The South Korean streaming market is consolidating round 5 main gamers because it additionally emerges as a hub for premium native content material.
New analysis from consultancy Media Companions Asia and its analysis platform AMPD reveals that the nation boasted 14.1 million premium video streaming subscriptions on the finish of 2021 and that premium platform utilization represented a rising share of whole watch time.
SVOD leaders Netflix, Wavve, TVing, Coupang Play and Disney+ captured an mixture share of 85% of SVOD subscriptions in Korea and 83% of SVOD streaming minutes.
“In Korea, practically 70% of premium video consumption is pushed by Korean dramas, motion pictures and selection reveals, whereas US sequence and flicks seize 14%,” stated Vivek Couto, govt director of the MPA. “With 5 main manufacturers pushing SVOD and investing closely in native content material, the entry of recent tier 1 SVOD platforms is predicted to be a problem until built-in with current gamers [such as Paramount’s pact with TVing] or new disruptive methods are launched to take market share away from established firms.”
MPA information confirmed that Netflix accounted for 33% of Korea’s 14.1 million SVOD subscriptions, forward of Wavve with 19% and Tving with 18%. Coupang Play, which accompanies the Coupang dwelling purchasing service, accounted for 8% and the just lately launched Disney+ 7%.
When it comes to minutes watched throughout This fall 2021, the numbers had been related: Netflix 36%, Wavve 21%, TVing 16%, Coupang Play 8% and Disney+ 2%.
Greater than half of consumption on Netflix is pushed by Korean content material, whereas US content material captures 25%. Korea stays strategically vital to Netflix. The platform is investing closely in Korean dramas that it monetizes throughout the APAC area and globally. Netflix has introduced 26 Korean titles up to now for its 2022 record.
Wavve, owned by SKT and the three main terrestrial broadcasters KBS, SBS and MBC, enjoys selection, dramas and dwell channels from native broadcasters, Hollywood motion pictures and sequence from HBO, CBS and others. Content material from KBS, SBS and MBC contributes 75% to Wavve consumption, with selection reveals notably widespread.
TVing options native dramas from shareholders CJ ENM and JTBC, in addition to a rising providing of authentic dramas and actuality reveals. TVING’s inclusion in Naver’s Plus Membership and the recognition of CJ and JTBC dramas and hit originals are serving to to drive development.
Coupang Play presents motion pictures, selection and drama from the US, UK and Korea, instructional content material for teenagers, sports activities (American soccer, European soccer) and a few originals.
Launched in November, Disney+ made a “sturdy debut,” in accordance with the MPA. Discovered robust preliminary demand for Marvel motion pictures and sequence. It has integrations with LG U+ and KT. The discharge of Disney’s authentic Korean drama “Snowdrop” in December generated vital demand and consumption of Korean content material is predicted to develop in 2022 with the discharge of recent authentic dramas like “Grid” and “Rookie Cops.”