The Korean TV and video market is demonstrating a range of positive features that, when added together, create the conditions for a perfect storm in which the sector can post impressive growth.
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Summary
The Korean TV and video market is demonstrating a range of positive features that, when added together, create the conditions for a perfect storm in which the sector can post impressive growth.
Market momentum in Korea
Omdia’s latest research confirms that South Korea is rapidly establishing itself as one of the world’s most dynamic markets for free ad-supported streaming TV (FAST). The country is set to become the 12th largest global FAST market by 2030, with revenues projected to double from $23m in 2024 to $48m.
Our research shows that Korean content has never been stronger, both on FAST and via subscription services, with Netflix representing the biggest amplifier of that story worldwide. This popularity in subscription video on demand is driving the growth of Korean FAST channels globally.
Since the launch of Samsung TV Plus in 2015, South Korea’s FAST market has developed at pace. Looking at the market today, Omdia’s research shows that Wavve leads the sector, followed by Samsung TV Plus and LG Channels. Meanwhile, LG U+ and Diva (formerly D’Live) are also gaining ground.
As shown by Samsung TV Plus ranking as the fifth most-watched video service on connected TVs in Korea, with LG Channels in 10th place, FAST has become mainstream. This growth positions South Korea as the third-largest FAST market in Asia & Oceania, behind only Australia and Japan.
Figure 1: FAST advertising revenue ($M) by territory by 2030
Source: Omdia Advertising Intelligence
Netflix has been instrumental in elevating Korean programming worldwide. It offers more than 8,000 Korean titles in South Korea, more than Amazon, Apple TV+, and Disney+ combined. Squid Game remains Netflix’s most-watched show ever, with 1.65 billion hours viewed. In addition, K-pop-inspired productions like K-Pop Demon Hunters are breaking records as top-performing films globally. K-pop continues to dominate platforms such as Spotify and TikTok, extending cultural reach to younger audiences.
Omdia views Netflix as being the global ambassador for K-content. As we saw with Spain’s Money Heist, when one streamer takes the initiative in a market, others follow. This rising global demand directly benefits FAST, where Korean series and formats are gaining ground on ad-supported platforms worldwide.
The sector is also being boosted by the Korean government, which has pledged ₩1tn ($720m) under its K-OTT Industry Global Competitiveness Strengthening Strategy to support domestic OTT services, including FAST. The Ministry of Science and ICT and the Korea Association for ICT Promotion have also launched the Global K-FAST Alliance to expand Korean FAST channels internationally.
With the government seeing FAST as the next chapter of the Korean Wave, Korea has the perfect storm of a thriving presence in both pay and free TV and video markets, supported by global demand and local investment.
Appendix
Author
Maria Rua Aguete, Senior Research Director, Media and Entertainment
