‘Squid Game' Powers Netflix in Heated Korean Streaming Wars as Tving Closes Gap, New Data Reveals
South Korea's premium streaming market demonstrated robust growth in 2024, with Netflix maintaining its leadership while homegrown platform Tving surged to nearly match its market share, according to new data from Media Partners Asia (MPA).
The report reveals that Korean viewers streamed a whopping 131 billion minutes of premium VOD content last year, marking an 18% jump from 2023. The sector raked in $2 billion in revenue, up 14% year-over-year, as total subscriptions climbed to 22.9 million.
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Netflix maintained its market leadership with a 35% viewership share, but Tving is hot on its heels after surging to 34% – a remarkable 10-point gain from the previous year. The two streaming giants collectively commanded 70% of total premium VOD viewership and snapped up 80% of new subscriptions in 2024.
Netflix showed particular strength in the fourth quarter, capturing 39% of viewership thanks to 'Squid Game,' 'Culinary Class Wars,' and licensed titles such as 'The Tale of Lady OK' and 'Doubt.' The streamer also struck gold with a strategic partnership offering free, ad-supported viewing to Naver Plus members.
Tving's impressive growth was fueled by an aggressive content strategy combining original productions, broadcast shows, variety programming and sports, all offered through a budget-friendly ad-supported tier. The platform ended 2024 with 5.2 million subscribers, trailing Netflix's estimated 8 million Korean subscribers.
E-commerce giant Coupang's streaming arm, Coupang Play, emerged as a serious contender, closing out 2024 with 3.2 million subscribers. The platform gained ground through investments in local series and sports content.
Local content proved king, with Korean dramas and variety shows dominating the year's top 15 titles. Netflix's 'Queen of Tears' topped the rankings, while Netflix and Tving together claimed 13 spots in the top 15, underscoring their content prowess and audience appeal.
'Netflix and Tving were the primary growth drivers in Korea's premium VOD market in 2024,' said Dhivya T, lead analyst and head of insights at MPA. 'While Netflix led with a 35% viewership share and had a stellar Q4, Tving rapidly narrowed the gap.'
The findings are based on MPA's ampd platform, which tracked real consumption across Android and iOS mobile devices in Korea throughout 2024.
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