‘Squid Game’ Powers Netflix in Heated Korean Streaming Wars as Tving Closes Gap, New Data Reveals

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2024 saw a strong expansion in the high-end streaming sector of South Korea, as indicated by recent findings from Media Partners Asia (MPA). In this growth period, Netflix continued to dominate while Tving significantly increased its market presence, approaching a nearly equal share with Netflix.

Last year, it was found that viewers in Korea watched a staggering 131 billion minutes of high-tier VOD content, representing an impressive 18% increase from the previous year (2023). This surge led to a revenue generation of $2 billion, a 14% rise compared to the same period last year. Moreover, the number of subscriptions soared to 22.9 million in total.

Netflix continues to dominate the market with a 35% audience share, but Tving is rapidly catching up, boosting its share to 34%, an impressive increase of 10 percentage points compared to the previous year. Together, these two streaming titans accounted for 70% of all premium Video on Demand viewership and secured 80% of new subscriptions in 2024.

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Netflix held onto its market dominance with a 35% audience share, but Tving is quickly gaining ground, rising to 34%, marking a significant 10-point surge from the previous year. These two streaming giants combined controlled 70% of total premium Video on Demand viewership and captured 80% of new subscriptions in 2024.

As a film enthusiast, I must acknowledge Netflix’s impressive fourth-quarter performance. By securing an impressive 39% of viewership, they managed to dominate the scene with hit originals like “Squid Game” and “Culinary Class Wars,” as well as licensed titles such as “The Tale of Lady OK” and “Doubt.” To add to their success, Netflix struck gold by partnering strategically, offering free, ad-supported viewing to Naver Plus members. This move undeniably boosted their viewership numbers and cemented their position as a leading streaming platform.

Tving’s rapid expansion was driven by a bold content approach that included original productions, broadcast shows, variety programming, and sports, all available through an affordable ad-supported plan. By the end of 2024, the platform had accumulated 5.2 million subscribers, though it lagged behind Netflix’s estimated 8 million Korean subscribers.

In the final stretch of 2024, Coupang Play, the streaming division of e-commerce behemoth Coupang, solidified its position as a formidable competitor, boasting an impressive subscriber base of 3.2 million users. The platform’s growth was fueled by strategic investments in local TV series and sports content, which resonated with audiences.

This year, local productions reigned supreme as Korean dramas and variety shows took over the top 15 most popular titles. “Queen of Tears” on Netflix led the pack, with both Netflix and Tving accounting for 13 out of the 15 spots. This highlights their impressive content creation abilities and strong audience attraction.

In 2024, it was Netflix and Tving that significantly fueled Korea’s high-tier video-on-demand market, according to Dhivya T, the lead analyst and head of insights at MPA. Notably, Netflix dominated with a 35% viewership share, delivering an exceptional Q4 performance, while Tving swiftly reduced the difference between them.

Our results stem from the MPA’s ampd platform, a tool that monitored genuine usage on both Android and iOS smartphones in South Korea during the entire year of 2024.

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2025-02-18 05:16