‘Squid Game’ 3 drives the $ 1.1 billion VOD market from Korea, Netflix Leads
Warm up the Korean streaming wars. New data show that the Premium Video-Demand sector of the country reached $ 1.1 billion in income in the first half of 2025, with subscribers climbing to 24.5 million.
Research agency AMPD, owned by media partners Asia, reports that paid subscriptions grew by 1.5 million during the six -month period. The real game-shanger came with the introduction of connected TV tracking in Q2, which showed that viewing habits were considerably underestimated. The new measurement method increased reporting of monthly active users by around 35% per platform and sent total viewing hours that rose to 1.2 billion in the second quarter alone.
Netflix continues to dominate with 8.2 million Korean subscribers and almost half of all premium streaming viewers. The success of the platform stems from a winning combination: local blockbusters such as “Squid Game” season 3, popular licensed films fresh from theaters, and a strategic partnership with retirement plus that offers free access to Netflix’s advertisement-supported Tier.
But the competition is intensive. Tving scored the biggest profits of subscribers by rolling out budget -friendly options in addition to strong variety shows, Korean dramas and live sports coverage. Coupang Play made its own movements with a free advertising layer and new sports pass offer.
The biggest commotion of the industry comes from the approval of June of the Ting-Wavve combination, which will create a merged entity with 9.2 million subscribers by the end of the year-positized as a serious local alternative to Netflix’s international dominance.
“The Premium VOD sector of Korea consolidates around a handfully scaled leaders,” said Vivek Couto, executive director of MPA. “Telling local stories remains the basis of involvement and income, while CTV unlocks new audiences and advertising opportunities. The merger of TVE-Wavve will reform the competition, making a stronger domestic counterweight on the Netflix scale.”
The viewing data reveals the bright loyalty of Korea to home -grown entertainment. Local content ordered 86% of all streaming hours in the second quarter, with Korean dramas only capturing 48% of the total number of viewers. Variant and reality shows from Korea took another 27%, while Korean films took 10%.
International content is struggling for attention, where American films only manage 6% of viewing time as the largest foreign category. Netflix dominates drama consumption while Tving and Wavve’s lead in variety programming.
“The dominance of Korean Content is almost universal and reaches 88% of all Premium VOD users,” said Dhivya T, main analyst at MPA and AMPD. “K-dramas, comedy and variety shows Drive platform range, while high-profile exclusives add on Netflix, Ting, Coupang Play and Disney+ Competitive Edge. Advertisements are now central to the acquisition of subscribers, especially in urban and price-sensitive segments.”
