Korea’s premium VOD category generated 131 billion minutes of viewership last year, an 18 percent increase, led by gains at Netflix and TVING, according to new research from Media Partners Asia (MPA).
The MPA research, which leverages findings from ampd, its proprietary measurement platform, found that industry revenues rose by 14 percent in 2024 to reach $2 billion. Korean premium VOD subscriptions sit at about 22.9 million, a 2.9 million gain in 2024.
“Netflix and TVING were the primary growth drivers in Korea’s premium VOD market in 2024,” said Dhivya T, lead analyst and head of insights at MPA. “These two platforms captured a combined 70 percent of total premium VOD viewership and 80 percent of net new subscriptions. While Netflix led with a 35 percent viewership share and had a stellar Q4, TVING rapidly narrowed the gap, increasing its share by 10 percentage points year on year to reach 34 percent in 2024. A low-cost, ad-supported plan, coupled with a strong slate of local originals, broadcast dramas, variety shows, and sports, fuelled TVING’s impressive growth in engagement.”
Netflix leads with 7.8 million subs, with TVING at 5.2 million and Coupang Play at an estimated 3.2 million subscribers. Local content leads viewership trends across the premium VOD category.
