According to UK-based market research firm Omdia, Netflix maintains its top position in the Korean OTT market, capturing 31% of total subscribers. However, major Korean platforms like TVING (16%), Coupang Play (13%), and Wavve (11%) collectively hold a 40% market share, surpassing Netflix.
The success of these local platforms reflects their strong cultural relevance and strategic positioning within Korea’s streaming ecosystem. As K-dramas continue to play a pivotal role in the global content market, platforms like TVING are expected to expand their content libraries to strengthen competitiveness both domestically and internationally.
As part of this broader strategy, CJ ENM, TVING’s largest shareholder, announced plans for global expansion, targeting 15 million international subscribers by 2027. To achieve this ambitious goal, CJ ENM has committed an additional $106 million in content investment for 2025, on top of the $706 million budget announced last year. The company also plans to collaborate with studios in key markets like the U.S., Japan, and Southeast Asia. TVING’s overseas expansion suggests a potential shift in its distribution approach, which could reshape competition in the global streaming market.
Kia Ling Teoh, Senior Analyst at Omdia, noted, “This is a significant development for the local video industry. The ongoing merger discussions between TVING and Wavve could potentially be a game-changer. If finalized, this deal would create Korea’s largest local streaming service, significantly narrowing the gap with Netflix and further reshaping the competitive landscape.”
Coupang Play, operated by Korean e-commerce giant Coupang, is currently the third-largest streaming platform in Korea. The service is exclusively available to subscribers of Coupang’s premium Wow membership program. While its original content library remains smaller than TVING’s, Coupang Play has expanded its offerings by securing major sports broadcasting rights and forming strategic content partnerships with Hollywood studios like Paramount and Warner Bros. Discovery. These deals grant exclusive access to popular international titles from Paramount+, HBO, Max, and Warner Bros., differentiating Coupang Play from competitors that focus more on Korean original productions.
Jun Wen Woo, Senior Analyst at Omdia, added, “As the market continues to evolve, both global and local platforms are adjusting their content and platform strategies to meet changing consumer expectations. While Netflix leads in individual subscriber share, the collective momentum of Korean platforms—driven by strong local content, strategic investments, and platform innovation—positions them as key players in Korea’s streaming ecosystem and the future of the global market.”
