Omdia Reports Local Online Video Services Take the Lead Over Netflix in South Korea
LONDON--(BUSINESS WIRE)--New research from Omdia reveals that Netflix maintains its leading position in South Korea's subscription-based online video market, accounting for 31% of the total subscriber base. However, major domestic platforms collectively represent a larger 40% share, led by Tving (16%), Coupang Play (13%) and Wavve (11%).
The performance of local platforms reflects their strong cultural alignment and strategic presence within South Korea's streaming ecosystem. With K-dramas continuing to play a significant role in the global content market, platforms such as Tving are expected to expand their content libraries to strengthen competitiveness both domestically and internationally.
As part of this broader strategy, CJ ENM, Tving's primary shareholder, has outlined plans for global expansion, targeting 15 million global subscribers by 2027. To support this ambition, CJ ENM has committed an additional KRW150 billion ($106 million) for content investment in 2025, on top of the KRW 1 trillion (approximately $706 million) budget announced last year. The company also plans to collaborate with studios in the US, Japan, and Southeast Asia, which are the key markets for its global expansion. Tving's international roll out is signaling a potential shift in its distribution approach that could influence competitive dynamics across global streaming markets.
Kia Ling Teoh, Senior Analyst at Omdia, commented: 'These are notable developments for the local video business. A potential game-changer could develop from the ongoing merger discussions between Tving and Wavve. If the deal proceeds, it could result in the formation of South Korea's largest domestic streaming service, severely narrowing the gap with Netflix and further reshaping the competitive landscape.'
Coupang Play, operated by South Korea's e-commerce firm Coupang, is currently the third-largest streaming platform in the country. The service is available exclusively to subscribers of Coupang's premium Wow membership program. While its original content library remains smaller than Tving, Coupang Play has expanded its offering through securing major sports broadcasting rights, and through strategic content partnerships with Hollywood studios including Paramount and Warner Bros. Discovery. These agreements provide exclusive access to popular international titles from Paramount+, HBO, Max, and Warner Bros., differentiating Coupang Play from competitors that focus more heavily on domestic originals.
Jun Wen Woo, Senior Analyst at Omdia, added: 'As the market continues to evolve, both global and local platforms are adapting their content and platform strategies to meet changing consumer expectations. While Netflix leads in terms of individual subscriber share, the collective momentum of domestic platforms, driven by strong local content, strategic investment, and platform innovation, positions them as key players in the future of South Korea's streaming ecosystem and increasingly, the global market.'
ABOUT OMDIA
Omdia, part of Informa TechTarget, Inc. (Nasdaq: TTGT), is a technology research and advisory group. Our deep knowledge of tech markets combined with our actionable insights empower organizations to make smart growth decisions.
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Conference Call Dial-In Information: United States (Toll Free): 1-833-470-1428 United States: 1-404-975-4839 United Kingdom (Toll Free): +44 808 189 6484 United Kingdom: +44 20 8068 2558 Global Dial-in Numbers Access code: 566058 Please access the call at least 10 minutes prior to the time the conference is set to begin. Please ask to be joined into the Informa TechTarget call. Conference Call Webcast Information: This webcast can be accessed via Informa TechTarget's website at: Conference Call Replay Information: A replay of the conference call will be available via telephone beginning one (1) hour after the conference call through July 4, 2025 at 11:59 p.m. EDT. To hear the replay: United States (Toll Free): 1-866-813-9403 United States: 1-929-458-6194 Access Code: 693898 About Informa TechTarget TechTarget, Inc. 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— General and administrative 1,416 1,198 914 Product development 54 — — Expand TechTarget, Inc. d/b/a Informa TechTarget Consolidated Statements of Cash Flows (in thousands) For the Years Ended December 31, 2024 2023 2022 As Restated As Restated Operating activities: Net loss $ (116,863 ) $ (57,777 ) $ (4,285 ) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 1,614 895 620 Amortization 48,610 42,203 21,545 Provision for bad debt 996 (893 ) (656 ) Operating lease expense 2,165 2,732 1,567 Stock-based compensation 2,395 1,198 914 Fair value adjustment to debt 2,120 — — Other (90 ) — — Deferred tax provision (16,306 ) (13,500 ) (21,115 ) Impairment of long-lived assets 2,019 577 178 Impairment of goodwill 66,235 139,645 — Gain (loss) on disposal of long-lived assets — 2 (51 ) Gain (loss) on disposal of intangibles (135 ) — — Gain (loss) on disposal of property, plant and equipment 28 — 40 Contingent consideration settlement (1,020 ) — — Remeasurement of contingent consideration (22,436 ) (123,944 ) 8,000 Net foreign exchange (gain)/loss (5,235 ) 1,059 28 Changes in operating assets and liabilities (net of the impact of acquisitions): Accounts receivable (2,817 ) 7,533 209 Prepaid expenses and other current and non-current assets (6,576 ) 2,296 (3,560 ) Related party receivables 336 (2,248 ) (148 ) Accounts payable (2,648 ) (3,334 ) 2,652 Income taxes payable 7,949 3,122 1,767 Accrued expenses and other current liabilities 4,760 (1,215 ) (6,728 ) Accrued compensation expenses 2,100 — — Operating lease liabilities with right of use (3,183 ) (2,709 ) (1,699 ) Contract liabilities 1,529 (8,366 ) (3,464 ) Other liabilities (1,400 ) 219 2,671 Related party payables (29,001 ) — 29,575 Net cash provided by (used in) operating activities (64,854 ) (12,505 ) 28,060 Investing activities: Purchases of property and equipment, and other capitalized assets (420 ) (2,589 ) (413 ) Purchases of intangible assets (6,339 ) (6,771 ) 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