south KoreaThe excellent broadcast market showed strong growth in 2024, with Netflix Preserving its leadership during the local platform TVing It increased to almost its share on the market, according to new data from Media Partners ASIA (MPA).
The report reveals that the Korean viewers broadcast 131 billion minutes of the distinctive VOD content last year, which represents a jump by 18 % from 2023. The sector exceeded $ 2 billion, an increase of 14 % on an annual basis, with subscriptions to a total of 22.9 million.
Netflix maintained its driving on the market with a 35 % share of viewers, but TVing is hot in the wake of it after a height to 34 %-with a wonderful increase of 10 points from the previous year. Two of the collective broadcasting workers led 70 % of the total premium VOD scenes and 80 % of the new subscriptions increased in 2024.
Netflix showed a special power in the fourth quarter, as it seized 39 % of the viewers thanks to “Squid game“Cooking category wars”, and licensed titles such as “Lady Oak” and “Doubt”. Also hit the gold sign with a strategic partnership that provides a free offer supported by Naver Plus members.
The impressive TVing growth was amazing strategy of aggressive content that combines original products, broadcasting shows, various programming and sports, all of which are presented through the budget -budget layer. The platform has ended 2024 by 5.2 million subscribers, leaving the Korean subscribers at Netflix, which number 7.8 million.
The electronic broadcasting arm of e -commerce appeared, the Coupang Play game, as a dangerous competitor, closed 2024 with 3.2 million subscribers. The platform has gained ground through investments in local series and sports content.
The King’s local content, with Korean dramas and various offers dominating the best 15 titles of the year. “The Queen of Tears” from Netflix topped categories, while Netflix and TVing together pray 13 locations in the first 15 places, confirming the ingenuity of the content and the attractiveness of the audience.
“Netflix and TVing were the primary growth drivers in the excellent VOD market in Korea in 2024,” said Devia T, the main analyst and head of ideas at MPA. “While Netflix offers 35 % of viewers and has an excellent Q4, TVING has narrowed the gap quickly.”
The results are based on the MPA platform, which tracked real consumption via Android and iOS mobile devices in Korea throughout 2024.
