CJ ENM, Naver and JTBC’s video streaming platform Tving turned the most important winners within the sturdy development of the Korean streaming media market within the first half of the yr.
A brand new report from analysis and advisory companies AMPD and Media Companions Asia reveals that the variety of subscribers in South Korea’s subscription video on demand market elevated by 705,000 to succeed in 20.8 million by the tip of June. Industrial income elevated 11% yr over yr to US$922 million. Watch size elevated 5% to 103 billion minutes.
Whereas Netflix stays the chief in South Korea’s premium VOD class with 43% income share and 37% viewership, Tving was the corporate with the biggest acquire within the first half.
It accounted for one-third of all web new subscribers, with a complete of 4.2 million subscribers as of the tip of June. Tv accounted for 30% of premium VOD viewership (up from 24%) and 15% of premium VOD income. “Tving’s development depends on common tvN and JTBC internet dramas, selection reveals and authentic programming,” the report stated. “The launch of latest promoting tiers helped drive half of consumer development, with greater than 11.5 million month-to-month lively customers.”
Within the broader Korean video streaming market (together with premium VOD, AVOD, SVOD and dwell streaming platforms on cell gadgets), the entire market viewing time within the first six months of 2024 will likely be 534 billion minutes, an annual development fee of 24%. YouTube is the general chief within the video-on-demand class, with share persevering with to develop, reaching 80% of whole video-on-demand viewership.
“Native content material accounts for 77% of premium VOD class engagement and 75% of buyer acquisition [the first half]that includes common collection and selection reveals from Tving, Netflix, Coupang Play and Disney+. Numerous native TV dramas and selection reveals launched on main VOD platforms have pushed viewership, with greater than 200 titles assembly 80% of South Korea’s content material wants. “Tving leads each scripted and unscripted productions, accounting for 10 of the highest 15 titles (7 of that are shared throughout platforms). Different main platforms embody Netflix, which accounts for 10 of the highest 15 titles 7. Disney+ Originals
Coupang Play additionally has breakthroughs in sports activities and originality. Six of the highest 15 video games within the first half of 2024 had been produced by CJ ENM.
When it comes to South Korea’s premium VOD viewing market share, Netflix accounts for 37%. Within the first half, Tving 30%, Wavve 18%, Coupang Play 9%, Disney+ 5%, U+ Cell and Watcha 1% every.
