Services for streaming audio and video contents are gaining popularity all around the world. Given that South Korea has one of the fastest internet connections in the world, as well as a high internet penetration rate, this trend is prevalent in South Korea as well. A survey found that the majority of South Koreans preferred to stream music online, while also claiming to prefer streaming TV shows and movies online compared to buying physical or digital copies.
Which is the platform preferred by South Koreans to stream videos?
While South Korean video streaming services were dominating the domestic market for quite a while, international streaming giants like Netflix were taking over the South Korean online video market, since they offer content that is both tailored to the South Korean audience as well as a broad range of international content. With international streaming services threatening their market position, two of the biggest domestic OTT platform providers, Oksusu and Pooq, merged into a new service called Wavve in 2019, along with several terrestrial broadcasting services including SK Telecom. This service has continued to grow, even announcing a partnership with NBC Universal.
What does the future hold for streaming in South Korea?
With the rise of 5G coverage in South Korea, streaming services have become an important selling point to win over customers. Carriers in South Korea are still working on improving both their network and as well as services they can offer to attract new customers and maintain existing ones. One segment to look out for in the future are 5G game streaming services, such as Ubitus or xCloud, although the struggles of Google Stadia might indicate that this particular service needs more time to mature.
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