Report Description

South Korea OTT Media Services Market is witnessing high demand owing to the rising penetration of fast internet through broadband networks which provides a seamless viewing experience to the consumers. Moreover, the high demand for local content in the country is further driving the  South Korea OTT media services market.

According to the data provided by World Bank, in 2021 around 98% of the individuals in South Korea had internet connection. Moreover, according to a report, approximately 99% of the teens in South Korea had used smartphone in 2021 and the country tops globally with a 96% ownership of smartphones. In 2019, the Korea Information Society Development Institute polled 6,375 adults over the age of 13 and found that 91.6% of OTT service customers watched videos on their smartphones. Thus, with the high penetration of smartphones and internet the demand for OTT platforms in forecastto grow at a significant rate in the coming years.

Moreover, the most paid subscribers were on YouTube, with 8.1 percent of the total, according to the Korea Communications Commission's most recent poll of 6,375 persons in 2020. Additionally, at 3.4 percent and 2 percent, respectively, Netflix and Wavve were rapidly expanding their consumer base.

South Korea has one of the largest film and entertainment industries worldwide. Since many of its shows are viewed internationally, numerous new international production companies have started releasing their films and TV shows via OTT platforms in South Korea. According to a study conducted by the nation's media regulator, the Korea Communications Commission, the paid OTT customers reached 34.8 percent in 2021, up 20.4 percentage points from the previous year. In South Korea, the rate of OTT usage increased to 69.5 percent from 66.3 percent the year before due to the pandemic-driven tendency of staying in.

Government Initiatives to Fuel the Market Growth

According to the article published by Korea JoongAng Daily, the South Korean government will provide 3 to 10 percent tax cuts in production costs for the local OTT streaming platforms. Along with the expansion of two already existing funds, a USD471 million fund for immersive and virtual content and a USD21 million fund for digital media content, a new government-led fund will be created to offer financial support. Furthermore, the South Korean government also claimed that it will establish a five-year plan to promote the service sector, including tax breaks, streamlined regulations, and financial aid.

Rising Investment from International Companies to Fuel the Market Growth

The South Korea OTT media services market is witnessing robust growth due to rising investment from foreign brands due to the presence of large viewership in the country. According to the article published by Korea JoongAng Daily, Paramount Global launched its OTT streaming platform Paramount+ in June 2022. Due to the rising demand for Korean dramas many international OTT platform brands are entering the South Korean market to expand their customer base, which will strategically help them to grab more profit. Additionally, Netflix invested around USD700 million between 2015 and 2020 to increase its range of Korean content and it also set up two specially designed production facilities in the country.

Rising Popularity of Korean Dramas Globally is Driving the Market Growth

The rising popularity of original Korean dramas across the world is driving the OTT media services market in South Korea. According to a report, the Korean drama named All of Us Are Dead is the most watched Netflix series globally and it logged around 113.2 million in the first week of February and 124.7 million in the first week of January in 2022. Moreover, according to the data provided by South China Morning Post, Netflix spent around USD460 million for Korean content. Thus, with the rise in demand for Korean content many brands are spending huge amount of money to expand their consumer base in South Korea. Additionally, the enormous diversity of Korean content is one of the factors contributing to its popularity. There are dramas to suit every preference, ranging from cheerful comedies to tragic melodramas. There are many different genres available as well, such as historical, romantic, thriller, and others.


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Market Segmentation

The South Korea OTT Media Services Market is segmented based on type, video quality, number of screens, region, and company. Based on type , the market is further segmented into SVOD, AVOD, TVOD. Based on video quality the market is divided into HD, Full HD, Ultra HD. Further, on the basis of number of screens the market is fragmented into 1, 2-3 and more than 3.

Company Profiles

Netflix, Inc., Amazon.com, Inc, Alphabet Inc. (YouTube), The Walt Disney Company, Content Wave Co., Ltd., Rakuten Group, Inc., Kakao Entertainment Co., Ltd., Coupang, Inc., Teabing Co., Ltd., Watcha Inc., etc. are among the top players operating in the South Korea OTT media services market.

Attribute

Details

Base Year

2022

Historical Years

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million and CAGR for 2018-2022 and 2023E-2028F

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Type

Video Quality

Number of Screens

Company

Regional Scope

Central, Southern, Northern

Key Companies Profiled

Netflix, Inc., Amazon.com, Inc, Alphabet Inc. (YouTube), The Walt Disney Company, Content Wave Co., Ltd., Rakuten Group, Inc., Kakao Entertainment Co., Ltd., Coupang, Inc., Teabing Co., Ltd., Watcha Inc. and others.

