MPA: Local Content & CTV Boost Korean Premium VOD Sector

The Korean premium VOD sector reached revenues of $1.1 billion in the first half of this year, per Media Partners Asia (MPA) data, with paid subs rising by 1.5 million to reach 24.5 million.

Netflix continues to lead with 8.2 million subscribers and a 47 percent share of premium VOD viewership, boosted by season three of Squid Game, licensed films and the partnership with Naver Plus for free access to the ad-supported tier. TVING, meanwhile, saw the biggest subs gain in the period, lifted by its ad-supported tier, lineup of drama and variety and live sports. A free ad-supported tier and the launch of a sports offering helped Coupang Play expand its reach. With the June go-ahead for the TVING–Wavve merger, MPA expects the Korea SVOD landscape to be reshaped this year, with the combined platform set to outrank Netflix with 9.2 million subs.

“Korea’s premium VOD sector is consolidating around a handful of scaled leaders,” said Vivek Couto, executive director of MPA. “Local storytelling remains the foundation of engagement and monetization, while CTV is unlocking new audiences and advertising opportunities. The TVING–Wavve merger will reshape competition, providing a stronger domestic counterweight to Netflix’s scale.”

Premium VOD viewing is dominated by local content, which accounted for a whopping 86 percent of viewed hours in Q2. Dramas were in the lead at 48 percent, with variety/reality at 27 percent. Among foreign content categories, U.S. movies led with 6 percent of viewing hours.

“Korean content’s dominance is near-universal, reaching 88 percent of all premium VOD users,” said Dhivya T, lead analyst at MPA and ampd. “K-dramas, comedy and variety shows drive cross-platform reach, while high-profile exclusives on Netflix, TVING, Coupang Play and Disney+ add competitive edge. Advertising tiers are now central to subscriber acquisition, especially in urban and price-sensitive segments.”