The country added just 600,000 subscriptions in the first quarter of 2022, compared to 1.7 million in Q4 2021.
“At nearly 15 mil. paid SVOD subscriptions and 5 major brands investing heavily in local content, the Korean SVOD industry remains healthy and competitive, though growth slowed considerably in Q1,” said Media Partners Asia’s executive director, Vivek Couto, in a comment on the report’s findings.
The report found that Korea’s SVOD leaders Netflix, Wavve, Tving, Coupang Play and Disney+ largely maintained category share in Q1 2022, representing an aggregate 86 percent of SVOD subscriptions and 83 percent of premium video consumption. “Netflix, Wavve, Tving and Disney each had notable local original hits in Q1, while Coupang Play leveraged key local and American football matches,” added Couto.
MPA’s data found that locally produced Korean content continues to dominate the market, with Korean TV dramas accounting for 48 percent of total consumption, Korean variety and reality shows taking 23 percent and Korean movies holding 4 percent. U.S. series trailed with just 8 percent of viewership while U.S. films squeaked out 5 percent and Japanese anime claimed 3 percent.
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