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American Focus > Blog > Entertainment > ‘Squid Game’ Powers Netflix as Tving Gains in Korea Streaming Wars
Entertainment

‘Squid Game’ Powers Netflix as Tving Gains in Korea Streaming Wars

Last updated: February 17, 2025 10:56 pm
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‘Squid Game’ Powers Netflix as Tving Gains in Korea Streaming Wars
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South Korea’s premium streaming market experienced significant growth in 2024, with Netflix maintaining its position as the market leader while Tving made impressive strides to almost match its market share, according to recent data from Media Partners Asia (MPA).

The data revealed that Korean viewers streamed a total of 131 billion minutes of premium VOD content last year, representing an 18% increase from the previous year. The sector generated $2 billion in revenue, a 14% year-over-year growth, with total subscriptions reaching 22.9 million.

Netflix continued to dominate the market with a 35% viewership share, but Tving quickly closed in with a 34% share, marking a significant 10-point gain from the previous year. Together, these two streaming platforms accounted for 70% of total premium VOD viewership and secured 80% of new subscriptions in 2024.

In the fourth quarter, Netflix saw a surge in viewership, capturing 39% of the market share, largely due to the success of popular titles like “Squid Game,” “Culinary Class Wars,” and licensed content such as “The Tale of Lady OK” and “Doubt.” Additionally, Netflix’s partnership with Naver Plus offering free, ad-supported viewing further boosted its popularity.

Tving’s growth was fueled by a robust content strategy that included original productions, broadcast shows, variety programming, and sports, all available through a cost-effective ad-supported tier. By the end of 2024, Tving had amassed 5.2 million subscribers, trailing behind Netflix’s 7.8 million Korean subscribers.

Coupang’s streaming platform, Coupang Play, emerged as a strong competitor in the market, closing the year with 3.2 million subscribers. The platform’s focus on investing in local series and sports content contributed to its growing popularity.

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Local content continued to reign supreme, with Korean dramas and variety shows dominating the top 15 titles of the year. Netflix’s “Queen of Tears” topped the list, with Netflix and Tving collectively occupying 13 spots in the ranking, showcasing their content quality and appeal to the audience.

Dhivya T, lead analyst and head of insights at MPA, commented, “Netflix and Tving were the key drivers of growth in Korea’s premium VOD market in 2024. While Netflix maintained its lead with a 35% viewership share and strong performance in Q4, Tving made significant progress in narrowing the gap.”

These insights are based on MPA’s ampd platform, which tracked actual consumption on Android and iOS mobile devices in Korea throughout 2024.

This rewritten content has been seamlessly integrated into a WordPress platform, highlighting the key points and original HTML tags to provide a unique and informative article for readers.

TAGGED:GainsGameKoreaNetflixPowersSquidStreamingTvingWars
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