Korea Streaming Sector Still Growing, Despite Pending Consolidation – Study
variety.comPatrick Frater Asia Bureau Chief South Korea’s subscription video market grew by more than 700,000 in the third quarter to reach more than 19 million, according to new research from research and consultancy firm Media Partners Asia.
The firm’s “Online Video in Korea” report shows that Disney+ was the fastest growing platform in the period studied, propelled by its hit Korean-produced series “Moving.” The company now has some two million subscribers in the country, though it still trails market leaders Netflix and Tving.
Netflix maintained category leadership with robust growth, capturing 29% of new subscriptions in Q3 2023 to reach 6.5 million subscriptions and 35% of premium VOD viewership.
Tving (3.8 million and 26% of premium viewing) and Wavve (3.0 million and 20% of premium viewing) trail. MPA measures viewer activity through its AMPD subsidiary, which has an embedded passive measurement system deployed across users’ TVs, VOD services and digital devices. “Deepening engagement across Disney+ and Tving, and robust subscriber growth boosted premium VOD viewership in Korea in Q3 2023.
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