Korea’s premium VOD industry gained strength in Q3 2023 with viewership up 15% Q/Q, according to a new report from Media Partners Asia (MPA). The Online Video in Korea report leverages MPA’s consumer insights platform AMPD.
Research to track online video viewership trends across key VOD services on mobile devices.The report found that Korean SVOD platforms added 716,000 net new subscribers to reach 19.0 mil. subscriptions in Q3 2023, with Disney+, Netflix and Tving leading growth. Disney+ had a breakthrough quarter, with hit original drama Moving boosting subscriber acquisition.
Disney+ closed Q3 2023 with 2.0 mil. subscribers. Netflix maintained category leadership with robust growth, capturing 29% of new subscriptions in Q3 2023 to reach 6.5 mil. subs and 35% of premium VOD viewership. Tving (3.8 mil., 26%) and Wavve (3.0 mil., 20%) follow.
Commenting on Korea’s premium VOD industry, MPA executive director Vivek Couto provided a brief summary of the trend: “Deepening engagement across Disney+ and Tving, and robust subscriber growth boosted premium VOD viewership in Korea in Q3 2023. SVOD leaders continue to grow subscribers from strong local content pipelines and an abundance of drama and variety releases; Tving’s popular reality hits tap into large network audiences such as tvN’s Earth Arcade, while Disney+ had its first major original hit with Moving. Tving and Netflix lead in number of exclusive local titles, and along with Wavve, captured 80% of Korea’s premium VOD viewership in Q3 2023," he highlighted.
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