Latest news with #Tving
Korea Herald
7 days ago
- Business
- Korea Herald
Netflix-Naver, Tving-Baemin? Streaming wars take new shape
As competition for subscribers intensifies, streaming services in Korea resort to hybrid models South Korea's streaming services have realized that their survival hinges on more than just offering compelling content -- platforms are increasingly turning to strategic brand partnerships to combat subscriber churn and fuel growth. Korean streaming platform Tving is set to unveil a bundled membership offering in collaboration with Baedal Minjok, the nation's top food delivery app, starting June 2. The combined membership, which marks the first time for a Korean streaming service to partner with a food tech company, merges Baemin Club's paid subscription benefits -- free delivery, exclusive coupons and discounts -- with Tving's ad-supported standard tier. Subscribers to Baemin Club will now be offered access to Tving's ad-supported plan at an extra cost of 3,500 won ($2.50) per month. Tving's ad-supported plan, which costs 5,500 won on its own, allows users to watch Tving content with intermittent ad breaks. Meanwhile, Coupang Play is also gearing up to launch South Korea's first free ad-supported streaming service this June. Under the new model, Coupang members will gain free access to Coupang Play's content library in exchange for viewing pre-roll and mid-roll advertisements. The new model grants regular Coupang members access to both Coupang and Coupang Eats delivery services, as well as to Coupang Play's ad-supported plan. This shift toward hybrid models, as well as a pioneering move to waive monthly fees, comes after Netflix's collaboration with Naver, which debuted last November. The partnership, branded as the Naver Plus Membership (4,900 won), gives subscribers free access to Netflix's ad-supported tier, along with bonus Naver Pay points and redeemable cookies for webtoon and series rentals on Naver Webtoon. Currently, Netflix's ad-supported plan without a Naver Plus Membership costs 7,000 won. Netflix Korea's decision on May 10 to raise prices across all its plans, while maintaining the Naver-Netflix membership at 4,900 won, underscores the significance of the alliance for subscriber retention. The new partnerships and free ad-supported options come in response to a plateauing streaming market. According to a report from the Korea Creative Content Agency released in December 2024, free streaming service usage surged from 78.2 percent in 2023 to 85.1 percent last year, whereas paid service penetration stalled, inching down from 55.2 percent to 53.4 percent. 'The streaming service market has matured to a point where relying on one or two breakout hits to drive growth is no longer viable,' said an insider from a Korean streaming service, speaking on condition of anonymity. "Subscriber behavior tends to be substitutive -- when users sign up for a new service, they often cancel an existing one. Right now, domestic streaming platforms are seeing their user base level off at some 30 million, with growth largely tapering off," he said. This is forcing platforms to pivot their strategies to justify escalating content investments, he pointed out, adding that platforms are targeting subscribers of other popular brands in a bid to expand their market shares. However, partnerships between diverse platforms may come with unintended downsides. Alongside the appeal of low subscription fees may lie a trade-off, in which businesses onboarded onto retail platforms such as Baemin and Naver Shopping may face higher commission rates and shrinking profit margins. Additionally, consumer choice may become increasingly limited. As competition among platforms grows, the lock-in effect strengthens, making it harder for users to switch services. The reduced flexibility narrows consumer options, and over time, even as discounts fade or service quality declines, users may be forced to remain with the platform they originally chose.
Business Upturn
21-05-2025
- Business
- Business Upturn
Omdia Reports Local Online Video Services Take the Lead Over Netflix in South Korea
London, United Kingdom: 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%). This press release features multimedia. View the full release here: South Korea: Subscription online video market share by operators' subscription base 2025, (%) 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. View source version on Disclaimer: The above press release comes to you under an arrangement with Business Wire. Business Upturn takes no editorial responsibility for the same.
Yahoo
21-05-2025
- Business
- Yahoo
Omdia Reports Local Online Video Services Take the Lead Over Netflix in South Korea
LONDON, May 21, 2025--(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. View source version on Contacts Media Contact: Fasiha Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
21-05-2025
- Business
- Business Wire
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.
Muscat Daily
13-05-2025
- Entertainment
- Muscat Daily
Yumi's Cells' to return with third season in 2026
Kim Go-eun reprises lead role Tving has announced that its acclaimed original series Yumi's Cells will return for a third season in the first half of 2026, with actor Kim Go-eun once again portraying the titular character. The new season continues Yumi's journey as a successful writer navigating life, love, and the lively world of her personified brain cells. Based on Lee Dong-geon's beloved Naver webtoon, the series is known for its innovative blend of live action and 3D animation, offering a fresh take on the inner workings of human thought and emotion. The third instalment reunites the original creative team, including director Lee Sang-yeob and writers Song Jae-jeong and Kim Kyung-ran, promising continuity in tone and quality. The upcoming season will delve into new romantic twists as Yumi's cell village — led by the likes of Love Cell, Rational Cell, and Hungry Cell — springs back to life. As ever, the show is set to deliver a mix of heartfelt storytelling and whimsical humour that has resonated with audiences since its debut in 2021. Kim Go-eun expressed her excitement about continuing the role, calling it 'a rare and meaningful experience.' She added, 'I hope to portray the inflection points in Yumi's life with care and warmth in Season Three.'
