Korean streaming market flourishes despite consolidation concerns: Study
Media Partners Asia reveals that South Korea's subscription video market expanded by over 700,000 in Q3, surpassing 19 million. The report, titled «Online Video in Korea,» highlights Disney+ as the fastest-growing platform during this period, with approximately two million subscribers.
However, Netflix and Tving remain the market leaders.
Netflix, with 6.5 million subscriptions, maintained its category leadership, capturing 29% of new subscriptions in Q3 and claiming 35% of premium VOD viewership. Tving, with 3.8 million subscriptions, and Wavve, with 3.0 million, trail behind.
MPA measures viewer activity through its AMPD subsidiary, which employs an embedded passive measurement system across users' TVs, VOD services, and digital devices.
MPA Managing Partner Vivek Couto commented on the findings, stating, «Deepening engagement across Disney+ and Tving, and robust subscriber growth boosted premium VOD viewership in Korea in Q3 2023.» He noted that SVOD leaders continue to grow subscribers through strong local content pipelines.
Tving and Wavve are currently in talks about a potential merger or acquisition.
The two companies, aiming to catch up with Netflix by combining forces, represent 20% and 16% of subscriptions in Korea, respectively. The potential merger could enhance their lead in terms of viewership.
While a deal is not finalised, and no timetable for the merger has been announced, observers suggest that the merged operation could create a formidable player in the South Korean streaming market.
