South Korea Online Video Platforms Market to Grow at a CAGR of 12.9% During 2024-2032, Aided by Rising Smartphone and Internet Adoption Alongside the Global K-Pop and Korean Culture Wave.

The online video platform market in South Korea is experiencing significant growth, fuelled by a rising consumer preference for engaging digital content. This shift in consumption patterns is driven by increasing digital literacy and the widespread availability of high-speed internet, leading to a surge in demand for online video platforms.

The rise of remote work, learning, and entertainment, fuelled by digital transformation, has demonstrably propelled the South Korea online video platforms market growth. These platforms have become ubiquitous tools for corporate training, distance education, digital marketing, live event streaming, and social media integration.

The diversification of online video platform (OVP) applications across numerous sectors significantly contributes to the growth of the South Korean OVP market. In the educational realm, OVPs facilitate virtual classrooms and remote learning opportunities. The media and entertainment industry leverages OVPs for content distribution, audience engagement, and advertising monetisation. Furthermore, marketers utilise OVPs to expand customer reach and foster deeper engagement through targeted video advertising and content marketing strategies.

In a meeting held in April 2023 between the South Korean government and Netflix Inc (NASDAQ: NFLX), a significant investment increase in the South Korean content market was announced. The company announced USD 2.5 billion over the next four years, doubling its commitment since 2016. These funds are aimed towards the production of Korean television series, movies, and unscripted shows.

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Market Breakup Component, Type, Streaming Type, and End User:

• On the basis of the component, the market is divided into solution and services, among others.

• The market can be segmented based on type into video processing, video management, video distribution, and video analytics, among others.

• On the basis of the streaming type, the market is bifurcated into live streaming and video on demand.

• The market can be segmented based on end user into BFSI, media and entertainment, retail, IT and telecom, and education, among others.

Key Findings of the Report:

• The surging demand for over-the-top (OTT) services within the media and entertainment landscape has fuelled significant growth in online video platforms (OVPs). The concurrent rise of video-on-demand (VOD) services and internet television has positioned OVPs as a critical infrastructure for managing and distributing this expanding library of digital content. This, in turn, is propelling the South Korea online video platforms market expansion.

• Netflix remains the leader in the South Korean streaming market with 6.5 million subscribers. It captured nearly a third (29%) of all new subscriptions in Q3 2023, and holds the biggest share (35%) of viewers watching premium video on demand. Tving (3.8 million subscribers) and Wavve (3.0 million subscribers) are the second and third most popular streaming services.

• The South Korean government actively supports the growth of its domestic OTT media services. This includes financial incentives, with tax breaks on production costs for local platforms ranging from 3 to 10%. Additionally, a five-year plan is being developed to promote the service sector as a whole, offering tax breaks, streamlined regulations, and potential financial assistance. This government backing, coupled with South Korea's large and engaged online viewership, is attracting increased investment from foreign brands. As a result, the country's OTT media landscape is experiencing rapid expansion, drawing new domestic and international players to the market.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea online video platforms market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the component, type, streaming type, and end user.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the South Korea online video platforms market are Alphabet Inc., Akamai Technologies, Inc., Bigo Technology, Netflix, Inc., Wavve LLC., CJ ENM Co., Ltd, and The Walt Disney Company, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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