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Korean Streaming Subs Reach 19M While Market Braces For Tving, Wavve Merger

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deadline.com
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Korea’s premium VOD industry continued to grow in the third quarter of 2023, with the number of subscriptions increasing by more than 700,000 to reach 19 million, according to the latest report from Media Partners Asia (MPA).

However, the dominance of Netflix in the market has resulted in two of the biggest local streaming platforms – Tving and Wavve – signing a memorandum of understanding for a merger.

Local press is reporting that the MoU was signed by CJ ENM, which owns 48.85% of Tving, and SK Square, which owns 40.5% of Wavve.

According to the MPA report, Netflix is currently the market leader in Korea, capturing 29% of new subscribers to reach 6.5 million subs, accounting for a 34% market share.

Read more on deadline.com
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