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

Report Scope:

In this report, South Korea OTT Media Services Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

·         South Korea OTT Media Services Market, By Type:

o   AVOD

o   SVOD

o   TVOD

·         South Korea OTT Media Services Market, By Video Quality:

o   HD

o   Full HD

o   Ultra HD

·         South Korea OTT Media Services Market, By Number of Screens:

o   1

o   2-3

o   More than 3

·         South Korea OTT Media Services Market, By Region:

o   Central

o   Southern

o   Northern

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in South Korea OTT Media Services Market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

·         Detailed analysis and profiling of additional market players (up to five).

India Bottled Water Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Introduction

1.1.  Market Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary         

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Voice of Customer Analysis (B2C Model Analysis)

4.1.  Sample Size Determination

4.2.  Respondent Demographics

4.2.1.     By Gender

4.2.2.     By Age

4.2.3.     By Occupation

4.3.  Brand Awareness

4.4.  Factors Influencing Purchase Decision for Subscription

4.5.  Brand Satisfaction

4.6.  Challenges Faced Post Purchase of Subscription

5.    South Korea OTT Media Service Market Outlook

5.1.  Market Size & Forecast

5.1.1.     By Value          

5.2.  Market Share & Forecast

5.2.1.     By Type Market Share Analysis (AVOD, SVOD, TVOD)

5.2.2.     By Video Quality Market Share Analysis (HD, Full HD, Ultra HD)

5.2.3.     By Number of Screens Market Share Analysis (1, 2-3, More Than 3)

5.2.4.     By Regional Market Share Analysis

5.2.4.1.         Central Region Market Analysis

5.2.4.2.         Southern Region Market Analysis

5.2.4.3.         Northern Region Market Analysis

5.3.  South Korea OTT Media Services Market Mapping & Opportunity Assessment

5.3.1.     By Type Market Mapping & Opportunity Assessment

5.3.2.     By Video Quality Market Mapping & Opportunity Assessment

5.3.3.      

