South Korea’s premium streaming market saw significant shifts in 2024, with Netflix maintaining its dominance while local challenger Tving aggressively closed the gap. According to a new Media Partners Asia (MPA) report, the country’s streaming industry experienced robust growth, with total subscriptions climbing to 22.9 million and premium VOD viewing hours reaching 131 billion minutes—an 18% increase from 2023.
Netflix Holds the Lead, but Tving Gains Ground
Despite its continued leadership, Netflix faced mounting pressure from Tving. The global streamer captured a 35% share of total viewership in 2024 but saw increased competition as Tving surged to 34%, marking a 10-point gain from the previous year. Together, the two platforms accounted for 70% of premium VOD viewership and 80% of all new subscriptions.
Netflix’s fourth-quarter performance was bolstered by a strong content slate, including the global phenomenon Squid Game and hits like Culinary Class Wars, The Tale of Lady OK, and Doubt. Additionally, its partnership with Naver Plus, offering free ad-supported streaming, contributed to its audience growth.
Meanwhile, Tving leveraged an aggressive content strategy to drive its expansion. Backed by major Korean media players CJ ENM, Naver, and JTBC, the platform prioritized original productions, broadcast dramas, variety shows, and sports programming. Its budget-friendly ad-supported tier helped push its subscriber base to 5.2 million by the end of 2024, trailing Netflix’s 7.8 million Korean subscribers.
Coupang Play Emerges as a Contender
While Netflix and Tving dominated the market, Coupang Play, the streaming arm of e-commerce giant Coupang, made notable strides. The platform ended the year with 3.2 million subscribers, driven by local content and sports rights investments.
Other players in the Korean streaming landscape, including Wavve (backed by local broadcasters) and Disney+, trailed behind. Wavve captured an 18% market share, while Disney+ held a modest 5%.
The Power of Korean Content
Korean dramas and variety shows remained the driving force behind audience engagement, accounting for 77% of premium VOD viewership. Netflix’s Queen of Tears emerged as the top-ranked title, while Netflix and Tving collectively claimed 13 out of the top 15 most-watched shows of the year, reinforcing the strength of local content.
The Take
The battle between Netflix and Tving in South Korea is a case study of how global and local players compete in a maturing streaming video market. South Korea has long been one of Asia’s most lucrative and influential streaming markets, and its premium VOD segment is only getting stronger, it will have $2 billion in revenue and 22.9 million subscribers.
Netflix has historically led the charge, leveraging its deep content investments and global brand. However, Tving’s aggressive push—buoyed by local partnerships, a diversified content slate, and a budget-friendly ad-supported model—signals a growing preference for homegrown platforms. The fact that Tving nearly matched Netflix’s market share in just a year is a wake-up call for international streamers: local challengers are learning how to fight back.
For the industry, this signals key trends to watch:
- The strength of local content: Korean dramas and variety shows drove engagement, proving that regional storytelling continues to dominate.
- The rise of ad-supported tiers: Tving’s growth strategy included a budget-friendly ad model, which could push other platforms to follow suit.
- The power of strategic partnerships: Netflix’s alliance with Naver Plus helped expand its audience, showing how bundling and integrations can drive subscriptions.
With Tving on the rise and Coupang Play gaining momentum, Netflix faces a tougher fight ahead. The Korean streaming war is now a high-stakes contest between global and domestic forces, and the outcome could shape how international platforms approach competitive local markets in the future.
