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Tving Gaining on Netflix in Korea’s Premium Streaming Market: Report
Tving led subscriber growth in the first half of 2024, although Netflix remains the streaming industry leader, according to an analyst’s report.
Overall, the Korean SVOD market added 705,000 net new subscribers in H1 to total 20.8 million by end-June, according to AMPD, the digital measurement platform owned and operated by Media Partners Asia (MPA).
Premium streaming revenues, including subscription and advertising, grew 11% year-on-year to $922 million, while viewership rose 5% year-on-year to 103 billion minutes.
Tving led subscriber growth in H1, contributing 34% share of SVOD category net additions, reaching a total of 4.2 million subscribers. Tving’s growth is anchored to popular tvN and JTBC network dramas, variety shows, and original content.
The report highlighted that the introduction of a new advertising tier on Tving significantly drove user growth in the first half of the year, with monthly active users surpassing 11.5 million.
Netflix remains the leader in the premium VOD category, retaining 43% of revenue and 37% of viewership. However, Tving is catching up, growing its share of premium VOD viewership by six points year-on-year to reach 30%, and capturing 15% of premium VOD revenues.
Premium VOD broadly relates to services that offer early access content tiers.
Beyond premium VOD, viewership across AVOD, SVOD, and live streaming platforms on mobile devices totaled 534 billion minutes in H1 2024, up 24% year-on-year. YouTube is the overall VOD category leader and continues to gain share, reaching 80% of total VOD viewership in H1 2024.
“Local content captured 77% of Premium VOD category engagement and 75% of customer acquisition in H1 2024, with significant hits from Tving, Netflix, Coupang Play, and Disney+,” said Dhivya T, Lead Analyst & Head of Insights at AMPD.
“An abundance of local drama and variety releases across major VOD platforms has driven viewership, with over 200 titles contributing to 80% of Korean content demand in H1 2024. Tving led in hits across both scripted and unscripted titles, claiming 10 of the top 15 titles [seven shared across platforms] in H1 2024. Other key platforms include Netflix with seven of the top 15 titles. Disney+ originals and Coupang Play’s sports content and originals also made significant impacts. CJ ENM produced six of the top 15 titles in H1 2024.”