5.3.4.     By Regional Market Mapping & Opportunity Assessment

6.    Central South Korea OTT Media Service Market Outlook

6.1.  Market Size & Forecast

6.1.1.     By Value          

6.2.  Market Share & Forecast

6.2.1.     By Type Market Share Analysis

6.2.2.     By Video Quality Market Share Analysis

6.2.3.     By Number of Screens Market Share Analysis

7.    Southern South Korea OTT Media Service Market Outlook

7.1.  Market Size & Forecast

7.1.1.     By Value          

7.2.  Market Share & Forecast

7.2.1.     By Type Market Share Analysis

7.2.2.     By Video Quality Market Share Analysis

7.2.3.     By Number of Screens Market Share Analysis

8.    Northern South Korea OTT Media Service Market Outlook

8.1.  Market Size & Forecast

8.1.1.     By Value          

8.2.  Market Share & Forecast

8.2.1.     By Type Market Share Analysis

8.2.2.     By Video Quality Market Share Analysis

8.2.3.     By Number of Screens Market Share Analysis

9.    Market Dynamics

9.1.  Drivers

9.1.1.    Availability of Streaming Services on Various Devices

9.1.2.    Increasing Investment from Foreign Brands

9.1.3.    Rising Popularity of Korean Dramas

9.2.  Challenges

9.2.1.     Dependency on local TV productions

9.2.2.     Presence of cheap broadcasting services

10.  Impact of COVID-19 on South Korea OTT Media Services Market

10.1.1.  Impact Assessment Model       

10.1.2.  Key Segments Impacted

10.1.3.  Key Regions Impacted

11.  Market Trends & Developments

11.1.              High demand of subscription-based OTT media services platforms

11.2.              Expanding media & entertainment industry in the country

11.3.              Personalization of Content Using Various Algorithms

11.4.              Rising penetration of broadband connections

12.  SWOT Analysis

12.1.              Strength

12.2.              Weakness

12.3.              Opportunities

12.4.              Threats

13.  Porter’s Five Forces Model

13.1.              Competitive Rivalry

13.2.               Bargaining Power of Supplier

13.3.               Bargaining Power of Buyer

13.4.              Threat of New Entrants

13.5.              Threat of Substitutes

14.  South Korea Economic Profile

15.  Policy & Regulatory Landscape

16.  Competitive Landscape

16.1.              Company Profiles

16.1.1.  Netflix, Inc.

16.1.1.1.      Company Details

16.1.1.2.      Products & Services

16.1.1.3.      Financial (As Reported)

16.1.1.4.      Key Market Focus & Geographical Presence

16.1.1.5.      Recent Development

16.1.1.6.      Key Management Personnel

16.1.2.  Amazon.com, Inc

16.1.2.1.      Company Details

16.1.2.2.      Products & Services

16.1.2.3.      Financial (As Reported)

16.1.2.4.      Key Market Focus & Geographical Presence

16.1.2.5.      Recent Development

16.1.2.6.      Key Management Personnel

16.1.3.  Alphabet Inc. (YouTube)

16.1.3.1.      Company Details

16.1.3.2.      Products & Services

16.1.3.3.      Financial (As Reported)

16.1.3.4.      Key Market Focus & Geographical Presence

16.1.3.5.      Recent Development

16.1.3.6.      Key Management Personnel

16.1.4.  The Walt Disney Company

16.1.4.1.      Company Details

16.1.4.2.      Products & Services

16.1.4.3.      Financial (As Reported)

16.1.4.4.      Key Market Focus & Geographical Presence

16.1.4.5.      Recent Development

16.1.4.6.      Key Management Personnel

16.1.5.  Coupang, Inc.

16.1.5.1.      Company Details

16.1.5.2.      Products & Services

16.1.5.3.      Financial (As Reported)

16.1.5.4.      Key Market Focus & Geographical Presence

16.1.5.5.      Recent Development

16.1.5.6.      Key Management Personnel

16.1.6.  Content Wave Co., Ltd.

16.1.6.1.      Company Details

16.1.6.2.      Products & Services

16.1.6.3.      Financial (As Reported)

16.1.6.4.      Key Market Focus & Geographical Presence

16.1.6.5.      Recent Development

16.1.6.6.      Key Management Personnel

16.1.7.  Rakuten Group, Inc.

16.1.7.1.      Company Details

16.1.7.2.      Products & Services

16.1.7.3.      Financial (As Reported)

16.1.7.4.      Key Market Focus & Geographical Presence

16.1.7.5.      Recent Development

16.1.7.6.      Key Management Personnel

16.1.8.  Kakao Entertainment Co., Ltd.

16.1.8.1.      Company Details

16.1.8.2.      Products & Services

16.1.8.3.      Financial (As Reported)

16.1.8.4.      Key Market Focus & Geographical Presence

16.1.8.5.      Recent Development

16.1.8.6.      Key Management Personnel

16.1.9.  Teabing Co., Ltd.

16.1.9.1.      Company Details

16.1.9.2.      Products & Services

16.1.9.3.      Financial (As Reported)

16.1.9.4.      Key Market Focus & Geographical Presence

16.1.9.5.      Recent Development

16.1.9.6.      Key Management Personnel

16.1.10.   Watcha Inc.

16.1.10.1.    Company Details

16.1.10.2.    Products & Services

16.1.10.3.    Financial (As Reported)

16.1.10.4.    Key Market Focus & Geographical Presence

16.1.10.5.    Recent Development

16.1.10.6.    Key Management Personnel

17.  Strategic Recommendations/Action Plan

17.1.              Key Focus Areas

17.2.              Target Regions

17.3.              Target Type

18.  About Us & Disclaimer

(Note: The companies list can be customized based on the client requirements.)

Figures and Tables

Frequently asked questions

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The rising government initiatives to support the local OTT platforms by providing tax reductions and setting up funds will drive the South Korea OTT media services market in the forecast years.

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The South Korea OTT media services market is being driven by the rising penetration of smartphones and internet in the country. Moreover, the increasing popularity of Korean dramas and surging foreign investment from different brands is driving the market growth.

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The presence of broadcasting services where a variety of content is telecasted to a vast variety of audience is restraining the growth of OTT media services market in South Korea.

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Netflix, Inc., Amazon.com, Inc, Alphabet Inc. (YouTube), The Walt Disney Company, Content Wave Co., Ltd., Rakuten Group, Inc., Kakao Entertainment Co., Ltd., Coupang, Inc., Teabing Co., Ltd., Watcha Inc. are some of the major players in the South Korea OTT media services market.

profile

Parvati Sharma

Account Manager BD
Press Release

South Korea OTT Media Services Market is Being Driven by SVOD During the Forecast Period

Feb, 2023

Rising popularity of Korean dramas across the world, increasing penetration of fast internet services and different global OTT platforms in the country to drive the growth of the South Korea OTT Medi