South Korea's Premium Streaming Market Booms with Netflix and Tving Dominating
South Korea's premium streaming market witnessed significant growth in 2024. Netflix maintained its leadership, while Tving surged to nearly match its market share, according to Media Partners Asia (MPA) data.
Korean viewers streamed an astonishing 131 billion minutes in 2024, a 18% increase from the previous year. The sector generated $2 billion in revenue, a 14% increase, with total subscriptions rising to 22.9 million.
Netflix retained its market dominance with a 35% viewership share, but Tving gained ground to 34%, a notable 10-point increase from 2023. The two giants captured 70% of premium VOD viewership and 80% of new subscriptions in 2024.
Netflix performed exceptionally in the fourth quarter, capturing 39% of viewership with hits like "Squid Game" and "Culinary Class Wars." Its partnership with Naver Plus for ad-supported viewing further contributed to its success.
Tving's growth was fueled by its comprehensive content strategy, blending original productions, broadcast shows, variety programming, and sports, all offered in an ad-supported tier. It ended 2024 with 5.2 million subscribers, just behind Netflix's estimated 8 million.
Coupang Play emerged as a contender with 3.2 million subscribers, driven by investments in local and sports content. Korean dramas and variety shows dominated the top 15 titles, with Netflix and Tving claiming 13 spots, showcasing their content dominance.
"Netflix and Tving were key drivers in 2024's Korean premium VOD growth," said Dhivya T, MPA's lead analyst. "Netflix led with a 35% viewership share, but Tving is closing the gap."
MPA's findings are based on its ampd platform, which tracked consumption across Korean mobile devices in 2024.