipated to see good points in streaming time and consumption this 12 months.

“With the size of Netflix and the launch of Disney, Korea has emerged as a hub for producing premium native content material with constant cadence and journey functionality throughout APAC and worldwide markets,” mentioned Vivek Couto, Government Director of the MPA. “In Korea, practically 70% of premium video consumption is pushed by Korean dramas, motion pictures and selection reveals, whereas US collection and films seize 14%. With 5 main manufacturers pushing SVOD and investing closely in native content material, the entry of latest tier 1 SVOD platforms is anticipated to be a problem except built-in with current gamers (i.e. Paramount-TVING) or new methods disruptive options are launched to realize market share from established firms. ”

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