STATSBOX South korea POPULAT ION 51.3 million TOTA L HOUSEHOLDS 19.6 million TV HOUSEHOLDS 19.5 million PAY-TV SUBSCRIBERS 31.0 million PAY TV PENETRAT ION 99.8% DIGITA L PAY TV SUBSCRIIBERS 25.2 million TOTA L BROADBAND SUBSCRIBERS 92.7 million FIXED BROADBAND SUBSCRIBERS 19.9 million WIRELESS BROADBAND SUBSCRIBERS 72.9 million FIXED BROADBAND PENETRAT ION 102.7% WIRELESS BROADBAND PENETRAT ION 140.7% * Source of Information: Media Partners Asia
The South Korean paidfor online video market is forecast to more than triple to $433 million in 2021 from $142 million in 2016, according to IHS Markit (Nasdaq: INFO), a world leader in critical information, analytics and solutions. The market is one of the biggest in Asia, with an annual average revenue per user at $97 for it subscription service in 2016,compared to $103 in Japan and just $31 in China.
“South Korean consumers are more willing to pay for premium content now, and most of them will have multiple streaming subscriptions in the future,” said Jun Wen Woo, analyst at IHS Markit. “High smartphone adoption, availability of low-priced subscription services, as well as the entrance of new local and international services, will also contribute to the growth of the market.”
The paid-for online video market in South Korea includes subscription and transactional business models. POOQ and TV are two of the most notable online video subscription services in terms of the number of subscribers, while Google Play Movies dominates the transactional business holding more than two thirds of market share in terms of revenue. South Korea is one of the few markets in the world where Apple iTunes Store is not available.
With the increasing popularity of watching video on smartphones and tablet PCs, pay TV providers, such as KT, SK Telecom and LG Uplus, mediacompany CJ E&M, and three major broadcasters have expanded their businesses into digital.
But content production across platforms has surged over the years with foreign broadcasters collaborating with local players for exclusive content. PCCW and Netflix are two active players in this area.
Netflix has signed an exclusive international licensing agreement with JTBC, a South Korean nationwide general cable TV and broadcasting company, for the network’s new Friday/Saturday TV series MAN xMAN made its debut on 21 April 2017.
Apart from being a Netflix original series, MAN x MAN is also Netflix’s first simulcast of a Korean drama in over 20 languages to millions of subscribers across the world. Except for Korea and the US, Man x Man will stream globally on Netflix the same time as it premiers on JTBC.In Korea, the series will be live on Netflix an hour after airing on JTBC; and in the U.S., Man x Man will be in two parts, each part comprising eight episodes each.
Man x Man is a new series directed by producer Chang-min Lee, who worked on popular K-drama series like Giant, Bride of the Sun, Birth of a Beauty, and Remember: War of the Son. The latter was written by Kim Wonseok, who was also recognised for co-writing Descendants of the Sun, one of the most successful K-drama series in 2016. Man x Man stars Park Hae-jin who has been known for roles in acclaimed works including My Love from the Star, Bad Guys, and Cheese in the Trap. The drama tells the story of Kim Seol Woo (played by Park Hae Jin), who becomes a ghost bodyguard for a top hallyu star, the secret “men” who surround him, and their mysterious exploits.
The global simulcast of Man x Man defines how the internet enables Netflix to put the focus on the consumer to bring a show from Korea to over 93 million subscribers across 190 countries in over 20 languages.
Korea’s leading content and media company CJ E&M’s new fantasy romantic TV drama series The Bride of Habaek (also known as The Bride of Water God) meets global audiences via regional TV channel, tvN Asiaand OTT platforms – DramaFever, Iflix, Viu, iQiyi, KKTV, Friday Video, ChocoTV.
A spin-off of bestselling comic, The Bride of Habaek is based on the story about the water god named Habaek (Nam Joo Hyuk) who loses all his abilities and has to reincarnate to human world and meet a realist female psychiatrist named So-Ah (Shin Sae Kyeong). So-Ah thinks he is just another mental patient and does not take him seriously.
The drama received much attention from fans around the world when a star-studded cast was officially announced – Shin Sae Kyeong, Nam Joo Hyuk, Lim Ju Hwan, Jung Soo Jung, Gong Myung. Even before airing its very first episode, the drama was sold to more than 20 countries across North and South America and Asia- Pacific. Additional countries including Japan are currently in negotiation for the drama sales.
Global fans can watch the episode within 24 hours of its original broadcasts in Korea through regional TV channel, tvN Asia (Asia-Pacific region) and streaming platform, DramaFever (across North and South America). It is also available through Iflix (Southeast Asia, Africa Region), Viu (Hong Kong, Malaysia, Indonesia, Singapore, Philippines), KKTV (Taiwan), iQiy (Taiwan), Friday Video (Taiwan) and ChocoTV (Taiwan).
“We are very excited to finally air The Bride of Habaek as it has been highly anticipated worldwide with hottest star cast and the fantasy storyline. Premiered on July 3rd in Korea, the drama ranked first among all cable channel programmes in the same time slot to meet viewers’ expectations” said CJ E&M official.
