‘Squid Game’ Powers Netflix as Ting profits in Korea Streaming Wars
The Premium Streaming Market of Zuid -Korea showed a robust growth in 2024, with Netflix maintaining its leadership, while the home -soil platform increased to almost match its market share, according to new data from Media Partners Asia (MPA).
The report shows that last year Korean viewers streamed no less than 131 billion minutes Premium VOD content, which marked a leap of 18% from 2023. The sector achieved a turnover of $ 2 billion, an increase of 14% to year 22.9 million.
Netflix maintained its market leadership with a share of 35% viewers, but Tving is hot on his heels after an increase of 34%-a remarkable profit of 10 points from the previous year. The two streaming giants jointly ordered 70% of the total premium vod -viewers and snarled 80% of the new subscriptions in 2024.
Netflix showed special power in the fourth quarter, whereby 39% of the viewers were recorded thanks to “Squid Game”, “Culinary Class Wars” and licensed titles such as “The Tale of Lady OK” and “Doubt”. The streamer also hit gold with a strategic partnership that supported free of charge by advertisements.
The impressive growth of TVE was fed by an aggressive content strategy that combines original productions, broadcasting shows, variety programming and sport, all offered through a budget-friendly ad-supported low. The platform ended 2024 with 5.2 million subscribers, with a disadvantage of Netflix’s 7.8 million Korean subscribers.
The streaming arm of e-commerce giant coupang, coupang game, emerged as a serious competition and closed 2024 with 3.2 million subscribers. The platform gained ground through investments in local series and sports content.
Local content turned out to be King, with Korean dramas and variety shows that dominated the top 15 titles of the year. Netflix’s “Queen of Tears” was at the top of the rankings, while Netflix and Tving together claim 13 places in the top 15, which underlines their content and critality and public problems.
“Netflix and Tving were the primary growth engines in the Premium VOD market of Korea in 2024,” said Dhivya T, main analyst and head of insights at MPA. “While Netflix led with a share of 35% and had a stellar Q4, TVE quickly limited the gap.”
The findings are based on the AMPD platform of MPA, which in 2024 followed the real consumption with Android and iOS mobile devices in Korea.
