South Korea Online Video Platforms Market Report and Forecast 2024-2032

South Korea Online Video Platforms Market Outlook

The South Korea market size for online video platforms reached a value of around USD 62.10 million in 2023. The South Korea online video platforms market is expected to grow at a CAGR of 12.9% between 2024 and 2032, reaching a value of USD 184.05 million by 2032.

Key Trends in the South Korea Online Video Platforms Market

Platforms that offer live and recorded content on a website are known as online video platforms (OVP). In other words, websites that host videos are also known as internet video live. The OVP is in charge of hosting video material and providing viewers with streaming access to it. These internet platforms are crucial in providing advantages to customers and enterprises.

High Smartphone and Internet Penetration Creates Opportunities for the Market Players in the South Korea Online Video Platform Market

More than 96% of the population in South Korea has access to the internet, making it one of the countries with the greatest internet penetration rates in the world. This gives online video outlets access to a sizable prospective audience. Also, South Koreans use their phones frequently. Due to the rise in mobile video consumption, mobile-friendly internet video platforms have experienced rapid development. Also, the government has aggressively promoted the expansion of the online video sector through a number of programmes and regulations, including funding and infrastructure construction.

Increasing Popularity of K-pop and Korean Culture are Majorly Driving the Online Video Platforms in South Korea

South Korea is renowned for its cutting-edge infrastructure and technology, which includes 5G mobile networks, high-speed internet access, and superior video compression and streaming techniques. Technological developments have made it possible for internet video platforms to provide viewers with high-quality content. K-pop, in particular, has become increasingly well-known around the world in recent years. As a result, there is a rising demand for Korean content and online video platforms. K-pop idols starring in variety shows, Korean dramas, and other entertainment content boost the popularity of these platforms even more.

Online platforms are getting more varied in their activities, industries, business models, and sizes. Because they may be set up in both cloud and on-premises configurations, online video platforms (OVPs) have a more flexible nature. Internet video platforms may be utilised by businesses, as well as by the media sector for marketing and sales.

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Market Analysis

Based on component, the South Korea online video platforms market is segmented into solution and services, among others. On the basis of type, the online video platforms market of South Korea is divided into video processing, video management, video distribution, and video analytics, among others. On the basis of streaming type, the South Korea online video platforms market is bifurcated into live streaming and video on demand. Based on end-user, the online video platforms market of South Korea is classified into BFSI, media and entertainment, retail, IT and telecom, and education, among others.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the South Korea online video platforms market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans. 

• Alphabet Inc.

• Akamai Technologies, Inc.

• Bigo Technology

• Netflix, Inc.

• Wavve LLC.

• CJ ENM Co., Ltd.

• The Walt Disney Company

• Others

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Market Share by Component

Throughout the projection period, the service category is anticipated to increase significantly. This is due to the rising need for managed and expert services for video streaming platforms. Threats to data security are rising along with the use of cloud-based video content. Enterprise-managed services offer cloud security tools that customers may utilise to defend their websites, apps, and cloud data centres from cyberattacks in order to combat these threats.

The rising demand for live-streaming video platforms as well as the soaring demand for subscription-based video content through the OTT platform. Other factors that are projected to support the expansion of the solution category throughout the forecast period include the accessibility of low- and free-of-charge video hosting platforms and monetization capabilities, such as running adverts between videos. 

Market Share by Type

Encoding, transcoding, and packaging video material for internet distribution are all parts of video processing. Platforms for video management offer tools for organising, storing, and disseminating video material. Video distribution refers to the process of sending video files through the internet to end users. Peer-to-peer (P2P) networks or content delivery networks (CDNs) may be utilised to accomplish this, and platforms for video analytics offer information on user interactions with video content, including watching patterns, engagement, and performance. All these types are in high demand in order to provide premium services to consumers while also seamlessly tracking the progress and reach of platforms based on consumer engagement and viewing behaviour. 

Market Share by Streaming Type

Two of the major companies in the South Korea market for online video platforms are Kakao and Naver. The company Naver runs the well-known streaming service "Naver TV," which offers both live streaming and video-on-demand (VOD) options. Similar to this, Kakao also runs the well-known streaming service "Kakao TV," which offers both live streaming and VOD options. There are several other platforms such as YouTube, twitch, and Pooq, among others and the market share of both segments is expected to propel during the mentioned timeframe in South Korea.

Market Share by End-user

End-users of the South Korea online video platforms market are largely customers who access and consume video content via various online platforms. Streaming services like Netflix, YouTube, Naver TV, Kakao TV, and others are available on these platforms. The rising demand has been caused by South Korea's high-speed internet infrastructure and tech-savvy populace. Young adults and teenagers, who are frequent users of social media and streaming services, are some important demographic groupings of end-users of online video platforms in South Korea. Since the COVID-19 pandemic, the use of online platforms has grown in several sectors, such as education, retail, and media and entertainment, among others. The media and entertainment segment has always been popular due to the high influence of BTS and K-pop in the country, thereby accounting for a sizeable share of the market. Overall, the South Korea online video platforms market is highly competitive due to the availability of a wide range of options to choose from. This has also led to R&D work and high investment to meet the growing demand for video content.

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Competitive Landscape

Netflix, Inc.- Netflix, Inc. is an American media corporation headquartered in Los Gatos, California. The Netflix brand is an over-the-top subscription video-on-demand service that was established in 1997 by Reed Hastings and Marc Randolph in Scotts Valley, California. It offers both original movies and television shows that the company has produced or acquired as well as third-party content that has been licenced from other distributors. One of the top entertainment providers in the world, Netflix has 231 million paying subscribers in over 190 countries who enjoy TV shows, movies, and games in a range of genres and languages.

Wavve LLC. - An internet streaming service called "Wavve" was launched in 2019. The business was established as a joint venture between SK Telecom and KBS, MBC, and SBS, South Korea's three main broadcasters. Wavve competes with Disney Plus, Netflix, and Tving and is mostly used in South Korea. It is jointly owned by the three major public broadcasters in the country—MBC, SBS, and SK Telecom—as well as the private sector colossus, SK Telecom.

Key Highlights of the Report