‘Squid Game’ Powers Netflix in Heated Korean Streaming Wars as Tving Closes Gap, New Data Reveals

variety.com:

Naman Ramachandran South Korea‘s premium streaming market demonstrated robust growth in 2024, with Netflix maintaining its leadership while homegrown platform Tving surged to nearly match its market share, according to new data from Media Partners Asia (MPA).

The report reveals that Korean viewers streamed a whopping 131 billion minutes of premium VOD content last year, marking an 18% jump from 2023.

The sector raked in $2 billion in revenue, up 14% year-over-year, as total subscriptions climbed to 22.9 million. Netflix maintained its market leadership with a 35% viewership share, but Tving is hot on its heels after surging to 34% – a remarkable 10-point gain from the previous year.

The two streaming giants collectively commanded 70% of total premium VOD viewership and snapped up 80% of new subscriptions in 2024.