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‘Squid Game’ Powers Netflix in Heated Korean Streaming Wars as Tving Closes Gap, New Data Reveals
South Korean VOD market hits $2 billion as Netflix maintains lead with 35% share, Tving surges to 34%, and Coupang Play rises to third.
Netflix showed particular strength in the fourth quarter, capturing 39% of viewership thanks to “ Squid Game,” “Culinary Class Wars,” and licensed titles such as “The Tale of Lady OK” and “Doubt.” The streamer also struck gold with a strategic partnership offering free, ad-supported viewing to Naver Plus members. Tving’s impressive growth was fueled by an aggressive content strategy combining original productions, broadcast shows, variety programming and sports, all offered through a budget-friendly ad-supported tier. “Netflix and Tving were the primary growth drivers in Korea’s premium VOD market in 2024,” said Dhivya T, lead analyst and head of insights at MPA.
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