South Korea’s streaming market grew rapidly in 2024, with Netflix holding its top position while local platform Tving made major gains.
According to a report from Media Partners Asia (MPA), Korean viewers streamed 131 billion minutes of premium content last year, an 18% increase from 2023. The industry earned $2 billion in revenue, while total subscriptions rose to 22.9 million.
Netflix remained the biggest platform, capturing 35% of total viewership, but Tving followed closely with 34%, gaining 10% from the previous year. Together, the two streaming giants controlled 70% of premium streaming viewership and 80% of new subscriptions in 2024.
Netflix performed especially well in the fourth quarter, grabbing 39% of viewership with hit shows like Squid Game, Culinary Class Wars, and The Tale of Lady OK. The company also benefited from a partnership with Naver Plus, offering free, ad-supported content to members.
Meanwhile, Tving grew by focusing on original productions, broadcast shows, variety programs, and sports, all available through a budget-friendly ad-supported plan. By the end of the year, the platform had 5.2 million subscribers, trailing Netflix’s 7.8 million in Korea.
Another competitor, Coupang Play, also gained traction, reaching 3.2 million subscribers by investing in local dramas and sports content.
Korean content remained the most popular, with Netflix’s Queen of Tears topping the rankings. Netflix and Tving together dominated the top 15 most-watched shows, proving their strong influence in the market.
“Netflix and Tving were the main growth drivers in Korea’s streaming industry last year,” said MPA analyst Dhivya T. “Netflix led overall, but Tving narrowed the gap significantly.”
The report was based on data from MPA’s ampd platform, which tracked real viewing patterns on Android and iOS devices throughout 2024.
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