‘Squid Game’ Powers Netflix in Heated Korean Streaming Wars as Tving Closes Gap, New Data Reveals

Feb 18, 2025

'Squid Game' boosts Netflix in Korea's streaming wars as Tving narrows the gap, capturing significant market share.

‘Squid Game’ Powers Netflix in Heated Korean Streaming Wars as Tving Closes Gap, New Data Reveals

: South Korea's streaming market grew significantly in 2024. Netflix retained a 35% viewership share while Tving surged to 34%, resulting in both platforms holding 70% of premium VOD viewership. Tving's growth was powered by diverse content offerings and a cost-effective ad-supported tier. Competitor Coupang Play also gained with 3.2 million subscribers.

In 2024, South Korea's premium streaming market expanded significantly, with Netflix maintaining its leading position. Tving, a homegrown platform, nearly matched Netflix’s market share, thanks to its robust growth strategy focused on original productions and a budget-friendly ad-supported tier.

Netflix dominated the fourth quarter with hits like 'Squid Game', capturing 39% of viewership. Netflix's success was bolstered by its strategic partnership offering free ad-supported viewing to Naver Plus members, further strengthening its dominance in the Korean market.

Coupang Play emerged as a notable contender with 3.2 million subscribers by year's end, benefiting from investments in local series and sports content. The findings, based on real consumption tracked by MPA's ampd platform, highlight the fierce competition and rapid evolution of the Korean streaming market.