Tving led subscriber development within the first half of 2024, though Netflix stays the streaming trade chief, based on an analyst’s report.
Total, the Korean SVOD market added 705,000 web new subscribers in H1 to whole 20.8 million by end-June, based on AMPD, the digital measurement platform owned and operated by Media Companions Asia (MPA).
Premium streaming revenues, together with subscription and promoting, grew 11% year-on-year to $922 million and viewership grew 5% year-on-year to 103 billion minutes.
Tving led subscriber development in H1, contributing 34% share of SVOD class web additions to 4.2 million whole subscribers. Tving’s development is anchored to common tvN and JTBC community dramas, selection and originals.
The report discovered that the introduction of a brand new promoting tier on Tving helped to drive consumer development within the first half of the 12 months, with month-to-month lively customers totalling greater than 11.5 million.
Netflix stays the premium VOD class chief with 43% share of income and 37% of viewership. Nonetheless, Tving is gaining tempo, rising its share of premium VOD viewership by six factors year-on-year to achieve 30%, capturing 15% of premium VOD revenues.
Premium VOD broadly pertains to providers that supply early entry content material tiers.
Past premium VOD, viewership throughout AVOD, SVOD and reside streaming platforms on cellular units totalled 534 billion minutes in 1H 2024, up 24% year-on-year. YouTube is the general VOD class chief and continues to achieve share, reaching 80% of whole VOD viewership in H1 2024.
“Native content material captured 77% of Premium VOD class engagement and 75% of buyer acquisition in 1H 2024, with key drama and selection hits from Tving, Netflix, Coupang Play and Disney+,” mentioned Dhivya T, Lead Analyst & Head of Insights at AMPD.
“An abundance of native drama and selection releases throughout main VOD platforms drive viewership, with over 200 titles contributing to 80% of Korean content material demand in 1H 2024. Tving led hits throughout scripted and unscripted titles, carrying 10 of the highest 15 titles [7 shared across platforms] in 1H 2024. Different key platforms embrace Netflix with 7 of the highest 15 titles. Disney+ originals Coupang Play’s sports activities and originals additionally broke by. CJ ENM produced 6 of the highest 15 titles in 1H 2024.”
