Omdia Report: South Korean Streaming Services Surpass Netflix in Market Share

Llaborativeness both at home and abroad. South Korea has truly established itself as a key player in the streaming world, with the success of shows like “Squid Game” shining a spotlight on the country’s content production.

While Netflix holds the top spot with a 31% market share, other local streaming services like Tving, Coupang Play, and Wavve collectively make up 40% of the market. This diversity in streaming platforms reflects a strong connection to Korean culture and a strategic approach to engaging viewers.

CJ ENM, a major player in South Korea’s content production scene, is investing heavily to expand its subscriber base globally. By collaborating with studios in the US, Japan, and Southeast Asia, they are gearing up for an international expansion that could shake up the streaming landscape.

On the other hand, Coupang Play, operated by Coupang, is bringing something unique to the table by offering exclusive content to its premium members. By securing sports broadcasting rights and striking content partnerships with Hollywood studios, they are diversifying their offerings and standing out in the crowded streaming market.

As streaming platforms continue to evolve and adapt to changing viewer expectations, we can expect to see a dynamic and competitive landscape in South Korea and beyond. While Netflix may lead in individual subscriber share, the collective strength of local platforms shows that they are here to stay and play a significant role in the global streaming ecosystem.