Rising popularity of Korean dramas across the world, increasing penetration of fast internet services and different global OTT platforms in the country to drive the growth of the South Korea OTT Media Services Market.
According to TechSci Research report, “South Korea OTT Media Services Market –By Region, Competition Forecast and Opportunities, 2018-2028F,” the South Korea OTT media services market is projected to grow at a significant rate due to the rise in demand for Korean drams all over the world which is subsequently attracting numerous companies to launch their OTT platforms in the country. Thus, significantly driving the market of OTT media services in South Korea.
During the forecast years, it is anticipated that factors such as increasing internet adoption, smart TV, smartphone, 5G infrastructure, original media content, and others would present profitable potential for market expansion. Additionally, the growing use of internet-based applications is anticipated to fuel market expansion. Additionally, throughout the anticipated period, the market expansion is predicted to be aided by rising demand for online streaming content, such as live news, movies, sports, and other entertainment.
The subscription video on demand is driving the South Korea OTT media services market due to the presence of original Korean movies, dramas and the availability various plans according to the need of the consumers. Moreover, the availability of different video qualities also attracts a large consumer base.
The popularity of Korean drams is influencing the market growth as that K-dramas have begun to transcend borders and integrate themselves into the new, "mainstream" culture that the rest of the world is interested in. Traditional Korean dramas, like the romantic comedies that were popular in Asia, will be produced by OTT operators and broadcasting channel operators (PPs), and various genre contents, like zombies, will be produced through collaboration between international operators and domestic producers.
Over-the-top (OTT) on-demand video and music subscriptions are predicted to expand significantly during the forecast period because of the growing movement in consumers' social behavior away from traditional subscriptions and toward broadcasting services. Due to additional advantages like on-demand services and ease of access, several demographic groups have started embracing video streaming services in place of traditional television for entertainment.
The South Korea OTT Media Services Market is segmented based on type, video quality, number of screens, region, and company. Based on type, the market is further segmented into SVOD, AVOD, TVOD. Based on video quality the market is divided into HD, Full HD, Ultra HD. Further, on the basis of number of screens the market is fragmented into 1, 2-3 and more than 3.
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In the video quality segment, many company are offering all the options for streaming such as HD, full HD and ultra HD. With this the companies not only attract large consumer base but also differentiate themselves from others. The Full HD and Ultra HD are being preferred by consumers due to various features such as excellent quality, every clear detail on the screen, observance of every action.
Key market players in the South Korea OTT Media Services Market include:
- Netflix, Inc.
- Amazon.com, Inc
- Alphabet Inc. (YouTube)
- The Walt Disney Company
- Content Wave Co., Ltd.
- Rakuten Group, Inc.
- Kakao Entertainment Co., Ltd.
- Coupang, Inc.
- Teabing Co., Ltd.
- Watcha Inc.
To sustain and boost revenue, prominent corporations are expanding their operations to foreign countries. The main issue OTT media service providers are having is keeping their consumers. Because of this, numerous platforms use a variety of algorithms to provide users with individualized recommendations based on their likes and dislikes, helping to keep subscribers. For instance, Evergent, the market leader in customer management and monetization for streaming and digital subscription businesses, has partnered up with OSC Korea, a major ICT solutions incubator and MSA consultancy firm in Korea, to form a new relationship. OSC will be able to assist clients as they work to quickly build and expand over-the-top (OTT) content platforms due to the cooperation with Evergent.
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“The South Korea OTT media services market is witnessing high growth due to the rising penetration of fast internet through broadband connections in multiple households. Moreover, the high popularity of Korean movies and dramas which is gaining a lot of admiration across the world is influencing the various OTT media services companies to enter the South Korean market,." said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“South Korea OTT Media Services Market By Type (SVOD, AVOD, TVOD), By Video Quality (HD, Full HD, Ultra HD), By Number of Screens (1, 2-3, More Than 3) By Region, Competition Forecast and Opportunities, 2018-2028F,” has evaluated the future growth potential of South Korea OTT Media Services Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the South Korea OTT Media Services Market.
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